Total and permanent disability- still a consumer but not a contributor
Obviously your death is the ultimate catastrophic event. (For more on Life cover and what it can do for you click here.) But what if you were not dead? What if you were disabled or incapacitated to the extent that you could never work again. For you and your family that- financially speaking at least- may be a fate worse than death. Because the big difference is, whilst you are in either case no longer a "contributor" to the household, you are still a "consumer".
Of course there are different "levels" of total and permanent disability. You may, at the lower end, still be able to contribute to a certain extent, but in all probability nowhere near the way you once were capable of doing. It is not inconceivable that your need for capital in the event of your total and permanent disability could exceed the need for capital for your family on your death.
Of course there are different "levels" of total and permanent disability. You may, at the lower end, still be able to contribute to a certain extent, but in all probability nowhere near the way you once were capable of doing. It is not inconceivable that your need for capital in the event of your total and permanent disability could exceed the need for capital for your family on your death.
If you become totally and permanently disabled through an accident or an illness you may receive limited ACC cover and a basic "sickness" benefit as the case may be. Would this be enough to cover your current living expenses and allow you to provide for your future? The answer to that is, unfortunately, probably not.
In addition to losing your income you may be facing extra costs to assist you with your daily living, whether it's alterations to your home or paying for the care that you need. In some instances a partner might have to give up working in order to care for you, which again would increase the financial strain for the family.
A significant cash injection may be needed to help you cover these additional costs and provide for your future. But as said elsewhere on this site (click here), determining which covers to put in place is a balancing act. A proper understanding and analysis of your situation and needs will help you determine the plan that works for you. We can help you with that. If you would like help to do that click here to email us or call us on the numbers listed below.
So what are the chances?
Please take a look at income protection and trauma cover to have an idea of the risks you face of an event leading to your total and permanent disability, and how that could impact on the financial security of you and your loved ones. Many of the traumatic events can ultimately lead to you being totally and permanently disabled.
What does this mean to you?
Having the right cover in place can make an enormous difference to the financial security of you and your quality of life post such a disability happening to you. How many of those 60,000 stroke survivors in New Zealand needing significant daily support are unable to work ever again and therefor unable to generate an income? There is no reason to put you and your family at risk by "doing it tough", or by making the mistake others have made in thinking "ACC will sort it.". If you would like help to see what you can do click here to email us, or call us on the numbers listed below.
Please take a look at income protection and trauma cover to have an idea of the risks you face of an event leading to your total and permanent disability, and how that could impact on the financial security of you and your loved ones. Many of the traumatic events can ultimately lead to you being totally and permanently disabled.
What does this mean to you?
Having the right cover in place can make an enormous difference to the financial security of you and your quality of life post such a disability happening to you. How many of those 60,000 stroke survivors in New Zealand needing significant daily support are unable to work ever again and therefor unable to generate an income? There is no reason to put you and your family at risk by "doing it tough", or by making the mistake others have made in thinking "ACC will sort it.". If you would like help to see what you can do click here to email us, or call us on the numbers listed below.
