Life Insurance provides a lump sum payout upon death or terminal illness. It is an effective way to ensure loved ones or beneficiaries of your estate are protected and provided for effectively should you suffer a terminal condition or death. For many couples and families, they could not afford to maintain living costs and standards if they were suddenly without the main financial provider in the family group.
Total & Permanent Disability Insurance (TPD)
TPD is a lump sum benefit paid in the event of permanent incapacity or disability. Its primary purpose is to provide a benefit to protect both you and your dependants should you be unable to ever return to work again due to suffering a disability or injury/condition that incapacitates you. The definition of permanent disability can vary from insurer to insurer but generally it will be satisfied where you have been declared unable to ever be able to return to work again. Unlike life insurance which pays out upon death, TPD protects you if you live, which makes it extremely important as disabilities and their impact on both you and your family can vary widely.
For more information on how these can benefit you or what this can mean for you contact us today for a FREE, no obligation consultation with one of our financial consultants!