frequently asked questions

• What can I expect from you as my broker?
• What is Life Assurance?
• How much cover do I need?
• Is it important for my partner to also have life insurance?
• What is critical care or trauma cover insurance?
• Why do I need private health insurance?
• What is Disability Income Insurance?
• What is Mortgage Repayment Insurance?
• When is the best time to buy insurance?
• Can I always rely on ACC?

• Why do I need health insurance?
• When is the best time to buy health insurance?
• Who can purchase it?
• What is a pre-existing condition?
• Is there a stand-down period before I can claim?
• How do I make a claim?
• When do I have to get prior approval?
• What is covered under the base hospital and surgical plan?
• What does the specialist and tests benefit cover?
• Can my children be covered under my policy?
• Are new-born children automatically covered?
• How can I keep the cost of my premium down?
• How does the excess work?
• Will my premiums increase in the future?
• Does cover terminate at a certain age?
• Am I covered when I go overseas?
• What happens in a medical emergency?
• Are dental costs covered?
• Is pregnancy covered?

• Q: What can I expect from you as my broker?

  Sound advice, getting comparative quotes, doing annual reviews of your insurance portfolio and being there for you or your family at claim time.

• Q: What is Life Assurance?

  It provides a lump sum payment in the event of your death, to pay off debt and look after the ones you leave behind. It provides the backbone to your future security.

• Q: How much cover do I need?

  1. Calculate your current level of borrowing (mortgage debt & other borrowing)	$__________
  2. Calculate your family's future needs (annual income needed to provide a suitable lifestyle for your family x 10 years)	$__________
  3. If you have no borrowings or family, calculate your earnings to age 65	$__________
  TOTAL	$__________

   

  While this is very simple, it illustrates what your life's economic value is. How much have you insured it for?

• Q: Is it important for my partner to also have life insurance?

  Yes, if you are both signatories to the mortgage debt. On the death of either partner, the survivor needs to be provided with a mortgage-free home.

• Q: What is critical care or trauma cover insurance?

  It pays you out on diagnosis of a critical illness such as cancer, stroke, major heart attack, heart valve surgery, major organ transplant. It protects your lifestyle while you recover. It eases your concerns and worries about money, so you can relax and get better.

• Q: Why do I need private health insurance?

  It provides immediate access to private hospitals and surgical procedures without you having to suffer on a Government waiting list, or pay the huge costs yourself.

• Q: What is Disability Income Insurance?

  It provides you with an income when you are too sick to work over an extended period of time. It also funds rehabilitation and retraining, to speed up your return to work

• Q: What is Mortgage Repayment Insurance?

  It guarantees that your mortgage instalments are paid if you suffer a serious illness and are unable to work, or if you are made redundant.

• Q: When is the best time to buy insurance?

  The best time to take out life, disability or health insurance is when you are young and in good health, with no pre-existing conditions that would need to be excluded.

• Q: Can I always rely on ACC?

  Contrary to popular belief, you cannot rely on accident compensation in all situations. And you are more likely to be disabled by illness than by accident. Of disabilities lasting six months or more, only 1 in 20 is related to accidental causes.

Health Insurance

• Q: Why do I need health insurance?

  It gives you immediate access to the best medical care in a hospital, or with a specialist of you choice.

• Q: When is the best time to buy health insurance?

  When you are fit and healthy, with no pre-existing conditions.

• Q: Who can purchase it?

  Anyone between the age of 16 and 70 who is a New Zealand citizen, a permanent resident or holds a two-year work visa, is eligible to apply for Health Insurance.

• Q: What is a pre-existing condition?

  It is an injury or illness that you have suffered from prior to completing the health insurance application. The insurer generally excludes these and therefore you cannot make a claim if the condition re-occurs.

• Q: Is there a stand-down period before I can claim?

  There is no stand-down period. You are on full cover from the date of acceptance from the insurer.

• Q: How do I make a claim?

  If the claim is for a specialist or diagnostic test, or less than $1000, a claim form must be completed and submitted to the insurer, together with proof of payment. The claim is reimbursed into your account within 7 days.

• Q: When do I have to get prior approval?

  You need to contact the insurer for prior approval to ensure the procedure is covered under your policy and if it is going to cost more than $1000. The insurer then settles the account with the hospital or day clinic directly.

• Q: What is covered under the base hospital and surgical plan?

  It covers surgical treatments performed in a private hospital, minor surgery in a day clinic, medical costs when admitted to a private hospital, and specialist and diagnostic procedures (only when associated with hospitalisation).

• Q: What does the specialist and tests benefit cover?

  It covers you for specialist consultations, diagnostic tests and x-rays that do not result in hospitalisation. It is an optional addition to the base plan, with an added cost.

• Q: Can my children be covered under my policy?

  Your children can be covered under your policy until the age of 21. You only pay for a maximum of two children under your policy.

• Q: Are new-born children automatically covered?

  Yes, new-born children are covered for the first few months. After this period they must be specifically added to the policy.

• Q: How can I keep the cost of my premium down?

  To make premiums more affordable there are a range of excess options, which can discount your premium. These excess options also help you to control future premium increases.

• Q: How does the excess work?

  This can vary depending on the insurer. Generally it is based on per person, per policy year.

• Q: Will my premiums increase in the future?

  Health insurance premiums are often reviewed to reflect changes in health costs. As you get older the cost of health insurance increases (until the age of 65 or 70, when they level off).

• Q: Does cover terminate at a certain age?

  As long as you are paying the premium, your cover will not terminate.

• Q: Am I covered when I go overseas?

  The insurers only offer cover if you are living in New Zealand. You will need to purchase travel insurance if you are travelling outside of New Zealand.

• Q: What happens in a medical emergency?

  The New Zealand public health care system provides for all emergency or accident care. Your medical insurer can not be called on to cover these costs.

• Q: Are dental costs covered?

  Some insurers do offer this option but there are limits imposed and it can be more of a dollar-swapping exercise. However, all insurers cover dental surgery.

• Q: Is pregnancy covered?

  Costs associated with pregnancy are not covered. Some insurers do cover complications arising from child birth.

Contact us

Please contact Michael or Gwyn Gray to discuss your insurance concerns. We promise you the best possible advice.