Disability & Trauma Insurance

Alot of people consider the financial consequences to their family or business if they were to die prematurely, however many have not considered if they were either unable to work temporarily or even permanently. The financial implications of this can often be worse as potentially two incomes can be lost if a caregiver is required. 93% of deaths in New Zealand are from illness so people don't die immediately which can mean you may not get a life insurance payout for several years.

There are insurance products which can protect against this financial risk:

Income Protection

Income protection can cover up to 75% of your income and pays out after a stand down period (2-104 weeks) for a benefit period payable from 2 years or up to age 70 years. This is a very comprehensive product which in most cases pays out for either illness or injury including depression. This insurance covers your occupation so if you could not do your job but could do something else you would still be paid out. The sickness benefit from WINZ only pays out several hundred dollars a week and ACC which does pay 80% of your wages there are limits regarding pay and also length of pay - best to discuss this with an adviser.

Trauma Insurance

Trauma protection can provide financial stability when its needed at the time of serious illness or injury. A serious illness or injury can result in unforseen expenses such as the cost of medical treatment, rehabilitation and home help. Meanwhile you'll probably still need to pay the mortgage and other debts.This is a lump sum insurance which pays out if you suffer specified major illnesses or injuries.

Most common claims are as follows: Cancer, Heart Attacks, Strokes

Total & Permanent Disablement

Disablement protection can provide financial stability with a lump sum payment when it's most needed - if you are permanently unable to work due to sickness or injury. This will help to ensure that in the unforeseen event of not being able to work again, you are able to meet the ongoing expenses of day to day living.