We all try to live a long healthy life, but no matter how careful we may be the unexpected can happen and things may not turn out quite as planned. Life Cover enables you to look after those whom you currently financially support after you die; it can also be helpful to tidy up financial commitments left behind.
Life Cover can provide a lump sum payment, regular monthly payments or a combination of both. In addition if you are diagnosed with a terminal illness you may be able to choose to have the benefit paid prior to your death allowing you the option of spending quality time with your family before you die without the financial pressure.
If you become completely and permanently disabled through an accident or an illness, you may be entitled to some ACC cover and a basic sickness benefit. Would this be enough to cover your current living expenses and allow you to plan for your future?
In addition to losing your income, you may be facing extra costs to assist with your daily living, whether it’s home alterations or paying for the care you may need.
Total and Permanent Disability cover provides a lump-sum payment which can be used for any purpose, but is especially useful for paying off debt, creating a more affordable lifestyle and setting yourself up for the future. You will have the financial freedom to live your life to its fullest potential and to make your own choices about the care or treatment you require.
Income Protection insurance protects your lifestyle should an unexpected accident or illness put a stop to your income. If you suffer from a sickness or injury that prevents you from working, it can provide you with a regular income until you’re back on your feet. By paying a monthly benefit, it helps make sure your financial obligations such as mortgages, household bills and general living expenses can be met and that your current standard of living isn’t put at risk.
Get the quality health care you need, when you need it. Health insurance is designed to cover some or all costs associated with private hospital treatment allowing you to get the medical attention you need without the hassle of lengthy public health system waiting lists.
TRAUMA / CRITICAL ILLNESS
Also known as Critical Illness and Living Assurance, Trauma cover pays out a lump sum on the occurrence of a defined critical condition such as cancer, heart disease or stroke. There may be up to 45 major illnesses covered under this policy, depending on the contract purchased.
Due to advances in medical science, we have greater chances of surviving a serious medical condition. In many cases the survival period can now be defined in years. However, while someone suffering from a critical condition may recover medically, the impact of the illness can be devastating financially.
Many people depend on the continued success of their careers and businesses to achieve long-term financial security. After a serious medical illness the likelihood of making a financial recovery is less certain if you are unable to return to the same level of employment or forced to stop work completely for medical reasons. This directly affects ongoing income and the ability to service debt and other financial obligations.
If you have a home loan, Mortgage Protection insurance may help to protect your investment and home should you be unable to make payments due to redundancy, accident, illness or death.