Trauma/Critical Illness Insurance

A form of insurance that provides a lump sum payment in the event the life assured is diagnosed with or suffers from a serious or critical illness or accident as covered in the policy.

CPI (Consumer price index)

A consumer price index (CPI) in terms of Insurance is an option that automatically increases your benefit so as to keep pace with inflation.

Excess

Is the amount of money you are required to pay towards a claim.

Indexed/Stepped Premiums

Is where your premiums increase with age.

Life Insurance

A life policy pays a lump sum on death or diagnosis of a terminal illness.

Living Expenses

The normal cost of living expenses associated with your current lifestyle. i.e. Rent, Mortgage, Power, Phone, Food etc…

Non acute medical conditions

Non acute is the terminology used when classifying a condition which does not require immediate surgery or treatment within the next 7 days.

Non Pharmac treatments

Non Pharmac treatments are the MEDSAFE approved drugs and alternative treatments that are available in New Zealand to treat a large host of diseases and illnesses which are not subsidised by the New Zealand Government and Pharmac.

Temporary/Pro-longed Disability

A disability whether by accident or illness which incapacitates a person to such an extent that the person in question can not return to work for a short to medium period of time.

Pre-Existing Condition

Any illness, sickness, disease, injury or medical condition or symptom:
–    you or any Insured Person was aware of; or
–    of which the first indication you or the Insured Person had that something was wrong was; or
–    for which you or the Insured Person sought treatment or medical advice; or
–    where a symptom existed that would cause a reasonable person in the circumstances to seek diagnosis, care or treatment on or before a Policy Commencement Date.

Premium

The amount of money you pay for your insurance. It can be paid weekly, fortnightly, monthly, quarterly, half-annually or annually depending on the Insurer.

Total & Permanent Disablement

A lump sum payment in the event of an injury or illness which renders you permanently disabled whereby you are never expected to return to work.

Wait Period

The amount of time you must be temporarily disabled before you can receive your benefit.

Waiver of Premium

Should you be unable to work due to injury or illness this cover will pay your insurance premiums until you return to work.