- Provides financial relief to your chosen beneficiaries in the event of your death or disability.
- Is also a benefits policy.
- Basis is usually a multiple of annual salary or a capital sum, like the personal accident cover.
- Scope of cover is wider than personal accident, as it covers death which occurs naturally, due to an accident or a critical illness with some exceptions (for example, suicide).
- Provides periodic payments for a fixed period if you have a permanent total disability, partial permanent disability, or temporary total disability.
- A specified sum is also provided for funerals/last expense. This may be purchased as a separate cover if required.
- Can be embedded in products offered by a bank (e.g. credit life) to protect themselves if a debtor is unable to pay their debt because of death or disability as described above.
- Special covers such as Key Man Life Insurance provide financial relief to a business if a key employee dies or becomes disabled.
