ING Australia today announced a significant increase in the maximum insurance level of its total and permanent disablement (TPD) cover the professional sector to $5 million – a 66% increase.
Currently for TPD cover the maximum sum insured available for “own” or “any” occupational definitions is $3 million, this is now increased to $5 million.
Announcing this increase, Gerard Kerr, Head of Product Marketing for Life Risk said: “Insurers have a responsibility to make life insurance products accessible, relevant and compelling.
“In recent years, the demand for higher sums insured has increased significantly. This increase is a direct result of adviser feedback.
“The increase will allow more Australians to have access to more appropriate amounts insured. And while $5 million may seem like a significant sum insured, you would be surprised how quickly one’s debt and ongoing income needs can add up, particularly when you consider the impact of total and permanent disablement.
“At ING Australia we continue to provide new and innovative solutions to persuade Australians that life insurance cover is essential.”
This increased level of TPD cover is available to white collar and professional occupations only from 22 March 2010.