MLC TPD Insurance

The Total and Permanent Disablement insurance policy from MLC provides a lump sum cash benefit to the insured if they suffer a total and permanent disability or a loss of independence.

MLC’s Total and Permanent Disablement insurance allows for the payment of a lump sum benefit to the policy holder should they acquire a covered disability that is total and permanent. The coverage will continue in force until the insured reaches the age of 65. After that date, MLC will only insure the policy holder for the loss of independence.

There are a number of features that are built into the TPD policy, including:

• Financial Planning Benefit – This option allows the policy holder of their beneficiary to receive a certain amount of reimbursement for the creating of a written financial plan following the payment of cover benefits from the TPD policy.
• Continuation Option for Level Premium – The continuation option must be applied for within 30 days of the policy termination date.
• Increases without Medical Evidence – This option allows the insured to increase the amount of their sum insured without the need to go back through the underwriting process.

In addition, the policy allows for several optional benefits as well. These include a life cover buy back as well as a business safeguard option. The insured may also opt for the “own occupation” of disability, depending upon their occupation.