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Common Cover.....

11/11/2020

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I am sure you are aware there many different types of personal insurance. After Life Cover perhaps the most common type of cover is Trauma, also known as Critical illness cover.​

This pays a lump sum to the insured person for major illnesses that are covered under the policy. The policy wording actually specifies what conditions are covered and the level of severity of that illness to see a payout made.
 
For example. How severe does the heart attack need to be to see the payout? Or what types of cancer are covered?
 
Although the main insurance providers in NZ are similar in definition there are some differences worth looking at.
 
The main providers cover around 40 different conditions. However 85% of all claims are for Cancer (over 50% of all claims) then heart attack, stroke and coronary bypass.
 
I usually recommend that the amount of cover should be between 18 months to 3 years of your income. (Depending on budget) So if you are earning say $60,000 a year, the cover amount to consider: Between $90,000 and $180,000.
 
The money can be used to supplement income over a period while the insured is recovering, or any other purpose. Reduce debt, get treatment or medications not covered under our health system or simply go on a holiday. Anything at all. 

Trust that’s of help​!
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    I specialise in advice for individuals, families and small to medium size business owners. 
    I have advised and assisted many business owners in the area of Health and Safety, ACC and all forms of Insurance.

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