Income Protection

Hard Earned + Worth Protecting = Income Protection Plan

You have worked hard for your income and enjoy the lifestyle it provides you with. But what if it came to a sudden stop? How would you maintain the same standard of living, put petrol in the tank, pay the mortgage, and remain financially independent?

Income protection is a highly effective way of safeguarding yourself from the single greatest threat you may face – sickness or injury. TOWER's award winning^ Accelerated Protection Income Plan provides a substitute stream of money when you are unable to earn an income due to sickness or injury. You can choose from standard or comprehensive cover and if you have accumulated sick leave you can determine a waiting period to reduce the cost of cover. Choose from 14, 30, 90 or 730 days.

Some of the important benefits offered by the Income Protection Plan include:

·         Total Disability Benefit – A monthly benefit of up to 75% of normal ongoing income paid if you suffer total disability

·         Three Tier Disability definition – There are three different ways TOWER will accept a definition of disability – hours, income or duties based. You choose the definition at the time of your claim, giving you more flexibility at the most important time.

·         Partial Disability Benefit – A monthly benefit paid when you can only work in a reduced capacity due to sickness or injury

·         Flexible waiting periods – You can choose 14, 30, 60, 90 or 730 days as a waiting period before you get paid. This allows you to reduce costs if you have extended sick leave or can sustain a period without income

·         Recovery Support Benefit – TOWER will provide funds to assist in rehabilitation and pay for things such as travelling and education expenses as well has home and car modifications

·         Recurrent Disability Benefit – If a disability reoccurs from the same or related cause within 12 months of the claim ending, it will be treated as a continuation of the original claim. This means you don’t have to wait for benefits to recommence

^ TOWER’s Accelerate Income Protection product was the bronze winner of Money Magazine Best of the Best 2008 – Best Income Protection – featured.