Having a life insurance plan in place is all about choice – choice at claim time. By having an insurance plan in place you can protect yourself and your loved ones.
When you’re thinking of insurance (either life or health), then life insurance quotes are often the first that come to mind.There are however 5 key risk areas that you need to recognise to protect the financial wellbeing of you and your family.
1. Risk management for hospitalisation
Health insurance is designed to complement New Zealand’s public health system by giving you access to surgery and treatment immediately rather than having to wait. If you suffer from an acute condition you will be seen at a public hospital and receive excellent care.
It’s when you need an elective procedure that you may have to wait. By having a health insurance plan you can decide when, where and how you get treated.
2. Risk management for being unable to work
An accident, illness or temporary disability at some time during your working life is statistically a very real possibility.
Income Protection insurance is designed to provide you with monthly cash flow, after an agreed stand down period. These funds can help with your monthly expenses until you are able to get back to work.
3. Risk management for trauma
Experiencing a serious illness or disability such as cancer, heart attack or paralysis is life changing. Trauma insurance is designed to minimise the financial impact faced by you and your family at this stressful, uncertain time.
Statistics tell us that two in five people (40%) will experience a critical illness before age 65 (1). Trauma cover pays a lump sum when certain conditions, as specified in your policy wording, are diagnosed.
The lump sum provides financial security and allows you to spend precious time with loved ones.
4. Risk management for never working again
Financially this is the worst thing that can happen to you. Imagine being 35 years old and never being able to work again – that’s 30 years of earning potential gone.
Statistics tell us that for every death in NZ, 17 people will become disabled to the point where they can’t work (2).
While you’re working life may have ended prematurely it is likely that your financial responsibilities have not. Total and Permanent Disability Cover is designed to pay a lump if you are permanent disabled due to illness or accident.
The funds can be utilised to repay debt, pay for care or to replace income.
5. Risk management for premature death
No one wants to think about dying, but unfortunately it is going to happen. In NZ one in six men and one in nine women over 30 will die between the ages of 30 and 65 (3).
Life insurance is designed to protect your family and provide for their future if you die prematurely.
Life Insurance allows them time to adjust to life without you, and can be used to repay debt or invested to provide ongoing income.
For more information on Life Insurance Quotes please click below.
Life Insurance Quotes
Life Insurance Quotes: A taxing time for Term Life Insurers
