Advice Kiwi: Christchurch, New Zealand

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PROTECT WHAT'S IMPORTANT:

LIFE COVER:

Life cover provides a lump sum of funds in the event that you pass away. This is an important cover for families and businesses with multiple shareholders.  You can keep in place for as long as you need it.  Your cover can be level, or go up each year with Consumer Price Index.

 

You have the option for premiums that increase with your age (Annually Renewable) or choose to fix it for a specified term, e.g. 10 years, or until you turn age 65 or 80.  Many life insurance policies will pay out some or all of the sum insured early if you are diagnosed with a terminal illness.

TRAUMA OR CRITICAL ILLNESS COVER:

Critical illness policies pay a lump sum of money if you’re diagnosed with one of the illnesses or injuries listed on the policy such as cancer, kidney failure, heart disease, paralysis, etc. This cover can be used to pay for whatever you and your family need during a difficult time. This could be covering medical expenses, extra help at home, or allow you to take time to recover without worrying about your regular bills. 

DISABILITY OR INCOME PROTECTION

COVER:

One of your greatest assets is your ability to earn and income..  Income Protection pays a percentage of your income if you are ill or injured, and unable to work. There are various types of Income Protection product, and they have different tax implications, so it is really important to get some advice about what type of cover is best for your personal situation.

MORTGAGE REPAYMENT COVER:

Mortgage Protection is specifically designed to protect your mortgage repayments in the event that you cant work due to illness or injury. Unlike Disability Income policies, the percentage paid is linked to your mortgage repayments, and not your income. 

TOTAL AND PERMANENT DISABILITY COVER:

Often referred to as TPD, this cover is a lump sum if you are totally and permanently disabled, and unlikely to ever return to work again. There are two types, ‘Any Occupation’ and ‘Own Occupation’, and as with Income Protection cover, it is important to get some advice about which product is best for your circumstances.

HEALTH / MEDICAL COVER:

The New Zealand public health system provides quality emergency care and treatment for serious medical conditions. However, there are often wait periods for non-urgent medical conditions, which can be a real drag on your quality of life. Further to this, if your condition is not accident-related, ACC won’t be there to pick up the bill for your treatment.

Health Insurance provides a reimbursement of medical expenses if you require medical treatment or advice. It takes care of the big stuff and means you won’t have to wait for surgery or specialist advice when you need to claim.

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