What is Life Cover Buyback?
Life Cover is typically a policy option on a Linked (combined) life, and TPD insurance policy that allows you to reinstate the portion of your life insurance cover that was reduced after a successful Full TPD claim. When a full TPD claim is paid, the life insurance sum insured is often reduced by the same amount, leaving less coverage for future claims. With the Life Cover Buyback option, you can restore the reduced Life cover after a set waiting period, usually 12 months, without needing to undergo new medical underwriting.
