Financial protection incase you can’t work again.
Total and Permanent Disability Insurance
Total and Permanent Disability Insurance provides a lump sum payment should illness or injury result in a permanent inability to work. This will then provide a lump-sum to compensate for the financial loss of income.
This is a cost effective insurance to have within your risk management plan but many people are not aware of it and most banks and insurance brokers do not use it.
If you are going to include it in your risk management then you need to make sure that you use the best policy definitions.
As you know I was wanting to protect my young family’s future and didn’t really know where to start. You guys really made the whole process of getting life and trauma insurance easy, from start to finish. Also, thank you for sorting out my KiwiSaver, its now starting to make some great returns and can’t wait to have a sizeable amount for my first home deposit. You guys rock!
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This is the most commonly used definition; however it means that you are unlikely to ever be able to resume (whether for reward or otherwise) any other occupation or profession for which you are suited to by way of education, training or experience.
This is the better definition to have with your Total and Permanent Disability (TPD) policy as it states that a claim would be paid if it was deemed that you are unlikely to ever be able to resume (whether for reward or otherwise) your own occupation or profession that they were employed in immediately prior to the commencement of total and permanent disability.