DBT WA Pty Ltd

About

We work with families to protect income and assets from the uncertainties created by the potential disablement or premature death of a parent. This situation can be financially devastating to a family, especially if the main source of household income has been lost.

We also work with single people who have successfully established a career, or are in the process of doing so. An untimely accident or sudden illness resulting in an extended period away from work, can turn long term plans on their head. Sick leave and annual leave will only go so far. Beyond this, without a regular source of income, financial goals and aspirations will be out of reach.

Finally, we work with business owners. It is important to protect businesses from the financial risks associated with the death or disability, of either an owner/partner, or one of their key employees. Without financial protection, the damage to a business in this situation can be irreparable, and in some cases can lead its complete demise

There are basically four types of insurance cover available which we offer advice on. Each of these types of insurance come with their own individual complexities. These policies can be used for both personal and business purposes. The four different cover types are as follows:

Life

Personal Use

A life policy will pay the beneficiary a lump sum upon the death of the insured. Beneficiaries are usually a spouse and will allow for full clearance of a mortgage, future education expense for children, and lost earnings if necessary.

Business Use

Policies can be owned by, and/or paid by, a business. The proceeds of the life policy would be used to buy the deceased owner’s share of the business. The funds therefore finish up in the hands of the deceased’s estate.

Total & Permanent Disability (TPD)

Personal Use

A TPD policy will pay a lump sum to the insured person, should they become ill or suffer an accident, and effectively be in a position whereby they are never going to return to work again. Again funds will be designed to ideally extinguish all debt, cover school costs for children, and replace lost income.

Business Use

For businesses these policies can be owned and paid for by the business. The proceeds will then be used to buy the departing owner’s share of the business, thereby providing him/her with an exit strategy. Without an insurance policy, the continuing business owners may not be in a financial position that allows them to buy this share.

Trauma

Personal Use

A trauma policy will pay the insured person a lump sum should they suffer a specified medical condition (eg, cancer, heart attack). The proceeds of the policy can be used to allow the insured to focus on their health and treatment.

Business Use

Business owners can again establish a policy which is paid for by the business. The proceeds of the policy can be used by the business to cover for the absent/ill owner. Depending on the condition suffered, this could be for a relatively short period,and extended period, or the owner may in fact never return to work.

Income Protection

Personal Use

An income protection contract will pay 75% of a person’s gross salary, should they become temporarily sick or injured, and are unable to work. In a way - it goes to work when the insured can’t. Sick leave/annual leave may be called on for a short period, but thereafter most families will suffer financial stress. An income protection policy will allow families to continue to meet mortgage payments and day to day living expenses, until the insured is well enough to return to work.

Business Use

For business purposes, these policies will ideally allow the business to continue operating, thereby allowing the sick or injured owner to continue to draw an income. The monthly insurance proceeds could therefore be used to employ someone on a temporary basis, to come in and carry out the duties of the absent owner until they return.