Have you ever sat down and thought about why you have insurance?Most people have insurance because they think they should; but do you understand the cover you have and why you have the benefit amounts that you have in place?
When most people think about insurance they think of Life Insurance and Medical Insurance but there are a number of products available that are there to help during different times in your life.
Of course Life Insurance is important and most people look to cover their mortgage and other debt, leave some money for their family, etc… but did you know that most Life Insurance policies also have a built in terminal illness benefit? If you are diagnosed with a terminal illness and given less than 12 months to live, your Life Insurance benefit will pay out. This could mean that you have time to spend with your family during your last months, instead of worrying about how to pay the bills or you could take a family holiday… the choice is yours.
Income Protection and Mortgage Payment Protection provide a monthly payment if you are unable to work due to sickness or injury. Income Protection cover is based on a percentage of your income and Mortgage Payment Protection covers your monthly mortgage repayments. Most people assume that if something happens to them they will be covered by ACC, but ACC only provides cover for injuries that are the result of an accident. If you are not covered by personal insurance and choose to rely on ACC, what happens if you get sick? Depending on your personal situation (such as if you are married) you may not be entitled to receive a sickness benefit. Having personal insurance in place it means you can focus on getting better, instead of stressing about paying your bills and rushing back to work when you may not be ready.
Trauma is where we see most claims - 46% of all claims we have processed have been for Trauma… $7,097,676 total funds paid to date. Trauma pays you a lump sum if you suffer a pre-determined health condition and survive for 14 days. Most of the claims we see are for Cancer, Heart Attack and Stroke. Most people look to cover some or all of their debt, one year's net income or a couple of years living expenses. Trauma gives you choices. If you are diagnosed with a medical conditions such as cancer your priorities are likely to change… you may want to take time off work, or you could cut back on your hours and work part time. You may want to take your family to Disneyland or just spend time together… Trauma gives you the choice to do these things.
Total & Permanent Disablement cover pays you a lump sum if you suffer an illness or injury that means you can never work again. It is probably one of the least likely things to happen to you statistically but what if it did? Imagine if you could never earn an income ever again… how would you and your family survive financially? Total & Permanent Disablement covers exactly this situation. Again having this cover would alleviate financial pressures and mean that you can focus on your heath and spending time with your family.
With insurance there are many products to fit different needs, and lots of things to consider when choosing a benefit amount… if you are unsure of your needs to just want to have a chat to someone about your cover give us a call.