Insurances

Personal Insurances

The different types of personal insurances

SECURE YOUR LIFE

Life Insurance

Life insurance encompasses various structures such as term life, whole life. Inclusions within these policies typically involve death benefits, which are paid out to beneficiaries upon the insured's death.

These benefits provide financial protection and can be used to replace lost income, cover funeral expenses, settle debts, and ensure stability for surviving family members.

Some policies may also offer additional features like critical illness coverage, which provides a lump sum payment upon diagnosis of specified serious illnesses. The specific inclusions and coverage details vary depending on the policy type and provider.

SECURE YOUR MIND

Trauma Insurance

In the New Zealand market, trauma insurance, also known as critical illness insurance, provides coverage for specific medical conditions or traumatic events. Common types of trauma insurance policies include cancer cover, heart attack cover, stroke cover, and major organ transplant cover.

The inclusions within the scope of these policies vary but typically involve a lump sum payment upon diagnosis or occurrence of a covered condition or event. This payment can be used to cover medical expenses, rehabilitation costs, loss of income, debt repayments, and other financial burdens associated with the specified trauma.

SECURE YOUR INCOME

Income Protection Insurance

Income protection insurance is designed to provide a financial safety net in the event of an individual's inability to work due to illness, injury, or disability. There are different types of income protection policies available, including agreed value, indemnity value, and loss of earnings.

The inclusions within the scope of these policies typically involve a percentage of the insured person's regular income being paid out as a monthly benefit during the period of inability to work. This benefit can help cover daily living expenses, mortgage or rent payments, medical bills, and other financial commitments until the insured person is able to return to work.

SECURE YOUR HOME

Mortgage Protection Insurance

Mortgage Income Protection insurance in New Zealand provides coverage specifically for homeowners who may face difficulties making mortgage payments due to illness, injury, or disability.

Inclusions within the scope of this insurance typically involve a monthly benefit that covers a portion of the insured person's mortgage repayments for a specified period. It's important to note that Mortgage Income Protection policies in New Zealand often come with no ACC (Accident Compensation Corporation) offsets, meaning any ACC payments received will have no affect on the agreed value level of cover.

Understanding the specific inclusions, waiting periods, benefit durations, and ACC offsets is crucial when considering Mortgage Income Protection insurance.

SECURE YOUR WELL-BEING

Health Insurance

Health insurance in New Zealand provides coverage for a range of medical services and treatments, including specialist consultations, surgeries, diagnostic tests, and hospitalization.

The scope of health insurance typically includes access to private healthcare facilities, shorter wait times for elective procedures, and greater control over healthcare choices.

However, it's important to note that health insurance typically does not cover pre-existing conditions and may not cover treatments or injuries that are already covered by the Accident Compensation Corporation (ACC). ACC offsets can apply, meaning health insurance benefits may be reduced or not applicable for ACC-covered conditions.

Understanding the specific coverage, exclusions, and ACC offsets is crucial when considering health insurance options.

SECURE YOUR RISKS

Total Permanent Disablement Insurance

Total Permanent Disablement (TPD) insurance provides financial protection in the event that an individual becomes permanently disabled and unable to work.

In the scope of this insurance, if the insured person suffers a qualifying disability that meets the policy's definition of total and permanent disablement, a lump sum benefit is paid out. This benefit can be used to cover medical expenses, rehabilitation costs, modifications to living arrangements, and other financial needs that may arise due to the disability.

The specific coverage and criteria for TPD insurance vary depending on the policy and insurance provider.

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