in·sur·ance noun
"A means of guaranteeing protection or safety"
Merriam-Webster Dictionary
Each type of insurance cover is designed for a specific event or outcome, and every person will have their own needs and concerns. Discover more about each type below, and connect with us for advice tailored to your situation.
Life Insurance
Life cover is one of the most easily understood insurances. Simply, it's designed to pay a sum to your estate when you pass away. Other events, such as terminal illness, can also trigger a claim.
Life insurance is there to protect your loved ones financially, and can help ease the burden of debts and your lost income.
Learn More About Life Insurance →
Income Protection Insurance
Income Protection is a regular monthly payment where an illness or injury stops you working. Your biggest asset is your ability to earn. Why risk it?
IP can help cover ongoing financial commitments while you're not earning, like mortgage or rent payments and household bills. There are a number of factors to consider with IP, such as income tax and ACC offsets; this is where your insurance claim can be reduced by any amount you're also receiving from ACC.
It's important to speak to an adviser who can help you navigate all aspects of IP cover.
Permanent Disability Insurance
Disability cover is a lump sum insurance that covers you in the event you become totally and permanently disabled (TPD).
Becoming totally and permanently disabled is life-changing. It's likely you'll never be able to work again to a level you're qualified for, leaving you financially exposed immediately and ongoing. TPD cover can provide assurance that your debts are cleared, medical costs are taken care of, and that you are able to afford modifications to your home and lifestyle as you adapt to your new normal.
Trauma Insurance
Trauma cover is a lump sum paid if you suffer a serious illness or injury, such as cancer, heart attack, or stroke.
Suffering a trauma event can have major impacts on you and your family. Not only are you likely to require medical treatment, but your finances can take a hit along the way. Trauma cover gives you some breathing room by way of financial support, and allows you to recover at home with the right people, rather than feeling pressured to return to work.
Health Insurance
Health insurance takes care of your medical bills and provides faster access to treatment.
In New Zealand, our public health system and ACC do a fantastic job of taking care of urgent care patients. However, if your condition is non-accidental or non-urgent, you're looking at the possibility of a long wait or a large invoice. Health insurance removes the worry about medical bills and gives you the freedom to seek the right treatment at a provider of your choice.
Things worth knowing
Accelerated Benefits
Some life policies allow you to access a portion of the benefit early if you are diagnosed with a terminal illness.
Multi-Benefit Discounts
Holding multiple covers with the same insurer often attracts a premium discount. Ask your adviser about bundling options.
Level vs. Stepped Premiums
Stepped premiums start lower and increase with age; level premiums are fixed. The right choice depends on your long-term budget.
Putting a Policy on Suspension
If you're going through financial hardship, some policies can be suspended temporarily rather than cancelled entirely.
Please note: The content provided here is intended solely for informational purposes and should not be considered as advice specific to your unique needs and situation. For personalised guidance tailored to your specific insurance requirements, please connect with us for a confidential discussion.
Personal insurance, answered
What types of personal insurance do I actually need?
It depends on your situation: your income, debts, dependents and existing cover. As a starting point, most working New Zealanders with a mortgage or family benefit from a mix of life, trauma and income protection. We'll help you work out which covers matter most for you rather than selling you everything.
What's the difference between trauma and income protection?
Trauma cover pays a lump sum if you're diagnosed with a serious condition such as cancer, a heart attack or a stroke. Income protection instead pays a regular monthly amount while illness or injury stops you working. Many people hold both, because they solve different problems.
Will ACC cover me, so I don't need income protection?
ACC only covers accidents and injuries, not illness. Most income protection claims in New Zealand are for illness, which ACC won't help with. Cover can also be reduced by ACC payments, so it's important to structure it correctly. This is a common area where advice makes a real difference.
What happens to my cover if my health changes later?
Once a policy is in place, your premiums and terms are generally locked in regardless of future health changes, which is why taking out cover while you're healthy is so valuable. New conditions that appear later can lead to exclusions or higher premiums if you apply for new cover, so reviewing before cancelling is wise.
Can I bundle covers to save money?
Often, yes. Holding multiple covers with the same insurer can attract multi-benefit discounts, and some structures let benefits share a sum insured to reduce cost. We compare options across insurers to find a structure that fits your budget.
Ready to sort your cover?
Getting the right insurance doesn't have to be complicated. Lewis will listen, compare options from multiple insurers, and recommend cover that genuinely fits your life, with no pressure and no jargon.
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