In Total and Permanent Disability (TPD) insurance, the benefit period refers to the specific timeframe during which the policyholder is eligible to receive the insurance benefits if they meet the criteria for a TPD claim. It determines how long the insurance company will provide coverage and pay out the agreed-upon sum insured in the event of a valid TPD claim.
Typically this period ranges from two years up until retirement age. Policyholders should carefully review their policies to understand the benefit period and other key terms to ensure adequate coverage. Note: there is usually a waiting period requiring you to be unable to work for a certain number of days before payment of benefits.