Personal Insurance
Wright Financial advisers know that choosing the right personal insurance can be an overwhelming and sometimes an unpleasant task. As your financial adviser we listen, evaluate and provide you with a personalised recommendation which is designed to quickly and easily identify you and your family’s insurance protection needs.
Take comfort and confidence in having a personalised Life Plan that fits within your budget and is designed to offer protection of you and your family’s financial interests in unforeseen circumstances.
Some of the major products we offer are:
Health Insurance
You’re healthy and you assume you always will be. That’s not the case for a significant number of New Zealanders. Health Insurance can pay for hospital costs and treatment up to $300,000 per person, per policy year with or without an excess, and you can also add on specialists & tests that cover 100% of your costs with or without an excess.
If you, or a member of your family, require surgery or medical treatment, having health Insurance not only gives you the freedom to select the best specialists and the best hospitals, it generally ensures that you avoid a long waiting list to receive essential treatment. This gives you greater certainty about the most important things you need to protect – your health.
Having health insurance will help give you access to the very best medical care at the time that suits you, and in the hospital of your choice.
- Pays your surgical costs in private hospitals less any excess if applicable.
- Pays your medical treatment in private hospital less any excess if applicable.
- Diagnostic imaging and testing is covered under the applicable surgical and medical benefit when the diagnostic imaging or tests takes place 6 months either side of related surgery (subject to provider).
- If treatment is not available in New Zealand benefits can be up to $30,000 per annum towards overseas treatment costs (subject to provider).
- Provides access to the latest medical procedures and technology immediately.
GOOD REASONS TO HAVE HEALTH INSURANCE
- Protects your health and the health of your loved ones.
- Gives you freedom to select the best specialist and hospital in New Zealand.
- Avoid long waiting lists to receive treatment.
- Provides access to the latest medical procedures and technology.
- No need to worry about large medical bills.
Disability Income & Mortgage Protection Cover
Disability Income protection insurance pays you a monthly sum should you be unable to work because of illness or injury. You can decide how much cover you need up to a percentage of your maximum gross income based on provider and like all insurance policies there are options which can be overwhelming, confusing and complicated.
Its purpose is to help cover financial liabilities, like your mortgage or rent payments or other expenses if your ability to earn is seriously affected by illness or disability.
The key difference between Mortgage or Income Protection Cover in comparison to Disability Income Cover is, ACC offsets apply to this policy, meaning policy benefit payments are reduced based on your entitlement received from ACC.
Like most insurance policies there are options and choices that are tailored by your adviser to best suit individual circumstance and Mortgage or Income Protection Cover is no different.
Mortgage and Income Protection insurance can help cover your monthly mortgage instalments or rent payments or other expenses if your earning capacity is seriously affected by illness or disability ensuring your existing lifestyle is protected.
Every day about 24 New Zealanders suffer a stroke and a quarter of these occur in people under the age of 65.
Disability Income Protection is designed to offer regular monthly payments to help replace lost income if you’re unable to work due to illness or injury.
If you’re unable to work due to injury or illness, your groceries, power bills, rent or your mortgage still needs to be paid identifying the reason for considering Disability Income Cover.
Whether you are independent or have a family, your ability to earn an income is an asset worth protecting. If your health should suffer a setback with this cover in place your finances and lifestyle shouldn’t have to.
- An Agreed Value option provides a fixed level of monthly benefit which is agreed at the time of policy establishment.
- An Indemnity option is where your income is calculated and assessed at claim time and therefore is typically a lesser premium amount to that of the Agreed Value option.
- Choice of payment term options of 2 years, 5 years, to age 65 or to age 70 based on your provider offering flexibility in premiums so to best fit within your budget.
- Provides ‘a Wait Period’ these options are between 2 and up to 104 weeks plus, offering another option to tailor make your cover so to fit within your budget and control over your premiums.
- Wavier of Premium option removes the burden of paying premiums when you are unable to work due to illness or injury as the provider will pay these premiums for you.
This cover is designed to help you financially through a difficult time. Payments or benefit entitlements are paid monthly and based on the policy can be paid in advance or in arrears. It substitutes your income should you be unable to work due to illness or injury.
Mortgage or Income Protection is the same policy type but you have the choice with which to calculate your cover being that of a percentage of your monthly Mortgage repayments or your gross income. What makes up the premium calculation on this policy is gender, age, occupation and smoker or non-smoker. Mortgage or Income Protection protects your most valuable asset being your ability to earn income.
This Cover is not to be confused with Disability Income Cover although the two policies can be used in combination to maximise your benefit entitlements during claim time.
- Provides a monthly payment for a set period should you be unable to work due to illness or injury.
- Provides payment term options of 2 years, 5 years, to age 65 or to age 70 based on your provider offering a choice of premiums that bests fits within your budget.
- Provides ‘a Waiting Period’. These options are between 2 and up to 104 weeks plus, offering another option to tailor your cover so to fit within your budget and control your premiums.
- There are no ACC offsets so if your inability to work is caused by an accident covered by ACC your benefit payment is not reduced by the amount you might be entitled to receive from ACC.
Redundancy Cover
Redundancy insurance Cover protects you from loss of income due to redundancy being defined as the state of being no longer in employment because there is no more work available. Redundancy insurance protection gives peace of mind, knowing that you will still have an income that pays the bills and/or mortgage if you are made redundant.
Redundancy cover is an additional option of Income Protection insurance policies that you can add to maintain financial security.
Its purpose is to provide financial security in maintaining your income over a set period if your job is made redundant. Take comfort in knowing mortgage and living expenses, are covered while you are looking for full-time work.
- Lets you focus on getting your next job without undue financial pressure.
- Pays a monthly benefit for up to 6 months if you are made involuntarily redundant.
