Insurances Policies
At Gannon Insurance Brokers we sit down with you and work out what is most important to you and what you want protected. We will help you to find the appropriate insurance solution for you, for a competitive premium.
Life insurance
With Life Cover your loved ones receive a lump sum to care for themselves when you’re not around. The money might also be used to repay debts or to meet any outstanding obligations. Most life insurance policies have a built-in Terminal Illness benefit. This means that if you have a terminal illness with less than 12 months to live, your life insurance can be paid out early. One of the companies offers free funeral cover for children and grandchildren under the age of 21 with the ability to be able to convert the cover to their own policy without medical questions at age 21.
There are different premium structures for life insurance. Most policies have a stepped premium that increases as you get older and the risk of death increases. However, if you want your life insurance long-term, it is much more cost-effective to ‘fix’ all or part of your cover on a ‘level’ premium structure.
Trauma (Critical Illness) Protection
Trauma Cover pays you a lump sum should you suffer a specified critical illness or accident, such as stroke, loss of sight, major head trauma, cancer or major heart conditions. In fact, most policies cover and pay out for over 30 different events.
Two of the companies we represent offer free $50,000 trauma cover for children either under the age of 19 or 21 when a parent takes out a policy. One of the companies will also offer trauma cover for grandchildren under the age of 21. It is a tragic event when a child suffers a critical illness but having this benefit in place can lessen the financial strain and enable you to focus on what’s important.
Income Protection Insurance (Protects your Greatest Asset)
Income Protection provides a regular payment of a maximum of 75% of your pre-disability income monthly after a minimum waiting period of 4 weeks and enables you to continue supporting yourself and your family if you can't work because of illness or injury.
Four out of five long-term illnesses and disabilities are not covered by ACC. The areas of greatest concern are heart attacks, strokes, cancer and kidney failures.
Most people believe that their biggest asset is their house or car. In reality your biggest asset is YOU – because of your ability to earn. Take a 35-year-old with annual earnings of $60,000. This person has the potential to earn more than $1.8million (without allowing for any pay increases) by the age of 65. Imagine if that ability to earn was taken away from you because of an illness or accident related disability.
Mortgage Protection Insurance
Mortgage Protection provides a monthly payment to ensure your Mortgage Repayments are met if you cannot work because of accident or illness thus protecting your home and the home of your family. Essential cover when having a mortgage.
Mortgage Protection Insurance can also pay a lump sum in the event of death, critical illness and Total and Permanent Disability.
Total and Permanent Disability
This cover is a lump sum paid out in the event of becoming totally and permanently disabled (TPD), or the inability to do 3 out of the 5 acts of daily living which are: Cleaning, Dressing, Feeding, Ablutions and Mobility.
In 2013, 24% of the New Zealand population were identified as disabled, almost one in four, a total of 1.1 million people. Of that, the most common cause of disability for adults was disease or illness (42%). Disability Survey: 2013 – Statistics New Zealand.
Health Insurance Explained
Health Insurance covers pay for private surgical expenses that are incurred by yourself. Health insurance can either reimburse you for expenses incurred from illness or injury or pay the care provider directly (less any applicable excess).
This can be a very complex process as there are so many wordings and options available. It is best to talk to an adviser, like us, to discuss what is important to you.