Permanent Disablement
Becoming permanently disabled would be devastating, as the income lost from not being able to work, can be the biggest financial loss you will ever suffer, and will impact on all aspects of your life.
Permanent disability cover provides a one-off lump sum payment, which gives you the flexibility to reduce debt or pay for the things you will need to maintain your quality of life, such as a care giver, nurse or for medical costs.
A permanent disability is an injury or illness that is so severe that you can't work at all for a minimum three consecutive months. In addition, following that period, you are still so incapacitated by illness or injury that you’re unlikely to ever work again in your own occupation or any occupation depending on the cover you have selected.
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Frequently Asked Questions
- How much cover do I need?This varies for every person we deal with, the best thing to do is run through the simple planner we have developed.
You can get started right now by completing the simple enquiry form to the right hand side of this page. We will then come back to you with some additional questions that will help us to establish the amount of cover you need for your personal situation. - Who can apply?
Usually any New Zealand citizen, permanent resident, or people on a 2 year Work Visa can apply. - What is the definition of a disability?In most cases the definition is, " The inbility to perform your usual occupation for more than ten hours per week".
Please read your policy wordings for a full definition. - Am I covered if I'm out of the country?Life , Income Protection , Trauma and Total and Disablement cover, usually cover you anywhere in the world 24 hours a day, Health insurance only covers you for treatment in New Zealand.
Special conditions sometimes apply please check your policy wordings for full details. - My Insurance premiums are going up, is there an option to make the premiums level?Yes, you can now get level premiums for most benefits, call us for more information, we can probably convert existing cover without the need for further health questions.
- How likely am I to become disabled or pass away before age 65 ?Five in 10 males are likely to become disabled due to an illness or
accident before they turn 65, preventing them from working for at
least a month.1
Seven in 10 females are likely to become disabled due to an illness
or accident before they turn 65, preventing them from working for
at least a month. Of these, nearly a third will still be on claim 12
months later.1
One in nine men will be disabled and off work for more than
12 months before age 65.2
One in five women will be disabled and off work for more than12
months before age 65.2
Fifty-one per cent of males will suffer a critical illness before the
age of 70.3
Thirty-three per cent of females will suffer a critical illness before
the age of 70.3
Sources:
1 Davies Financial and Actuarial Limited
2 Insurance Alert, Winter 2000
3 GenRe LifeHealth Australia, 2005 - What does accelerated benefit mean?This means that when the benefit is paid out, it will reduce another benefit by the same amount (usually your life cover). This is common and helps reduce the overall cost of cover.
- What is a Life buy back benefit?A life buy back benefit is usually included when accellerated benefits are attached to a life insurance policy. When these benefits get paid out, the Life cover reduces by the same amount, the buy back benefit allows you to get that life cover back, at the same rates you were paying before you were diagnosed with the cancer or had a heart attack, stroke etc, (conditions apply please read your policy wordings).
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