Flourish Health & Wellbeing eMagazine - Jan21 - Flipbook - Page 60
Total and permanent disability
This covers you for a disability that stops
you from ever working again. A lump sum
payment is generally provided when your
doctors are able to state that in their opinion,
you’ll never be able to work again.
Regardless of what type of insurance you’re
seeking, premiums can vary widely. It makes
good sense to understand what’s available
and at what price.
If in doubt, speak with an insurance broker.
With high levels of disability comes
potentially significant expenses including
medical care and necessary modifications to
your home, loss of income from employment
and potentially the loss of income for a loved
one who devotes time to caring for you. The
insurance proceeds could also be used to
reduce or eliminate debts, or to provide an
If you’re left with an illness or injury that lasts
for several years, this is where trauma
insurance fills the gap. It generally pays a
lump sum in the event you experience one
of the traumas listed in the contract such as
cancer, stroke or a heart attack.
Similar to TPD, the insurance proceeds
could be used for several purposes including
paying for medical and rehabilitation
expenses, reducing financial pressure by
reducing or eliminating debt, and as a top-up
for lost income.
Shop around for cover that suits your needs
and budget. If your budget can’t cope with
increased premium costs, check for cover in
your super fund (premiums are deducted
from your super balance not your wallet and
reduces what’s saved for your retirement).
TAKE THE FINANCIAL