TPD insurance aims to provide a lump sum if you suffer an illness or injury and you  are permanently unable to work again or you are unable to care for yourself independently, or you suffer significant and permanent cognitive impairment. TPD insurance pays a lump sum which can be used to pay for medical expenses, ongoing care costs and to meet living expenses for you and your family.

A serious illness or injury can prevent you from working for a period of time and may require expensive medical treatment. Trauma insurance (also known as critical illness, crisis, or recovery insurance) aims to provide a lump sum upon the diagnosis of a specified illness or injury such as life-threatening cancer, stroke, or heart attack.

A Buy/Sell arrangement is a contract that allows the transfer of a business to remaining owners if one owner dies or suffers a serious illness/injury and is unable to stay in the business. This is often coupled with insurance policies to provide the money to buy out the departing owner’s share. This allows the remaining owner(s) to continue running the business and helps to ensure that the departing owner or their estate will be fairly compensated for giving up their rights to the business.

Key person insurance is taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business. The insurance payout is a lump sum and is used to offset the costs (such as recruiting a successor) and losses (such as a decreased ability to transact business) which the business is likely to suffer in the event of the loss of a key person.

Business expense insurance can help to keep your business running if you are unable to work due to temporary illness or injury.