Insurance protects you from exposure to financial loss and/or additional expenses resulting from premature death or disability. Financial loss may be incurred through the death or disability of an income earner, leaving you, your family or your business financially insecure.
Personal Insurance
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Accelerated Cover
If Trauma or TPD cover is associated with Life cover, and is deemed to be accelerated, then any Trauma or TPD claim will reduce the Life cover by the same amount.
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Accidental Death Insurance
Accidental Death cover provides a lump sum payment in the event of death by accident.
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Benefit Period
The length of time that your policy will remain in force, provided that you keep paying the required policy premiums. Typically this is to a certain age (e.g. to age 60, 65, 70 or 80) or for a specific timeframe (e.g. for 2, 5 or 10 years).
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Critical Illness or Trauma Cover
Should you suffer a specified serious illness or injury, or undergo a serious medical procedure outlined in your policy, it provides you with a lump sum payment to use any way you like.
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Health Insurance
Health Insurance gives you the peace of mind that you can get the treatment you need, when you need it. It provides the funding to enable you to have immediate access to a broader range of treatment options than are available to you through the public health system.
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Income Protection (IP) or Disability Income (DI)
Provides a monthly benefit after a selected waiting period to replace up to 75% of your income should you be disabled through sickness or accident.
There are three types of IP or DI cover – Indemnity cover, Loss of Earnings (LOE) and Agreed Value. With Indemnity cover the insured amount is determined by your earnings at the time of claim, whereas with Agreed Value the insured amount is set in relation to your earnings at the time of application for the policy.
A Loss of Earnings policy gives you the choice (at claim time) of how your loss of earnings is determined. Maximum allowable sums assured vary depending on the type of cover and annual income, and there are differing tax treatments which you should discuss with your adviser. Any benefit payments would normally be offset by other income such as ACC benefits. Benefits will not start being paid until after the end of the Waiting Period and will cease at the end of the Benefit Period.
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Life Cover Buyback
When the Life Cover has reduced due to an accelerated Trauma or TPD claim, then the Buyback option allows you to buy back the lost Life cover a year following the claim. No underwriting is required, and the cover is reinstated on the same terms as at the original issue date.
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Mortgage Repayment
Mortgage Repayment cover provides a financial safety net should you be disabled as a result of sickness or injury. The monthly benefit is designed to cover either the mortgage repayments on your behalf or a portion of your lost income. It is an Agreed Value type of cover, but in this case the benefits are not offset by ACC income, i.e. if your disability was due to an accident and you were receiving an income from ACC the Monthly Mortgage Repayment benefit would pay in addition to ACC.
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Redundancy Cover
Insurance that pays a monthly benefit for up to 6 months if you are made involuntarily redundant.
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Stand Alone
If Trauma or TPD cover is deemed to be stand-alone, then a claim on these benefits will not affect any associated Life cover.
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Total and Permanent Disability (TPD)
Pays a lump sum if your disablement is total and permanent. An “Own occupation” definition will pay out if you are unable to work in your own professionally trained occupation for more than 10 hours a week and are unlikely to be able to do so again. Under the “Any Occupation” TPD definition you would need to be rendered unable to do not just your own occupation, but any occupation reasonably suited to you by education, training and experience.
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Trauma Reinstatement
Similar to the Life Cover Buyback option but you are reinstating the Trauma cover a year after a Trauma claim. All conditions in the policy are fully covered again, except for the one you originally claimed on.
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Waiver of Premium
This benefit can remove the burden of paying premiums when you are unable to work due to total disability, saving you money when you need it most. Depending on your financial situation, you can choose from a range of waiting periods before your premiums are waived.
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Waiting Period
The agreed time that you will have to wait before the benefits in your Income Protection policy will begin to be paid. When taking out your policy you will normally have the choice of a two, four, 13, 26 or 52 week waiting period. The longer your waiting period the less your policy will cost.
Business Insurance
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Business Continuity or Key Person Cover
Business Continuity insurance can provide a monthly benefit payment to help protect you against business interruption. It can keep your business running should you or any key employees become disabled as a result of an accident or ill health, and be unable to work.
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New to Business Cover
Is an Agreed Value occupation-rated benefit suitable while you get your business off the ground. It provides an essential financial safety net if an owner is unable to work due to illness or injury.
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Rural Insurance
Rural Key Person cover will pay you a monthly income if a key person is disabled and unable to work because of illness or injury. Unlike most businesses, a farm cannot afford to stop operating in the event of a loss of a key worker. Rural Key Person cover allows you to replace that person and therefore keep the farm operating.
