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Expert comparisons of NZ health, life & disability insurance

Trauma Insurance

Trauma Cover is a type of insurance that is often tagged along with life insurance. It is also known as Critical Illness Cover which provides lump sum payment when the insured is diagnosed with critical illness or injury.
When critical illness strikes, one major problem people face in the battleground is financial burden. More often than not, people don’t have enough money in their bank accounts to cover the additional expenses and the inability to earn more because of the situation.
Most breadwinners choose to have this cover as they know that their families depend on their income. Depending on how much you think your family needs when you are no longer able to work, you can choose how much lump sum benefit you think will be enough when the unexpected happens. Our financial advisers can definitely suggest the right amount for you based on your lifestyle and monthly expenses.
Don’t go unequipped, get the insurance and be ready for what life’s going to throw your way.

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FAQs

Who can get covered? Anyone who is a New Zealand Citizen or Permanent Resident can get covered.
Can I get Trauma Cover for the whole family including my kids? There are insurers that provide Trauma Cover for kids for an additional fee. What’s good is, you can also get it for free for your dependents.
What conditions are covered? There are about 60 covered medical conditions in a comprehensive Trauma Cover as of 2020. However, it varies from one insurer to another.
How much will it cost me to get Trauma Cover? The amount of premium depends on several factors: age; gender; smoking status and; sum insured.
Will it cost me money to get your expert advice and assistance? No. Definitely not. Our expert advice and assistance are free. The price we quote you is exactly what you’ll get when you go directly to the insurer.
Will my premiums increase yearly? There are two kinds of insurance you can choose from. Stepped insurance policy will increase your premium as you age but this is the most common choice as you start low with your premiums. In contrast, level insurance policy does not increase your premium with age, however, the premiums could be higher in the first years already compared to stepped.
What are my payment options? Most insurers would let you pay through Direct Debit or Credit Cards. There are different payment frequencies available too like weekly, fortnightly, monthly, quarterly, and yearly. Most people choose fortnightly, but you can choose whichever you think suits you best.
When will my cover start? Your cover starts on the date you set.
What is a policy owner? A policy owner, as the word implies, is the owner of the policy who can make decisions and changes to the policy. Along with this is the responsibility to keep the policy in force by paying the premiums. The owner of the policy isn’t necessarily the person insured in the policy. It can be you, then the person insured is your partner. In most cases, people choose joint ownership and both of them are insured as well.
What is indexation? This is an optional feature Life Insurance has. When chosen, your sum insured will adjust based on the inflation rate. For instance, if the inflation rate was 5% and your sum insured was $100,000, then it would increase to $105,000 to keep up with the current cost of living.
What happens if I don’t pay my premiums on time? Usually, insurers will give you time to update your payment details for up to three months. Otherwise, after the said period, your policy will be canceled.
Does my smoking status have an impact on my insurance? Definitely. Those who have smoked within the past 12 months usually get higher premiums. But don’t worry, should you decide to stop smoking, just let us know and we’ll help you lower your premium.
Do insurers offer money-back guarantees? Yes. All of the insurers have a 14-day free look period. Upon receiving your policy document, you have up to 14 calendar days to cancel it and your paid premiums will surely be refunded back to you.
Do I need to update you of the changes in my circumstances? Yes. Please let us know via email anytime so we can update the insurer as well.
How do I file a claim? You can file a claim directly to the insurer or through us, then we will contact the insurer for you. We are also here to help you negotiate the claims you have in case you need any in the future.
Could I get benefits if I lost my job? Unfortunately, not. You could only file a claim if you were diagnosed with a critical illness or injury. The good news is, when diagnosed with any of the critical illnesses or injuries, regardless of your employment status, you can get the lump sum payment you signed up for.
I’m not satisfied with my existing cover, can you help me look for a better one? Definitely, we are experts in comparing different insurance providers. Just let us know what your existing cover is, and we’ll match it with something better for your circumstances.
Can I cancel my cover anytime? Yes, you can cancel your cover anytime you think appropriate. However, we strongly recommend that you keep it for your own protection or for your family’s sake.
What if I have other questions or concerns that are not listed here? That’s not a problem. Just chat with us or click here to book a meeting with an expert.

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