Disablement and Dread Disease CoverA life assurance policy (also referred to as a life insurance
policy) is not limited to providing for your family’s needs in
the event of your death – it can also be a financial resource
for you and your loved ones if you are no longer able to earn an
income. With 1Life Direct, policyholders are given the option to
include disablement and dread disease cover in their Pure Life
Cover and Credit Life Cover policies. This means that if you are
suddenly unable to work due to injury or illness, your financial
needs will continue to be catered for by your 1Life Direct life
assurance policy.
1Life Disablement1Life Disablement cover provides policyholders with an option to
choose between cover for disablement that leaves one medically
unfit to work, and cover for disability that is caused by
particular circumstances. These are known as Occupation-based
Disablement and Event-based Disablement respectively.
Occupation-based DisablementThis type of cover pays out a lump sum if you become completely
and permanently disabled, and cannot do any type of work as a
result. As this cover is separate from your other insurance
benefits, your life cover sum remains untouched if this amount
is paid out. This cover is “level sum assured” for up to five
years before you retire, or turn 65. Occupation-based
disablement cover allows you to increase the amount for which
you are insured if your circumstances change. Furthermore, you
are immediately covered if your disablement occurs as a result
of an accident.
Event-based DisablementIf you are covered by an event-based disablement policy, you are
paid out a percentage of the amount for which you are insured,
depending on the type and severity of your disablement. For
example, if you lose an eye, you may receive 50% of the amount,
but if you become permanently blind in both eyes, you will be
paid out the full amount. This type of cover, like
occupation-based disablement cover, stands alone, so if you make
a claim, the value of your life cover will not be affected.
Accidental disablement is immediately covered, and the amount of
coverage you have can be increased if your circumstances change.
1Life Dread DiseaseWith 1Life dread disease coverage, a portion of your “level sum
assured” cover is paid out if you are diagnosed with a dread
disease such as leukaemia, or you undergo an organ transplant or
major heart operation. Dread disease cover stands alone from
your other insurance benefits and will not affect their value if
it pays out. It can be secured for your whole life, or for a set
period of time, and includes a “guaranteed assurability” option
which gives you the choice to increase your cover as your
lifestyle changes.
If you have disablement and/or dread disease cover with 1Life
Direct, and you have to claim from either of these, we will pay
the premiums on your other policies for up to five years. This
will ensure that your cover remains active during trying times.
Contact us to find out how these additional Pure Life Cover and
Credit Life Cover products can protect your family in any
eventuality.
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