Life is full of uncertainties, and while we strive to plan for the future, it's impossible to predict every twist and turn along the way. That's why safeguarding our loved ones' financial well-being is essential in case of the event of the unexpected. While a basic life insurance policy provides crucial protection, there's a way to enhance its coverage. Enter life insurance riders – allowing you to tailor your policy to meet your needs.
Life insurance riders are optional add-on products that can be attached to your primary life insurance policy. They offer the flexibility to customize your coverage, providing additional benefits and extra layers of protection that go beyond the standard death benefit. Riders allow you to address specific concerns or life circumstances, ensuring that your policy aligns precisely with your financial goals and individual situation.
At Pinnacle Life we offer three different riders that you can add to your standard life cover. These riders include Critical Illness cover, Income Protection, and Disability cover.
Critical Illness Cover
Critical illness cover is a rider we provide that protects you and your loved ones against the financial consequences of a severe health condition. Unlike health insurance, which covers medical expenses, critical illness cover offers a lump sum payment when you are diagnosed with 1 of the 24 predefined conditions (link to the conditions) specified in the policy. The payment can be utilized in various ways, such as covering medical bills, seeking specialized treatment, making necessary modifications to your home, replacing lost income, or even allowing you to take time off to focus on your recovery without financial worries. You could add alternative therapy?
The amount of cover is up to you. The maximum amount of cover you can have is up to $625,000. For help with understanding what you need, use our online tools to get a quote or more personalised advice check out our online advice tool.
Income Protection
In the fast-paced world we live in, our ability to earn an income is one of our most valuable assets. It sustains our daily needs, fuels our aspirations, and supports the lives we've built for ourselves and our loved ones. But what if something unexpected were to happen that jeopardized our ability to earn that income? This is where income protection steps in as a crucial shield, providing a safety net during such challenging times.
Income protection is a form of insurance that ensures you have a steady income stream if you are unable to work due to illness, injury, or disability. With Income Protection you choose the plan that best suits you and your family's needs. You choose the monthly payment amount that will be right for you, with the choice of either 60% or 75% of your current average monthly income (before tax) up to a maximum of $12k per month. You can also choose how long you want payments to continue for after you’ve had to stop work (6/12/24/36 months). On top of that, you can also decide on how long you want to wait for your first payment (30/60/90 days) from the time you are unable to work.
Disability Cover
Adding Disability cover to your Life Insurance policy can help make life a little bit easier if you become totally and permanently disabled. Life insurance offers a real safety net in the event of your passing but what happens if an unexpected disability prevents you from working and earning an income? Disability cover (sometimes called Total and Permanent Disability Insurance or TPD) is an advance payment of your life cover. It is paid in a lump sum if you become:
-Permanently unable to work due to illness, accident, or injury.
-Suffer one of the conditions covered by our definitions
-Need assistance to perform two out of the five specified daily living activities (see link on the right), such as helping with eating, drinking, or dressing.
By exploring the riders available to you with us you can maximize the benefits of your policy and create a robust safety net that offers comprehensive coverage tailored to your needs. So, whether you're considering critical illness cover, income protection, or disability cover, take the next step in securing your financial future and protecting what matters most. Explore the possibilities, choose wisely, and let your decision be the key to your peace of mind and a brighter, more secure tomorrow.
Just like Life cover, you can calculate your very own quote in just 30 seconds for any of our riders!
