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Personal :: Income Protection Plan Benefits

The standard cover provides for benefit payments if you are totally unable to work or only partially able to work, with premiums waived while you are receiving benefit payments. Also the benefit amount can be automatically increased each year so that when you claim, the real value of your cover has been retained.

If during your period of disability you spend money directly towards a rehabilitation program that is approved by TOWER, we will reimburse the money spent, up to six times the benefit amount.

In addition you have access to a number of optional benefits.

• Increasing Claim Option - increases the benefit amount in line with inflation whilst you are on claim.
• Retirement Protection Option - you can cover up to an extra 10% of your earnings to ensure your retirement funding continues whilst you are disabled.
• Disability Plus Option - again, you have access to additional cover - up to 50% of your earnings so that your lifestyle will be better protected if you suffer a severe disability.
• Day One Accident Option - if an injury causes total disability for at least 3 consecutive days, benefit payments start from the date the injury occurred.
• Scheduled Illness Option - lump sum benefit equal to six times the monthly benefit payable on diagnosis of a listed Crisis Event.

Business Expense Plan

• Total and Partial Disability Benefits - the full benefit amount or a proportion of it will be paid if you are totally unable to work or only partially able to work.
• Payment Extension Benefit - the 12 month benefit period may be extended for up to 6 months if full benefit entitlements have not been used.
• Lease Extension Benefit - if lease costs continue beyond the end of the benefit period, an extension of up to a further 6 months can be provided.
• Loss of Profits Benefit - if you return to work full-time but profits are still below the pre-disability level, some of the short fall can be covered for up to 12 months.