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TRADIES RISK INSURANCE SOLUTIONS

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Income Protection Life / TPD Trauma

Personal Risk

Income Protection

Income Protection Insurance protects an individual against loss of earnings in the event they are unable to work at their defined form of work, trade or profession.

Life Insurance

Term life insurance pays a lump sum benefit on the death of the life insured, during the term of the insurance. It is probably the most economical form of protection for your family in the event of your death.

Total Permanent Disability

Total and permanent disability insurance (TPD) is usually purchased as an optional extra on a life insurance policy and covers against a permanent disability arising from illness or injury which prevents you from ever working again. A claim is usually paid as a cash lump sum. The amount of cover is normally limited to the amount of life cover purchased, although additional standalone TPD cover can be purchased separately. The cost of TPD cover will be higher if you work in an occupation which requires manual work. Commonly claimed TPD conditions are back injuries and mental illnesses.

Business Expenses Protection

Business Expenses Insurance is an extension of Income Protection Insurance and protects the business expenses of a business in the event the principal earner of income is unable to do so due to sickness or accident

Trauma

Trauma Insurance provides for a payment of a stipulated amount in the event the insured is determined to be suffering a defined illness

Group

Provides insurance cover for groups of people working in a common industry or the same company or organisation. Group Insurance may include Life cover, sickness and accident and other insurance products that can attract significantly lower premiums/person when provided via a Group Policy as distinct from individual, personal insurance policies. Such Group Insurances may also be provided via an Employment Package as part of employee benefits offered by companies.

Keyman Insurance

Provides protection to a business against the untimely death or disablement of a key person. The policy proceeds may be used to replace the key person, extinguish debt etc. There are many ways to determine whether the business should consider Key Person insurance, and generally the determination will be after a cost/benefit analysis relating to the financial contribution or effect that the person has to the particular business.

These factors may include:

  • Time it may take for the business to return to the level of operations/profitability that existed prior to the key person's death or disability
  • Additional costs associated with the recruitment and employment of a replacement
  • Impact on company profits
  • Whether the person has provided a personal guarantee for a business loan
  • Potential loss of customers or business opportunities
  • Calling up of current loans
  • Loss of goodwill
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