Because a person can suffer a serious illness that would trigger certain financial business conditions but may not meet the claims triggers on traditional Trauma, Severe Trauma or Total & Permanent Disability Covers, we have introduced the new, unique concept of ‘total long term disablement’.
The concept of ‘total long term disablement’ is that we will consider a claim if the covered person has been suffering an illness or injury which leaves them totally unable to do their own job for 3 months, and is likely to prevent them from being able to go back to that job for at least a further 6 months* into the foreseeable future.
We believe, on balance, that this trigger is more closely aligned to the likely timing for the following key business decisions, and therefore gives the business owners more certainty about outcomes:
- the buy-sell agreement being enforced;
- the business debt requiring repayment;
- the business having to fund the replacement of a key person or sole trader;
- the business having to be sold or wound-up