The foundation to wealth building is having insurance to take care of debt, pay ongoing costs, and provide for loved ones in the event of untimely death. As a wealth creator, it is important that your knowledge, expertise and skills continue to generate wealth even if you become ill, disabled or die.
The purpose of protection is to ensure your dependants are taken care of in the event of death. Being financially responsible will guard against the prevailing environment, making your resources generate wealth as you make short-term financial sacrifices to achieve goals. It is better to have a little cover and not need it, than to need it when health fails. It is imperative to choose an insurer with financial strength, policy wording, customer service, and reputation at claim time; than shop for a cheaper quote.
Income protection pays a monthly benefit if one is unable to work due to illness or injury. It helps to meet your obligations, commitments and your living expenses, and provides an income after any leave entitlements have been exhausted.
A tax deduction can be claimed on the premiums, and the income received is taxed. The claim periods can last 2 or 5 years, or to age 65 or 70, after a wait period. This waiting period depends on how long you could live without an income. It is waived if disabled again from the same or a related cause within 12 months of benefit payments ceasing. The Optional Redundancy Cover does not pay if one is made redundant within the first six months of the policy, and is payable for a maximum of six months.
Life cover pays a non-taxable benefit in the event death or when diagnosed with a terminal illness that will result in death within 12 months, irrespective of any treatment received. The payment is protected against creditors, and is not subject to probate process. It provides financial support to pay debts, maintain family lifestyle, and ongoing expenses. You have peace of mind, as the guaranteed benefit paid on terminal illness can be used to pay mortgage, put your estate in order or enjoy a holiday with family
Suicide is excluded, if it happens in the first 13 months of the policy. A Bereavement Support Benefit of $15,000 is paid from the life cover to cover funeral expenses. If the insured dies overseas, the repatriation benefit will reimburse the costs to returning the body to New Zealand.
- Tax-free monthly income instead of lump sum to help family maintain their lifestyle in the event of your death
- Ideal way to provide income for dependants, and pay for family’s ongoing expenses
ays a lump sum for serious illness, surgical procedure or a life-changing physical injury to help with the financial costs involved with treatment and ongoing care whilst rgives you peace of mind, and overcome financial and emotional stress. The benefit makes possible to seek to give , hire a caregiver whilst recuperating
Total and Permanent Disability
TPD is paid when you are unable to work due to illness or injury, and you are unlikely to ever be able to resume that occupation. The financial impact is more catastrophic than death because your income-earning potential is no more available, and you are dependent on all the day-to-day needs. Life becomes very expensive, and TPD lessens this impact to help meet your on-going obligations.
While untimely death of an income earner would cause serious financial strain for the dependents, the economic blow would be very severe for TPD. You can overcome emotional stress, and have the affordability of hiring a caregiver.
The financial commitments are daunting, and mortgage protection covers you defaulting on a loan, and makes regular monthly repayments. You have certainty at claim time as the payment will not be offset by ACC if due to an accident. It pays 115% of your repayments, and also helps to cover additional expenses. The home is protected, and you and your family can enjoy an abundant life.
- Immediate and faster access to non urgent treatment than public system
- Greater degree of certainty, and no lengthy wait period
- Reduced financial stress, and quicker relief from discomfort and pain
- Greater choices of when and where treatment can be received
- Access to specialists, tests, hospital and surgery, and non-funded medical drugs
- Premiums increase with age and treatments becomes more costly when you need it most
- Pay for major elective medical treatment without denting your assets and being off work
Exclusions apply for pre-existing conditions
David Luke, Financial Advisor
Phone: 021 0229 7560