Accelerated Cover
If Trauma or TPD cover is associated with Life cover, and is deemed to be accelerated, then any Trauma or TPD claim will reduce the Life cover by the same amount.
Accidental Death Insurance
Accidental Death cover provides a lump sum payment in the event of death by accident.
Benefit Period
The length of time that your policy will remain in force, provided that you keep paying the required policy premiums. Typically this is to a certain age (e.g. to age 60, 65, 70 or 80) or for a specific timeframe (e.g. for 2, 5 or 10 years).
Critical Illness or Trauma Cover
Should you suffer a specified serious illness or injury, or undergo a serious medical procedure outlined in your policy, it provides you with a lump sum payment to use any way you like.
Health Insurance
Health Insurance gives you the peace of mind that you can get the treatment you need, when you need it. It provides the funding to enable you to have immediate access to a broader range of treatment options than are available to you through the public health system.
Income Protection (IP) or Disability Income (DI)
Provides a monthly benefit after a selected waiting period to replace up to 75% of your income should you be disabled through sickness or accident.
There are three types of IP or DI cover – Indemnity cover, Loss of Earnings (LOE) and Agreed Value. With Indemnity cover the insured amount is determined by your earnings at the time of claim, whereas with Agreed Value the insured amount is set in relation to your earnings at the time of application for the policy.
A Loss of Earnings policy gives you the choice (at claim time) of how your loss of earnings is determined. Maximum allowable sums assured vary depending on the type of cover and annual income, and there are differing tax treatments which you should discuss with your adviser. Any benefit payments would normally be offset by other income such as ACC benefits. Benefits will not start being paid until after the end of the Waiting Period and will cease at the end of the Benefit Period.
Life Cover Buyback
When the Life Cover has reduced due to an accelerated Trauma or TPD claim, then the Buyback option allows you to buy back the lost Life cover a year following the claim. No underwriting is required, and the cover is reinstated on the same terms as at the original issue date.
Mortgage Repayment
Mortgage Repayment cover provides a financial safety net should you be disabled as a result of sickness or injury. The monthly benefit is designed to cover either the mortgage repayments on your behalf or a portion of your lost income. It is an Agreed Value type of cover, but in this case the benefits are not offset by ACC income, i.e. if your disability was due to an accident and you were receiving an income from ACC the Monthly Mortgage Repayment benefit would pay in addition to ACC.
Redundancy Cover
Insurance that pays a monthly benefit for up to 6 months if you are made involuntarily redundant.
Stand Alone
If Trauma or TPD cover is deemed to be stand-alone, then a claim on these benefits will not affect any associated Life cover.
Total and Permanent Disability (TPD)
Pays a lump sum if your disablement is total and permanent. An “Own occupation” definition will pay out if you are unable to work in your own professionally trained occupation for more than 10 hours a week and are unlikely to be able to do so again. Under the “Any Occupation” TPD definition you would need to be rendered unable to do not just your own occupation, but any occupation reasonably suited to you by education, training and experience.
Trauma Reinstatement
Similar to the Life Cover Buyback option but you are reinstating the Trauma cover a year after a Trauma claim. All conditions in the policy are fully covered again, except for the one you originally claimed on.
Waiver of Premium
This benefit can remove the burden of paying premiums when you are unable to work due to total disability, saving you money when you need it most. Depending on your financial situation, you can choose from a range of waiting periods before your premiums are waived.
Waiting Period
The agreed time that you will have to wait before the benefits in your Income Protection policy will begin to be paid. When taking out your policy you will normally have the choice of a two, four, 13, 26 or 52 week waiting period. The longer your waiting period the less your policy will cost.
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Business Continuity or Key Person Cover
Business Continuity insurance can provide a monthly benefit payment to help protect you against business interruption. It can keep your business running should you or any key employees become disabled as a result of an accident or ill health, and be unable to work.
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New to Business Cover
Is an Agreed Value occupation-rated benefit suitable while you get your business off the ground. It provides an essential financial safety net if an owner is unable to work due to illness or injury.
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Rural Insurance
Rural Key Person cover will pay you a monthly income if a key person is disabled and unable to work because of illness or injury. Unlike most businesses, a farm cannot afford to stop operating in the event of a loss of a key worker. Rural Key Person cover allows you to replace that person and therefore keep the farm operating.
