Personal risk insurance
Personal risk insurance
The mention of insurance is taboo for some because it deals with worst-case scenarios. Unfortunately, ignorance is not always bliss and the comfort it provides today may do nothing for your financial security tomorrow should you experience serious illness, injury or death.
Talk to us about your personal risk insurance cover options today and protect your family’s future.
Having life insurance provides peace of mind that your surviving family will have financial security should the unspeakable occur.
Life cover policies pay out a non-taxable lump sum should you pass away, and also may if you are diagnosed with a terminal illness. The security of life insurance can benefit people in any situation — single, single with dependants, married, married with dependants, working, retired, etc.
Should you die or be diagnosed with a terminal illness with less than one year to live, your life insurance cover could be paid to your estate to cover costs like:
- Funeral costs
- Servicing or fully repaying your mortgage
- Settling outstanding debts such as credit cards or personal loans
- Ongoing living expenses for your loved ones
- Your children’s education, tertiary or otherwise
- Supporting your partner through retirement
A trauma insurance policy is designed to help you cover immediate medical expenses and ongoing financial responsibilities.
Trauma cover provides a lump sum benefit on the diagnosis of a major illness such as cancer, heart attacks and strokes, along with around 50 other conditions. One in three people in New Zealand are diagnosed with cancer at some point in their lives, making cancer claims the most common on trauma policies in the New Zealand market.
Income protection cover
If you are struck down by serious injury or illness and unable to work, keeping up with bills and living expenses can quickly become a tall order.
Income protection pays a monthly benefit in the event you are unable to do your job for any medical reason. There are many types of income protection cover you may consider, and our experienced advisers will help you navigate through these options to find what is best for you.
Some types of income protection are:
- Agreed value cover — this will cover a portion of of your income, tax free
- Loss of earnings — this covers a certain percentage of your lost wages or salary (i.e. if you reduce to part-time working, this policy can help to top up your earnings)
- Key person cover — for business owners, key person is a great option because it covers your business’s gross profit instead of your net profit or drawings
- Mortgage repayment cover — this type will cover your mortgage repayments or a certain percentage of your income, depending on which is higher or the cover you need. Mortgage cover is not offset with ACC like other types of income protection, so you will receive the full ACC claim PLUS your mortgage repayment benefit. This makes mortgage repayment cover a very attractive option
Medical / health insurance
Health cover pays for your medical treatment in the event you suffer from a medical condition which requires surgery or to see a specialist. Health cover provides access to private healthcare, specialists and surgeons, meaning you do not have to spend time on a public health waiting list.
Personal risk insurance policies vary greatly from one type to the next and between providers, so talk to one of our insurance advisers now to learn more about the right type of cover for your situation.