Types of Personal Insurance.
Life Cover.
Life cover is a type of insurance policy that provides a lump sum payment to the policy owners in the event of the life assured's death. This payment can be used to cover expenses such as funeral costs, outstanding debts, and living expenses. Life insurance is an important way for people to provide financial security for their loved ones in the event of their death.
Trauma Cover
Trauma cover, also known as critical illness insurance, is a type of insurance policy that provides a lump sum payment to the policyholder if they are diagnosed with a specified serious illness or condition, such as cancer, heart attack, or stroke. This payment can be used to cover expenses such as medical bills, rehabilitation costs, or loss of income.
Trauma cover is designed to provide financial support to individuals who suffer a serious illness or injury, allowing them to focus on their recovery without worrying about the financial impact. The policy pays out a lump sum benefit if the life assured is diagnosed with one of the specified conditions covered by the policy, regardless of whether the policyholder makes a full recovery or not.
There are different types of trauma cover that suit different situations, it is important to get advice on which one is right for you.
Income/Mortgage Protection
Income/mortgage protection insurance is a type of insurance policy that provides financial support to individuals who are unable to work due to illness or injury. This insurance is designed to help individuals maintain their standard of living by providing a regular income if they are unable to work for an extended period of time.
Income/mortgage protection insurance typically pays a specified percentage of the life assured's income, up to a maximum amount, and can be paid for a specified period of time or until the life assured is able to return to work. The length of the benefit period, the percentage of income covered, and the waiting period (the amount of time that must elapse from the time the policyholder becomes unable to work before benefits are payable) are all factors that can be customized to suit the individual needs and budget of the policyholder.
Permanent Disability Cover
Permanent disability cover, also known as total and permanent disability (TPD) insurance, is a type of insurance policy that provides a lump sum payment to lives assured if they are permanently disabled and unable to work due to an illness or injury. The purpose of permanent disability cover is to provide financial support to lives assured who are unable to work and to help them cover expenses such as medical bills, rehabilitation costs, or loss of income.
Permanent disability cover in New Zealand typically pays out a lump sum benefit if the life assured is diagnosed with a permanent disability and is unable to work in their usual occupation or any other occupation for which they are suited by training, education, or experience. The definition of "permanent disability" differs greatly between policies and insurance providers, so it is important to get advice on which one suits your personal situation.
Health Cover
Health insurance is a type of insurance that provides financial coverage for medical expenses, including hospitalisation, surgery, and other medical treatments. The purpose of health insurance is to help lives assured pay for these expenses, reducing their financial burden in the event of an unexpected illness or injury.
Health insurance policies typically require lives assured to pay a monthly premium, and in exchange, the insurance company will cover a portion of the medical expenses incurred by the policyholder. The amount of coverage, excess, and exclusions vary depending on the type of health insurance policy and the insurance company.
Health insurance is designed to provide policyholders with access to medical care when they need it, and to help them manage the cost of medical expenses, making it an important financial tool for individuals and families. There are different types of health insurance, including hospital cover, specialist cover and everyday expenses, and it is important for individuals to carefully consider their options and choose a policy that meets their needs and budget.
