News

Total and permanent disability insurance is designed to help protect individuals and businesses from the severe consequences of a permanent disability that makes someone unable to ever return to work. While most people are aware of its personal use and coverage, many are unaware that TPD can also be used to protect their business in the case of a permanent disablement to a key member of the staff.

Covering Your Business

Total and permanent disability insurance can be used by business owners to cover their losses or expenses if an important team member becomes totally disabled and is unlikely to ever work again. The consequences of a permanent disability to a key person can include the loss of income and productivity. It can also cost a lot to replace them and train that replacement.

Coverage levels can be difficult to work out because there are so many factors involved. Skill level, training time, loss of productivity and loss of market leverage are all important considerations. Your insurance provider has access to formulas that are accepted across the industry to help you determine what coverage is appropriate.

Most people who apply for life insurance in our Perth office are approved, but sometimes an insurance company will reject or deny life insurance. There are many reasons that people are denied, but it doesn’t always mean you are out of options. Here are some strategies that you can adopt if you are denied life insurance.

Collect Information

It can be helpful to ask the insurance company for information as to why you were denied. For example, you may have taken a medical examination that found a previously undisclosed illness.

Confirm the Veracity of the Results

Mistakes happen in every facet of business. Sometimes they happen while applying for insurance. It can be helpful to double check and make sure all information that you and other sources provided was accurate.

Total and permanent disablement insurance, or TPD, is a form of disability insurance that pays you a lump sum payment in the case that you are never able to work again due to disability. TPD can help ensure that your needs and your family’s are covered if you become permanently unable to work. (1)

Sadly, a disability can happen to anyone, young or old. A person can suffer a debilitating injury by playing sports, driving or even walking down the street. A head trauma or severe illness can have life-changing consequences. These are all risks that we face every day of our lives, even if they aren’t in our consciousness.

How TPD can Help You

If you sustain an injury or illness that makes you unable to work, TPD can help you provide for your family. It is usually purchased in tandem with life insurance to provide a “financial safety net” for you and your family in the event that you are no longer able to work. (2)

Are you an active person looking for life insurance who lives in the Perth area? Are you wondering why your premiums are so high? Here are some high-risk activities that may be raising your life insurance, courtesy of a US not for profit organisation called “Life Happens.”*

Cliff Diving

This is diving off of a cliff into water. It is exceedingly dangerous for many reasons. If you don’t hit yourself on the way down, you can sever your spinal cord when you hit the water, especially if it isn’t deep enough.*

Big Wave Surfing

Australia has a lot of world class surfing. Unfortunately, finding the biggest waves causes the most risk. If you don’t drown, break bones or suffer severe organ damage, you can fall victim to a shark attack.*