Permanent Disability Insurance for Business Owners
Nobody likes to think about becoming disabled, but disability affects many New Zealanders. Statistics tell us that one in nine men and one in five women will be disabled and off work for more than 12 months before the age of 65¹.
So how would your business cope financially if you or a key person in your business was suddenly disabled permanently? How would you pay off your debts and expenses? And how would you continue to support your family?
The solution is AIA Total and Permanent Disability Cover.
Permanent Disability Insurance for Business Owners
- AIA Total and Permanent Disability Cover
Financial support to ensure your business can continue even if you’re permanently disabled.
AIA Total and Permanent Disability Cover (TPD) provides a lump sum payment of up to $5 million if you or a key person in your business is permanently disabled due to illness or accident.
The payment can be used for any purpose – reducing debt, hiring a replacement person, or buying out your partner’s share of the business for instance. What’s more, our TPD Cover has the flexibility to adapt as your business changes, with the ability to increase your level of cover without any medical underwriting.
1 Insurance Alert, Winter 2000
Please refer to the relevant policy document for full details of the insurance contract and the terms, conditions, limitations and exclusions that may apply.
- Guaranteed renewable to age 65
- Can be taken out as an accelerated benefit against Business Life Cover or as a standalone benefit
- Funeral benefit of up to $12,500
- Assistance benefit of $7,500
- Ability to increase your cover as your business grows
- Worldwide cover
You or your business will receive a lump sum payment of up to $5 million if you become totally and permanently disabled due to accident or illness. An assistance benefit of $7500 will also be provided to help you settle into your new life.
With Total and Permanent Disability Cover (TPD), you can choose your level of cover based on either 'own occupation' or 'any occupation':
- Own occupation – you’re unlikely to ever work in your own or similar occupation (certain occupations only) – this option may be suitable for those whose occupation is highly specialised, or
- Any occupation – you’re unlikely to ever work in any occupation that you are suitably qualified for.
Funeral Benefit
Our TPD Cover also includes a funeral benefit of $12,500 (for standalone TPD Cover) if you die during the term of your policy and no TPD Cover benefit is payable.
Business Increase Option
When you have TPD Cover, you can increase the amount of your cover without further medical evidence, making it easy to ensure the right level of cover as your business grows.
Contact us now to find an AIA Insurance Adviser near you.
| Qualifying age | 16 – 59 years* |
|---|---|
| Duration of policy | Policies are annually renewable to age 65 |
| Type of cover | Level or inflation linked. Accelerated or standalone |
| Cover limit | $5,000,000** |
| Premium options | You can ensure that your premium stays the same by choosing a premium guarantee period of one, five or 10 years, or by choosing the level option (not guaranteed) |
*Individual consideration will be given to ages outside this range.
**Up to $3,000,000 on ‘any’ or ‘own’ occupation basis, plus $2,000,000 on an ‘Activities of Daily Living’ basis.