Total & Permanent Disablement Insurance
Despite everyone’s best efforts accidents happen and the consequences for the victim and their families can be devastating. Illness can also lead to total and permanent disablement. Consider what would happen if you had a heart attack or stroke and were unable to return to work.
In the unfortunate event that you are totally and permanently disabled, Total & Permanent Disablement Insurance can provide a lump sum benefit to help provide for you and your family.
This type of cover can be taken as a stand alone policy although it’s often taken as an option with Term Life Insurance.
There are numerous options and variables with this type of cover and Own Occupation, Any Occupation and Activities of Daily Living definitions may be available. You can also consider level premiums which lock in the premium rate so that the rate does not increase with your age which can be beneficial over the longer term. Premiums may also be tax deductible.
Talk to a Ruralco Life Insurance adviser and discuss the options available to you.
Case study
Clem had been married for 5 years. He owned his property with his wife, Therese. Clem had a motor accident which left him paraplegic and was certified as totally and permanently disabled from ever again doing his current job. Because Clem had the right type of TPD insurance, he received a lump sum payout of $2 million. He used this to build ramps in his home, obtain some remedial treatment and invested the balance which provided him with enough income to live on. This enabled Therese to stay home and look after Clem. Without this insurance payout, Clem and Therese would have had to sell their home.
Entry age: generally 16–62
Expiry age: generally 65 or, if attached to term insurance, 100
General advice warning: This document may contain general advice and your personal objectives, needs, or financial situation have not been taken into account. You should consider the appropriateness of any general advice received having regard to your own objectives, financial situation and needs before acting on it. Ruralco Holdings Limited trades as Ruralco Life Insurance and refers clients to KNM Services Pty Limited ABN 62 094 109 958 AFS Licence 223477 for advice and dealing services in life insurance and superannuation products.
Email enquiries@ruralcoinsurance.com.au
