INSURANCE REVIEWERS LIMITED

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It is not enough to protect your income, you must also protect your lifestyle.

Protect your greatest asset - your earning potential

 

Many of the insurance products we promote are lump sum payments.  This means that on a claim the sum insured (amount of cover) will be paid out in one total payment.

A sufficient cash injection will:

¨ give financial security when you need it most.

¨ afford you choices to adapt to changes in your circumstances

¨ maintain your current lifestyle and not force you backwards

 

Does your existing cover relate to your present and future lifestyle; to your current and future earnings; to your current and future debts and expenditure?

We can put together a complete, high quality risk insurance package tailored to meet all your insurance needs.

 

 

PERSONAL INSURANCE

 

LIFE COVER - Pays out a lump sum upon death.  If you want your loved ones current lifestyle to be maintained then life insurance is an unavoidable necessity. 

s  Mortgages, school fees, university fees, these will still be there for your family even if you are not.

s  Premiums have reduced dramatically, you will be surprised at how cost effective $500,000 or $1,000,000 of life cover can be.

 

TRAUMA COVER – Pays out a lump sum if you are diagnosed with one of the 30+ serious conditions (such as heart attack, cancer or stroke) and survive for 14 days.  It is best viewed as a survival policy since it pays out not because you are going to die but because you are going to live! 

s  Its aim is to provide sufficient funds to survive a major illness financially - the benefit is paid in one lump sum, tax free.

s  It is imperative that your trauma policy is the most up to date.  Do not wait until you are in a claim situation to find out you are not covered.

 

Advances in modern medicine means that the chances of surviving a major illness are increasing.  Since so many people initially survive, many assume that if it doesn’t kill them they will make a complete recovery.  Unfortunately statistics prove otherwise.  In our busy and stress-filled society, critical conditions are occurring at ever earlier ages, it is no longer a case of if you will suffer one but when.  Suffer a condition and you could be unable to work for 6-12 months or never return to your profession.  Consider the facts:

Heart Disease - the most common cause of trauma in New Zealand men

Cancer - the leading cause of trauma amongst woman.  1 in 10 women will develop breast cancer - 25% before aged 50 and 90-95% with no family history of the disease.

Stroke - the third major cause of death but a leading cause of major disability.  Around 20 New Zealanders suffer a stroke everyday and about two thirds of stroke survivors will remain dependent on others for activities of daily living.

 

A critical condition will affect your ability to earn income, creating the added burden of knowing the family must bear the cost of maintaining a person who is unable to provide financial support and is probably in need of expensive care.  What impact will this have on the accumulated savings and investment the family has already built up?  What impact will this have on their quality of life?

 

INCOME PROTECTION INSURANCE - The insurance designed to cover loss of income earned from your occupation if you are off work due to sickness or injury.  Its aim is to pay out a monthly benefit to cover your day to day expenses.

s  If you have existing income protection, does the benefit relate to your present income?  On claim your payment is calculated on the lesser of the monthly benefit or 75% of your current earnings - will you receive the benefit you are paying for or need?

s  If you are permanently incapacitated you will need your income protection benefit to cover you right through to age 65, not just be payable for 2 or 5 years.  There should not be a huge price hike each year and from age 60 the premiums should actually decrease each year.

 

PERMANENT DISABLEMENT COVER – The sum insured is paid out if you are totally and permanently disabled by illness or injury and unable to carry on with your occupation, there is a stand down period of three months.  There are differences between the various policies on the market which will impact on whether a claim is accepted. 

s  Many policies sold carry an ‘Any Occupation’ definition for this type of cover.  This definition has a very low likelihood of payment on claim.

s  It is imperative that the policy carries an ‘Own Occupation’ definition.

 

 

 

 

 

 

BUSINESS INSURANCE

 

KEYPERSON INSURANCE – Many of us are more key to the business than we may fully realise.  The problems that can arise from the loss of a key person cannot be underestimated and the subsequent financial impact on the business can be devastating 

s  Keyperson Cover protects the business and the need for this type of insurance is becoming increasingly recognised as part of a well-structured risk insurance package, standing alongside other important insurance products such as Professional Indemnity Insurance.  It provides cash precisely when required to enable the business to meet the costs of dealing with the problems arising from the loss through death, trauma or serious disablement of a key person. 

s  A sufficient injection of cash can protect assets that might otherwise have to be sold.

s  A Keyperson policy is owned by the business and in the event of a claim the amount of cover is paid directly to the company.  By insuring your key people you can compensate for the loss of a key person.

 

SHAREHOLDER/PARTNERSHIP PROTECTION - The aim is to provide the funds to carry out the intent of a buy/sell agreement.  Upon the death or permanent disablement of a partner or shareholder the sum insured will be used by the surviving partner(s) or shareholder(s) to purchase his/her share of the business.

s It should protect the business against the loss of a partner

s A comprehensive package should include Life Cover and Permanent Disablement Cover

 

BUSINESS EXPENSES - A business expenses policy provides a benefit to cover your business overheads should you be off work due to sickness or injury.  It is designed to cover major expenses such as rent, wages and salaries, accountancy fees, ACC levies, cleaning, insurances and interests paid, etc.

Endorsed as preferred insurance adviser by Auckland District Law Society for over five years