Total and Permanent Disablement Insurance

What exactly is Total and Permanent Disablement Insurance?
Total and Permanent Disablement insurance cover provides a benefit if you become totally and permanently disabled, whilst you are insured for Total and Permanent Disablement at the time your disablement occurs.

Total and Permanent Disablement insurance cover is not available if you are aged 65 or more, or you are not employed on a permanent basis. The Insurer must be notified within seven months of the commencement of your disablement. If your claim is not notified within this time period and the Insurer has been prejudiced by the delay, then the Insurer may reduce the amount to be paid.

Can you survive total and permanent disablement? When you consider that 70% of working Australians at some point will suffer from a long term medical condition as a result of a sickness or accident, it makes sense to make sure that you have adequate cover, especially in your younger days. 

Did you know that:

• Sick leave will generally only pay for up to two weeks for each year of service
• Less than 50% of all claims result from accidents
• A person is more likely to be incapacitated/disabled from sickness than injury

So you really need to be able continue an income stream to meet your personal and daily living expenses if you are incapacitated for long periods of time.  You will also need to provide the ongoing ability to maintain other protection, savings, investment and retirement plans.

Here's the good news: Premiums are tax deductible however the income benefit is taxed at marginal rates.  Wouldn't you like to be covered in the best possible ways and have the investment as a tax deduction?
 
Have you thought about what would happen to you if you became totally and permanently disabled? Would you be able to meet your financial commitments and maintain your quality of life?

With total and permanent disablement the day to day costs of living do not disappear and in addition you may have recovery costs, such as an expensive rehabilitation program.

Preparing for the Worst Circumstances
Total and permanent disability insurance is available as a stand-alone product or as an option on your Life Insurance or Trauma Recovery Plan, to cover you in the event of a seriously disabling accident. A lump sum benefit is paid to the insured party in the event of them becoming totally and permanently disabled. This payment will assist you with meeting any financial shortfalls and help you to adjust to new circumstances that may arise from the disability.

Bill Carpenter can tailor a plan based on your individual circumstances. Related terms:  Life Insurance, Permanent Life Insurance, Policies, Whole of Life and Premiums

Contact Bill on

Ph: 02) 4729 0055
Mobile Telephone 0411 195 827
Fax (02) 4729 0066
Email bill@bandbinsuranceservices.com.au