What is ITP?
Total and Permanent Disability (ITP), disability resulting from accident or illness, whenever the Insured Person becomes totally, irreversibly, and permanently unable to perform paid work compatible with their skills and qualifications, with a degree of impairment equal to or greater than 60%.
This coverage is relevant for those who depend on their work to support themselves and their families, ensuring financial support in circumstances where it would not be possible to maintain income through their usual work.
Unlike IAD (ABSOLUTE AND PERMANENT DISABILITY), ITP protects beneficiaries who have suffered an accident or illness, but who are not necessarily dependent on someone else.
Practical example:
Maria is 28 years old, works as a beautician, and has taken out life insurance with ITP coverage worth €150,000.
At one point, he suffers a serious car accident that results in permanent injuries. After several examinations and rehabilitation, the medical board assesses that:
- Ana was left with a 70% disability;
- This incapacity is irreversible;
- You are unable to engage in any paid occupation.
As the degree of disability exceeds 60% (as provided for in the policy) and she became totally and permanently unable to work, the insurer considers that a TPD situation exists.
The insurance company pays Ana the €150,000 insured amount, even though she has not died.
How can she use this amount?
- Pay medical expenses and treatments;
- Adapting your home or car to the new reality;
- Replace your source of income;
- Ensuring financial security in the future.