One Off Claim, Trauma or Critical Illness Cover
A severe illness is difficult to deal with on its own. Add to that the financial burden of treatment and time off work, summarises a difficult situation that could feel outright impossible. This type of insurance provides you with a lump sum payment which enables you to maintain your lifestyle allowing you to focus on recovery. New Zealanders are suffering from increasing incidents of cancer and still experiencing high levels of heart disease and strokes.
Critical Illness or Trauma Cover is about helping you financially survive, should you suffer from a critical illness. Benefits include receiving a lump sum payment that can be used on anything you choose i.e. medical treatment and rehabilitation, or mortgage payments and or essential living costs. Critical Illness or Trauma Cover provides you with peace of mind in the event you are diagnosed with a serious illness or disability such as a stroke; cancer or even loss of use of limbs. A lump sum payment will assist you to work through the life changing effects this will have on you, your family, lifestyle and work.
Lump Sum Critical Illness Insurance cover provides:
- A one off lump sum payment or partial payments for a maximum number of specified conditions.
- Additional Children’s Trauma Cover at no additional cost, subject to provider.
- Cover for most occupations however extreme activities can attract exclusions.
- Rate for Age or Level Premium structure options that can offer control over your premiums.
- Inflation or indexation options that effect your premiums and your sum insured.
- Options include Standalone or Accelerated when considering a Life Insurance policy in addition offering you control over your premiums.
- Coverage terms that are renewable each year with no age limit, subject to insurance provider.
Trauma with Multiple Claims capability
This a new type of Trauma Insurance Cover and has been available within New Zealand for less than five years but the uptake on this policy continues to exceed that of ‘standard’ Trauma Cover. This is a Percentage based trauma policy, designed to offer greater cover over the longer period and doesn’t end on a single claim. It protects you when one or more specific illnesses or disabilities occur in your lifetime. Its primary benefit is offering you the opportunity to claim multiple times up to your sum insured, across varying trauma categories.
With medical advances being made every day having the freedom to get treatment in the early stages of an illness compared to ‘standard’ trauma cover which focuses on advanced stages can be of significant benefit and advantage to clients. Payments are based on the severity of your diagnosis across up to 62 pre-defined medical conditions subject to provider.
Multiple Claim Trauma Cover has a greater focus on having you covered for longer, protecting you when more than one illness or disability occurs throughout your lifetime. Structures can vary from severity based, offering lower benefits with less severe conditions and larger benefit payments with more severe conditions. Where a payment is full or partial the payment received can be used on anything of your choice.
- You can be paid multiple times across multiple trauma categories.
- Rate for Age or Level Premium structure can offer control over your premiums.
- Inflation or indexation options can affect your premiums and your sum insured offering control over your premiums.
- Options include Standalone or Accelerated when considering a Life Insurance policy in addition offering you choice in your premiums.
- You can receive a lump sum payment even if you are not terminally ill and are expected to make a full recovery.
Total Permanent Disablement Cover
A permanent disability is difficult to deal with regardless of the disablement type. The financial burden of not being able to work or accomplish daily living duties as a result of suffering permanent disablement, and without the necessary financial assistance, means that these times will be tough. This type of insurance provides you with a lump sum payment, enabling you to maintain your current commitments and works in easing the difficulties experienced from a new way of living.
Total Permanent Disablement (TPD) cover can provide you with a lump sum payment to be spent on anything you choose from rehabilitation costs, education, mortgage payments or the payment can go towards providing an alternative source of income.
There are two critical definitions with this cover, that being, “Any” or “Own” Occupation. Any Occupation means, being so incapacitated that it is unlikely you will ever be able to return to work. Pays remuneration greater than 25% of your pre-disability earnings, in your own or any other occupation or gainful employment for which you are reasonably suited by education, training or experience. “Own” Occupation is defined as suffering a permanent disablement that disallows you to work in your own occupation for which you are suited by training, education, or experience.
- Lump sum payment, based on meeting the TPD Definition of “Own or “Any” Occupation definitions.
- Rate for Age or Level Premium structure options can offer control over your premiums.
- Inflation or indexation options can affect your premiums and your sum insured offering control over your premiums.
- Options include Standalone or Accelerated when considering a Life Insurance policy in addition offering you choice in your premiums.
Life Cover
Not all life cover is the same. It is important to read and understand your policy wordings or speak to an adviser you trust to make sure your cover is right for you.
Life Cover insurance is a plan that protects you and your family’s financial situation in the event of your untimely death or if you are diagnosed as terminally ill.
If you aren’t sure if you need insurance such as Life Cover, ask yourself, “would my family cope with paying the monthly bills or making mortgage repayments without my salary? Would my business survive without me?”. If you answered no to any of these questions, then Life Cover could be right for you.
Life Cover is designed to pay a tax-free lump sum payment if you die prematurely. It is essential for those with family, businesses, or other financial liabilities. Upon your untimely death, you can take comfort in knowing you have looked after your loved ones.
Lump Sum Life Insurance cover can provide a;
- Lump Sum payment, upon your death or a lump sum payment upon diagnosis of being Terminally Ill.
- Bereavement benefit, providing early and easy to access to funds designed to cover funeral expenses.
- Worldwide Cover benefit offering you anywhere in the world, 24 hours a day, 7 days a week protection.
- Children’s funeral support benefit in the passing of your child offering an additional lump sum payment.
- Rate for Age or Level Premium structure offering control over your premiums.
- Inflation or indexation option that effects your premiums and your sum insured.
- Coverage terms that are renewable each year with no age limit, subject to insurance provider.
- Monthly benefit Life Cover option, designed to provide (non-taxable) income over a set term or period, for your family after your death.
Contact us today for free no obligation financial advice.