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Types Of TPD Insurance Plans
Some of the types of disability insurance plans offered by insurers include:
TPD insurance will ensure that you get 1 lump sum payment if you cannot work permanently due to an injury or accident. To be eligible for TPD insurance, you have to be off work for at least 3 – 6 months.
The compensation payment you receive can be used to pay bills, debts and other debts. TPD insurance may be offered as a standalone policy or may be offered as an additional policy with life insurance plans and income protection plans.
Income protection insurance will ensure that you get monthly compensation payments from the insurance company of your choice if you cannot work temporarily due to problems that include sickness and disablement.
These plans have a benefit period that will determine the number of months or
years you will get the selected benefits that are offered by the insurer.
Trauma Insurance or Critical illness insurance will ensure that you get a onetime compensation
payment if you are diagnosed with a terminal illness that includes heart attacks
and cancer. The compensation payment will most likely be given to you when you
are diagnosed with the condition, and this payment can be used to help you and
your family financially during a stressful time.