What Insurance Plan covers Total Permanent Disability?
Once an unfortunate mishap happened, it can result in a permanent disability that will affect your income. You may wonder if there are any plans that cover Total Permanent Disability in life insurance. We cannot change the fact that the possibility of a total disability can happen. Don’t worry, some plans cover the total permanent disability.
But first, what is Total Permanent Disability? Total and permanent disability insurance covers the costs of living of individuals who are disabled for life due to injuries sustained in an accident or debilitating illness, rendering them unable to fend for themselves.
Total disability coming from paraplegia (the inability to voluntarily move the lower parts of the body), loss of use of either or both hands and feet, and loss of sight and/or speech qualify for full benefits under total and permanent disability insurance.
In the event of total permanent disability, the insured is eligible to receive a full pay-out to the extent of the sum insured. If you are temporarily unable to work, a certain percentage of the sum insured is paid out to compensate you for a short-term loss of income. The amount that the person will receive depends on how long the full recovery is expected to take.
There are insurance plans that cover Total Permanent Disability and here are some of them that you can consider.
1. Total Disability Plan
Total Disability Benefit waives the regular premiums due during the total disability of the insured.
2. Accidental Death, Dismemberment, and Disablement Plan
Accidental Death, Dismemberment, and Disablement Benefit provide additional benefits in case of the insured’s untimely demise, dismemberment, or total disability due to an accident.
3. Accidental Death Plan
Accidental Death Benefit provides an additional benefit in case of the insured’s untimely demise due to an accident.
Terms and conditions on a permanent disability plan may vary widely depending on your insurance provider. Having a total permanent disability plan can help guard you against such emergencies that can affect your earnings.
