Life Insurance will provide your family with a lump sum of money in the unfortunate case of your death in order to protect them against the financial burdens and hardship that might otherwise follow.
Personal Insurance
LIFE INSURANCE
What is Life Insurance?
In the event of untimely death or terminal illness life insurance will pay a tax-free lump sum. It compensates your family from the loss of income which ceases upon your death. It may also be used for immediate purposes such as covering funeral costs or to bring family together from afar. Other uses include providing a mortgage free home for family and providing funds to legal guardians to raise children.
Why is Life Insurance important to you?
Often Life Insurance is considered for repayment of household debts such as credit cards, personal lending or mortgages. However, the primary impact that should be considered is the permanent loss of income that results in premature death. Whilst Income Protection can replace income up to age 70 during inability to work due to disability, you are not protected in the event of a death, in which case Life Insurance can replace income that would have been earned.
TOTAL PERMANENT DISABILITY
Total and Permanent Disability (TPD) Cover provides a lump sum payment should you completely lose your ability to ever work again (or carry on your normal tasks, if you are not employed), as a result of illness or injury. TPD Cover is designed to help alleviate the significant financial impact that losing an income forever would likely cause.
What is TPD Cover?
In the event of suffering a total and permanent disability, such as becoming paralyzed or suffering from Dementia, TPD insurance will pay a tax-free lump sum. If you were to suffer a severe accident, illness or injury, it’s possible that you would be prevented from ever returning to work, putting your current financial situation at risk. On top of being unable to work, a total and permanent disability often requires a significant change in lifestyle, including modifications to the home or even full-time care, all of which can be challenging to afford comfortably without TPD insurance.
Why is TPD Cover important to you?
Losing your ability to earn income for yourself and your family would be devastating. TPD Insurance provides you with a one-off lump sum payment. This allows you to reduce your existing debt or pay for the things you may need to maintain your quality of life, such as modifications to your home or full-time care.
TRAUMA COVER
Trauma Cover provides a lump-sum payment should you suffer one of the Covered Conditions listed by your provider. These could range from Cancer, Strokes, Heart Attacks, through to Dementia. The Covered Conditions are by nature serious and potentially life-threatening and, as a result, can have a significant financial impact. Trauma Cover is designed to help alleviate this financial impact.
What is Trauma Cover?
In the event of suffering a major illness or injury, Trauma Insurance will pay a tax-free lump sum. Serious illnesses like cancer, heart attack or stroke can cause not only loss of mobility and health but also financial loss. Unlike most other policies, these policies are not compensating you for a financial loss they may pay you a lump-sum when there is no financial loss.
Why is Trauma Cover important to you?
Income protection can help replace loss of income for you if affected by a health crisis but funds from a Trauma Protection claim will allow a loved one to take unpaid time off work to care for you. Other uses for Trauma cover can include clearing of debt to reduce stress or access to private healthcare where health insurance is not in place.
INCOME PROTECTION
Income Cover provides a financial safety net should you be disabled as a result of sickness or injury, and unable to earn your regular income. The monthly benefit is designed to replace a significant portion of lost income to help maintain your usual lifestyle during treatment and recovery.
What is Income Protection?
Income Protection is designed to compensate you for the loss of income if you are unable to work for more than 10 hours a week due to either an accident, illness or injury. You’ll receive payments monthly after a wait period has passed, and will be paid out for a length of time depending on your policy.
Why is Income/ Mortgage Protection important to you?
Your ability to earn an income can be considered the most valuable asset you have. The sum of the income you will earn from now until retirement is likely to be worth far more than any asset you currently own. The most likely cause of being off work is due to illness, not injury. Because of this, ACC is not sufficient protection.
HEALTH INSURANCE / PRIVATE MEDICAL
Health Insurance/ Private Medical cover provides the funding to enable you to have private medical treatment whenever you require more immediate access or a broader range of treatment options than what is available to you through the public health system.
What is Health Cover?
In the event of requiring specialist advice, medical or surgical treatment, Health Insurance allows for access to private healthcare. Whilst the public health system is sometimes able to provide swift treatment for acute conditions, private health insurance allows for prompt treatment and swifter recovery. Health insurance may cover non-pharmac drugs, GP visits, natural healthcare (e.g. Physiotherapy) as well as dental and optical cover at an additional cost.
Why is Health Cover important to you?
Health Insurance allows for immediate access to private healthcare options with far shorter waitlists. Where surgery or specialist treatment is required urgently your best protection is to use medical insurance. This allows you to bypass public health system waiting lists and instead access prompt treatment and experience a faster recovery.
