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Critical Illness insurance

This type of insurance is designed to cover everyday health needs, providing Kiwis with additional support for primary healthcare services.

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Critical Illness Insurance in New Zealand

What is Critical Illness Insurance?
Critical illness insurance, also known as trauma cover or serious illness insurance in New Zealand, provides a lump sum payment if you're diagnosed with a specified serious illness or injury. This financial support can help cover medical expenses, lifestyle changes, or lost income during recovery.
Key Features:
1. Conditions Covered
Heart attacks
Strokes
Cancer
Multiple sclerosis
Organ transplants
2. Benefit Payment
Tax-free lump sum
Paid upon diagnosis of covered condition
3. Policy Term
Can be standalone or bundled with life insurance
Usually renewable until age 65 or 70
Why Consider Critical Illness Insurance?
Medical Advancements: Improved survival rates mean higher chances of living with ongoing health issues
Financial Security: Covers costs beyond what health insurance or ACC may provide
Flexibility: Use the payout as needed, whether for treatment, rehabilitation, or daily expenses
New Zealand-Specific Considerations
Public Healthcare System: While robust, may have waiting times for non-urgent procedures
ACC Coverage: Provides support for accidents but not illnesses
Private Health Insurance: Often doesn't cover income loss or lifestyle adjustments

Choosing the Right Policy

Coverage
Amount
Assess your financial needs and obligations. Consider future income loss and potential lifestyle changes
Policy
Definitions
Review the specific conditions covered. Understand severity levels required for claim eligibility
Waiting
Periods
Be aware of stand-down periods before coverage begins. Note any survival periods required after diagnosis
Premium
Structure
Choose between level or stepped premiums. Consider long-term affordability
Additional
Benefits
Look for policies offering partial payments for less severe conditions. Check for premium waivers during claim periods
New Zealand Market Trends
Growing awareness of critical illness cover among Kiwis
Increasing focus on prevention and early detection services
Rise of hybrid policies combining different types of cover
Common Misconceptions
"I'm young and healthy, I don't need it": Illnesses can strike at any age
"My life insurance is enough": Life insurance pays out on death, not diagnosis
"ACC will cover me": ACC covers accidents, not illnesses
Tax Implications
Premiums are generally not tax-deductible for individuals
Lump sum payouts are typically tax-free
Claim Process
Notify your insurer promptly after diagnosis
Provide medical reports and evidence as required
Undergo any necessary medical examinations
Await claim assessment and approval
Expert Advice
Consult a licensed financial adviser for personalised recommendations
Regularly review and update your cover as life circumstances change

Critical illness insurance can provide valuable financial protection for New Zealanders facing serious health challenges. By understanding the nuances of these policies in the Kiwi context, you can make an informed decision about whether this cover is right for your situation. Remember, while this guide provides general information, individual circumstances vary. Always seek professional advice when making important financial decisions about your health and future.

Where to Buy Critical Illness
Health Insurance

AIA
UniMed
UniMed
UniMed
UniMed
UniMed
AIA New Zealand
AIA New Zealand
Known for: Extensive condition coverage
Unique feature: AIA Vitality programme, offering rewards for healthy living
Policy options: Standalone or bundled with life insurance
Learn more
Cigna Life Insurance
Cigna Life Insurance
Known for: Flexibility in cover options
Unique feature: Special events increase benefit
Policy options: Level or stepped premiums
Learn more
Asteron Life
Asteron Life
Known for: Comprehensive trauma cover
Unique feature: Trauma Reinstatement Option
Policy options: Ability to tailor cover to specific needs
Learn more
Partners Life
Partners Life
Known for: Innovative product offerings
Unique feature: Specific injury benefit
Policy options: Standalone or accelerated (linked to life cover)
Learn more
Fidelity Life
Fidelity Life
Known for: Strong financial ratings
Unique feature: Partial payment for early-stage conditions
Policy options: Level or stepped premiums with inflation adjustment
Learn more
Southern Cross
Southern Cross
Known for: Health insurance expertise
Unique feature: Health screening benefit
Policy options: Can be combined with health insurance plans
Learn more
Key Considerations
Financial Strength: Check the insurer's financial rating for long-term stability
Claim Payment History: Research the company's track record in paying claims
Policy Flexibility: Look for options to increase or decrease cover as needed
Underwriting Process: Some providers offer streamlined applications for faster approval
Customer Service: Consider the insurer's reputation for support during claims
Additional Factors
Premium Reviews: Frequency and transparency of premium adjustments
Policy Wording: Clarity and comprehensiveness of condition definitions
Additional Benefits: Look for built-in features like counselling or rehabilitation support
Online Services: Availability of digital tools for policy management and claims
Remember
This list is not exhaustive, and other providers may offer suitable options
Insurance needs are individual, and what works for one person may not be ideal for another
Policy details and offerings can change, so always check current information directly with the insurer
Consulting with a licensed financial adviser can help you compare options and find the best fit for your situation

When choosing a critical illness insurance provider in New Zealand, consider your personal health history, financial situation, and long-term goals. Take time to compare policies, read product disclosure statements, and ask questions before making a decision. The right cover can provide invaluable peace of mind and financial protection in challenging times.

FAQs about car insurance

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard.
We design and develop world-class websites and applications, design better and spend less time without restricting creative freedom.

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We design and develop world-class websites and applications, design better and spend less time without restricting creative freedom.

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