Life Investment Corporation NZ LTD.

 What Is Life Insurance ? 


In the exciting journey of life, there will be uncertainties and these are occasion's for you to assume additional responsibilities. The coveted arrival of a new member in the family, a new mortgage for your dream home or the milestone of your marriage may all be planned life events, but bring their share of uncertainty. These are times when you need to be financially prepared so that  your family is fully protected, should something unfortunate happen to you.

Careful consideration should be given to the ownership and beneficiary arrangements of any life insurance purchased. You should consult with an insurance adviser or lawyer to coordinate your insurance program, to ensure the life insurance product meets an estate owner’s needs. 

Making Life Cover work

You can use your Life Cover to:

•  help pay such expenses as final illness and funeral costs, eliminating the need to sell estate assets to cover these costs

• pay off the mortgage and any other debts you may have

•  leave a surviving loved one with a nest egg towards their retirement

• allow loved ones to grieve without worrying about the bills

• provide:

–  income to surviving family members

–  provide education funds for children and grandchildren

–    equalisation of inheritances (life insurance may be left to those heirs who do not wish to receive a part of the family business or farm, for example)

• funding of business continuation plans

• funding charitable gifts

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Why Do I need Trauma Cover ? 

Trauma Cover insurance is about survival. Whilst many people make some sort of medical recovery, the likelihood of making a financial recovery is less certain. Suppose a person has a mild heart attack and is seriously ill but is able to return to work after two months. Will he or she be as productive as before or stand the stress associated with working as hard?

Trauma Cover insurance (also known as critical illness insurance) provides a cash lump sum in the event of contracting a specified disease or trauma.

Trauma Cover insurance (also known as critical illness insurance) provides a cash lump sum in the event of contracting a specified disease or trauma.

Five reasons to have trauma insurance

Having trauma insurance makes sense:

1.  Treatment – pay for specialist or international medical treatment, or pay for drugs that are not government funded.

2.  Peace of mind – knowing that you can repay debt and avoid this stress for you, your loved ones, even your business, while you are recuperating.

3.  Environment – you can use the benefits to cover the costs of modifications to your home to aid recuperation and rehabilitation.

4.  Freedom – knowing you to have the freedom to live your life free from worry about life’s unpredictable events.

5.  Choice – you get to call the shots as to how and when you spend the lump sum payment.

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How Total and permanent disability cover can help me if I become Disable ? 

Total and Permanent Disability (TPD) Cover pays a lump sum when you suffer a long-term illness or disability that prevents

you from ever returning to work, or you lose the use of your limbs, or you are unable to undertake activities of daily living.

If you are unable to work and you have income replacement insurance this will cover the immediate loss of your income, and while you may have selected to increase your insurance by inflation, it does not cover the loss of future potential income, such as a promotion, or future profits.

Five reasons to have TPD insurance.

Having TPD insurance makes sense:

1.  Peace of mind – knowing that you can repay debt and avoid this stress for you, your loved ones, even your business while you are recuperating.

2.  Environment – you can use the benefits to cover the costs of modifications to your home to aid recuperation and rehabilitation.

3.  Freedom – knowing you have the freedom to live your life free from worry about life’s unpredictable events.

4.  Choice – you get to call the shots as to how and when you spend the lump sum payment.

5.  Future income – you can use the lump sum payment to fund on-going income for your family.


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 What is Income Protection and why should I have it?

What would the impact be on your lifestyle and living standards if you were to lose your earnings for, say, one month, one year, five years or possibly for the rest of your working life? In other words, what would you do if you suddenly lost your job or couldn’t work because of illness or injury? How would you pay your bills and feed your family?

If you’re working and you’re the main breadwinner or income earner for your family, having some protection or insurance for the money that you bring in is a good idea. If you don’t have much in savings, you could end up with a serious financial problem very quickly.

Five reasons to have Income Cover insurance

Having Income protection insurance makes sense:

1.  Secure your lifestyle – you can insure up to 75% of your income so that should you not be able to work, you have an on-going source of funds to maintain your lifestyle.

2.  Safeguard your existing savings and investments – if you can’t work and don’t have a regular income, then you may stand to lose not only any investments you have, but also other assets, such as your home.

3.  Government benefits – with the government sickness benefit payable at $225.per week , sickness or injury would mean a substantial reduction in your standard of living.

4.  Choice – you can work with your treatment providers and other specialist to assist in your rehabilitation and return to fulltime work.

5.  Protecting the value of lost income – it’s worth thinking about what you might earn over your lifetime, then consider if something happened and you were unable to work, what you may risk losing.

[1]   Sickness benefit rate as at 1 April 2011 for a single, 25+ years, Work and Income New Zealand.

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 Why have private medical insurance?

If you’re looking for private medical insurance, it’s usually to ensure that you and your family will have choices and peace of mind in the event that anything goes wrong.

With limited resources, the public health system has to rationalise its resources, and often non-acute treatment or assessment sees you consigned to the waiting list. Balancing these competing needs means that you may not have a choice of when and where you receive treatment and whether you have access to the latest treatment or medicines.

The Heath Funds Association of New Zealand annual report for 2009/10 showed that private medical insurance claims totalled around $779 million.

Five reasons to have private medical insurance

Having private medical insurance makes sense:

1. No queues – you get access to fast treatment when and where it suits you.

2. Peace of mind – you won’t always be in good health, and should the worst happen, you can get access to quick treatment.

3. Environment – you’ll be treated in a comfortable environment with excellent care and service to speed up your recovery.

4. Choice of hospitals – with our private medical cover you can choose from the extensive private hospital lists.

5. Privacy – enjoy the comfort and convenience of your own room should you need.

Coverage for drug fundingTwo agencies deal with drug use and funding of drugs in New Zealand. Medsafe decide what drugs may be used in New Zealand, and Pharmac, a government agency that manages a list of subsidised drugs. Due to limitations in funding, Medsafe may have approved a new drug, but this is not subsidised, and therefore not covered by most private insurers. Insurance Provider will pay for the use of drugs on the Medsafe approved list, even if this is not subsidised by Pharmac.


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 Why Mortgage Repayment Insurance?

Purchasing a home is both a major monetary and emotional investment.

Mortgage Repayment Insurance Cover can help you protect the regular monthly mortgage repayments on your home, or investment properties, so that should you suffer an accident or sickness, or you are hospitalised, your mortgage is covered.Your home is far more than bricks and mortar. That’s why it’s so important to make sure you can pay your mortgage.

Five reasons to have Mortgage Repayment Insurance Cover

Having mortgage repayment insurance makes sense:

1.  Secure your lifestyle – should you not be able to work, you have an on-going source of funds to pay your mortgage.

2.  Safeguard your existing savings and investments – if you can’t work and don’t have funds to pay your mortgage, then you may stand to lose not only your home, but also any investments you have.

3.  Government benefits – with the government sickness benefit payable at $225.per week, sickness or injury would mean a substantial reduction in your standard of living.

4.  Choice – you decide how to manage your assets and if you need to sell your home, you do it on your terms.

5.  Protecting the value of lost income – it’s worth thinking about what you might earn over your lifetime, then consider if something happened and you were unable to work, what you may risk losing.

[1]   Sickness benefit rate as at 1 April 2011 for a single, 25+ years, Work and Income New Zealand.


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