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:
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.
When it comes to considering private health insurance which has a key role to play in a well-balanced health system there are myriad of options such as covering GP visits and/or Specialist and diagnostic testing. You can only get cover without exclusion when you are healthy hence the sooner such cover is in place the better. As an adult, common conditions would be that of reflux surgery at a cost of $8,500 to $16,000 or heart valve replacement between $50,000 and $65,000 this is why focusing on the cover for big ticket items should be your priority when considering Private Health Care.
Mortgage or Income Protection Cover:
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.
When considering mortgage or income protection insurance, you need to think about what payment term and waiting period combination is affordable and compare this to the amount of benefit you would like to receive, if you have to make a claim. The longer the ‘Wait Period’ and the shorter the Payment Period the more affordable Mortgage or Income Protection Cover is. But, if the duration of your disability prevents you from returning to work beyond a selected short payment policy Term, this benefit will stop and this could leave you short of funds.
Disability Income 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.
Disability Income Protection should be considered as secondary to Mortgage or Income Protection Cover because the Disability Income Protection policy contains ACC offsets which means you may not receive any benefit entitlement if you are entitled to ACC payments.
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.
Job security is a concern for many of us but it needn’t be, for up to 6 months grace before you’re worrying about something like the groceries and bill payments or mortgage payments seem financially impossible.
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.
Not all Critical Illness insurance policies are the same, some providers will only cover some 8 conditions where others will cover forty plus. It is important to understand what you are covered for, speak to an adviser you trust to make sure you’re not being short changed on the number of conditions covered.
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.
Medical treatment options are improving, so should your insurance options. Progressive Care helps patients take advantage of medical advancements at the beginning stages of a trauma or illness and make additional claims if the condition worsens**.
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.
It may seem unlikely that you will ever suffer a Total Permanent Disability, however, you just never know what’s around the corner. Get all the information first so to make an informed decision about whether this cover is right for you. Of all adults having suffered a disability, for 42%, the cause is disease or illness.
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.
If you are employed, you may already receive life insurance. It may or may not be enough to take care of your family. Take the time to evaluate your employer’s insurance to determine if supplemental insurance is required.