Total Disability Insurance
What is Total Disability Insurance?
This type of insurance provides a lump sum payment if you become totally & permanently disabled. The meaning of total & permanent disability is defined in each policy document. Some occupations have an option as to which meaning of total & permanent disability can be insured. The benefit is normally provided as an advance payment of a death benefit or on a stand-alone basis. Payments are only ever made in accordance with the Insurers policy terms and conditions.
Why do you need Total Disability Insurance?
- If you can’t work again, you still need capital to survive.
- You will have greater expenses.
- You need to make provision for retirement.
- You want your family to maintain their lifestyle even if you can’t work.
- You are a partner or co-director in a business and you want to ensure the ongoing financial stability of the business should a partner or co-director become totally and permanently disabled. You also want to ensure that the disabled partner or co-director is financially secure.
- You own a business where an employees ability or input is vital to the profitability or success of your business; that employee is a 'key person'.
- You want to ensure that should that 'key person' become totally and permanently disabled that the business has the funds to replace lost revenue or for capital purposes.
If you would like to find out more about total disability insurance you can contact us here.