We've listened to youDuring 2010 we asked our members for feedback on the VIPA policy. While the overwhelming response was positive, there were three key features that our members requested - portability, a shorter temporary payment with a larger lump sum payment, and a lump sum only option. We are pleased to announce that the 2012 VIPA LOL policy retains all three improvements that were introduced in 2011. PortabilityYour VIPA LOL policy is portable to many commercial airlines around the world. The only requirement to retain your VIPA policy is that you remain a member of VIPA. Temporary Disability versus Total DisabilityThe total amount you will receive as a result of a disability, injury or illness is unchanged at 85% of your income for 5 years. Under the 2012 policy the monthly payment will be for 2 years, with the lump sum paid at the end of the 2nd year. This allows VIPA members with their own personal income protection insurance a more flexible method of receiving funds. Lump Sum Only OptionVIPA members under the age of 40 can now select between the standard policy or a lump sum only option. The lump sum only option covers permanent disability only, and provides for a lump sum payment of:
Life InsuranceVIPA members who take out the VIPA LOL policy will automatically receive $250,000 of life insurance.
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