What is ITP?
Total and Permanent Disability (TPD), a disability resulting from an accident or illness, whenever the Insured Person becomes totally, irreversibly and permanently incapable of performing a paid activity compatible with their skills and qualifications, with a degree of impairment equal to or greater than 60%.
This cover is relevant for those who depend on their work to support themselves and their family, guaranteeing financial support in circumstances where it would not be possible to maintain income through regular work.
Unlike IAD (ABSOLUTE AND DEFINITIVE DISABILITY), ITP protects beneficiaries who have suffered an accident or illness, but who are not necessarily dependent on someone.
Practical example :
Maria is 28 years old, works as a beautician and has taken out life insurance with ITP cover for 150,000 euros.
At some point, he suffers a serious car accident resulting in permanent injuries. After various examinations and rehabilitation, the medical board assesses that:
- Ana got a 70% disability;
- This incapacity is irreversible;
- He can't do any paid work.
As the degree of incapacity is greater than 60% (as stipulated in the policy) and she is totally and permanently unable to work, the insurance company considers that there is an ITP situation.
The insurance company pays Ana the 150,000€ of the insured capital, even if she hasn't died.
How can she use it?
- Paying for medical expenses and treatments;
- Adapting the house or car to the new reality;
- Replace your source of income;
- Guarantee financial security in the future.