Total and Permanent Disability can happen if the insured has an accident or serious illness. If an event of this nature occurs, it brings the insureds life to a complete standstill, often making them dependent on a government benefit for income. With TPD cover, your employee could receive a lump sum payment if they become totally and permanently disabled. The money can be used in any way they like, such as paying off debt or modifying their property to cater for the mobility issues that may have occurred during an accident.
REAL LIFE COVER EXAMPLE
Stan always enjoyed working with his hands, and from an early age always wanted to run his own boutique wooden furniture business. Stan started to make quite a name for himself with some of the unique pieces of work he was putting together. Stan’s business was going so well, he had built a growing distribution channel that hired 12 employees. Unfortunately, on Stan’s 52nd birthday, he began to struggle with his joints and become increasingly in pain throughout his work life. He was diagnosed with arthritis and was unable to continue working as a tradesman. Fortunately, Stan had put a group cover in place 5 years ago for each employee in his business, his arthritis became so severe he qualified for a lump sum payment under his policy. This give Stan the ability to strategize for the future and hire a new floor manager with the right experience to take his place, which allowed him to keep the business he loved.
Disclaimer: The information contained in this website provides only a general overview of subjects covered, is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Insureds should consult their insurance and legal advisors regarding specific coverage issues. All insurance coverage is subject to the terms, conditions, and exclusions of the applicable individual policies. Marsh cannot provide any assurance that insurance can be obtained for any particular client or for any particular risk.