Frequently Asked Questions

1How much cover do I require?

This varies from person to person as a number of factors need to be considered when calculating the correct level of cover. This could include your outstanding mortgage, personal debt levels, dependents, etc. It is important to seek advice regarding this as often clients have insufficient cover to meet their needs. It is also not uncommon for clients to have too much cover, or cover that’s is no longer relevant to their needs. Please give us a call, we would be more than happy to assist you. Once you have cover in place it is important to regularly review your cover to make sure it matches your needs.

2Who is entitled to receive the proceeds from my life insurance policy when I die?

This depends on the ownership of the policy and whether or not you have nominated beneficiaries. We will help you set up the best ownership structure for your policy.

3What is the difference between the life assured and policy owner?

Life assured/insured: The person who’s life is covered. If this person dies or suffers anything else that qualifies for a claim, the benefit will be paid.

Owner: The person who pays the premiums and (usually) receives the benefit from the policy at claim time.

4Why is it important to read my policy document?

The policy document is the contract between the insurance company and the policy owner(s). It is important to read the policy document so that you know what your rights and obligations are under the terms of your policy. It also sets out what the insurance company's rights and obligations are.

It is also important to read your policy document so that you know what your policy covers you for and what you will receive in the event of a claim.

The policy document also details if there are any special terms on the policy such as exclusions.

5Am I covered if I'm out of the country?

Life, Income Protection, Trauma and Total and Permanent Disablement cover usually cover you anywhere in the world, 24 hours a day. However, it is important to note health insurance will generally only cover you for treatment in New Zealand. It is highly recommended that you take out travel insurance when travelling overseas.

6Why have my health Insurance rates gone up so much?

There are a number of factors that can impact your health insurance premiums. These could include medical inflation, a change in age, higher than anticipated claims by your health insurance provider.

7What options do I have if my health insurance rates are getting too expensive?

Health insurance providers offer varying levels of excess option. The higher the excess chosen the less your health insurance premiums. However, at a point, this can only have a limited impact. There are other ways of reducing premiums too depending on your circumstances. It is best you contact us so we can discuss with you what your options are and whether there might be a better solution for you. It is however important to note that any pre-existing conditions might be excluded from your new policy should you decide to change.

8Why is it important to have a will?

A will is your chance to say what you want to happen to your estate after you have died. You can choose an executor and beneficiaries and decide how your assets are to be distributed. We recommend contacting your lawyer who can provide you with advice.

9What is an Enduring Power of Attorney?

This is a document that allows you to determine who can make decisions regarding your welfare and finances when you are unable to due to medical incapacitation. We recommend contacting your lawyer who can provide you with advice.