Insurance Blog

Public health system vs private health insurance

25 January 2012 5:54pm

Unfortunately, while New Zealand has an established health system it is somewhat limited. It is world class for emergency treatment but for other health problems, even some potentially serious ones, you may have to be continuously assessed to remain on the waiting list.

And it could take you months, or even years, to be treated. The effects of a delay in treatment could be significant.

Private health insurance provides for those who do not qualify for immediate treatment in the public system. You can then access treatment as and when you need it.

 

Premium increases coming for house and contents insurance, fair or not?

23 January 2012 9:12am

From now, when you open up your house or contents renewal notice you should expect a shock, a big one in the form of average premium increases of 30%. Some insurers will be a little less and soon even higher.

Even though it might not feel like it if you live outside Christchurch and have never claimed, most of will understand that the claims made on insurers is like nothing else experienced before. The insurers have paid out millions and millions of dollars in claims and the Earthquake Commission fund is empty and has to be rebuild for everyone's sake.

The insurer will increase the premium to cover their own losses and it is important to remember they also just act as collecting agent for the government in respect of earthquake levies so that impacts on the total premium too.

Sad to say, but we need to be realistic about these increases. But if they become hard to afford shop around and consider taking a $1000 excess, especially for house insurance claims.

 

Funeral Insurance age entry points for different insurers

22 January 2012 10:30am

Some insurers do not provide funeral insurance unless you meet their specific age criteria;
Pinnacle Life 30-69
Dorchester Life 50-79
Cigna Life 55-85
AA Life 10-75

 

What is Trauma Insurance?

20 January 2012 8:12pm

Trauma Insurance is also commonly known as Critical Care Insurance or Living Assurance depending on which insurance company promotes it.

Trauma Insurance is all about providing financial assistance should you be diagnosed with a serious illness such a some cancers, heart disease or a stroke (and a number of other serious conditions).

Trauma Insurance will pay you a lump sum (you can choose the level of cover), and if you suffer one of the serious illnesses included in the policy you will be paid that lump sum to ensure you can cope with the inevitable effects on your lifestyle, family and work.

 

is Life Insurance needed for the 65 plus age group?

20 January 2012 7:52pm

For many older people life insurance becomes an expensive luxury. Unless your premium was set to be the same for a certain period of years it is probably increasing every year. And, as you get older the premium increases also become bigger and bigger each year. For many, it gets to the point of being unaffordable at some point.

Is life cover actually needed once you reach a certain age, be it 65, 70 etc? Maybe not, if you do not have debt and your 'children' are now middle age themselves then why burden yourself with the cost of life insurance when often your income is fixed.

If you just want to protect yourself for funeral expenses then you can always just replace your life insurance with funeral insurance. Those premiums never increase as you get older. Often that is the best solution as you age.

 

Health Insurance is readily available for non residents

20 January 2012 7:35pm

Usually standard health insurance is only available for citizens, residents or those with a minimum 2 year work visa. However if medical insurance is required and you only have a 1 year visa, 18 month visa or if you have a student or visitors visa then cover are available that we can assist with. Complete the enquiry form on the health insurance page of our website and we will provide the best options appropriate to you.

 

Health Insurance and being sent overseas for your operations to save the insurer money

29 December 2011 4:05pm

It is quite well known that some people travel to countries like India, Thailand or Malaysia for cheap dental work or surgeries. The cost savings can be significant even after allowing for airfares and accommodation. If people have to pay for it themselves it seems to be a potential options for some.

However, recently Southern Cross Medical Care Society looked at the possibility of sending clients who were making health insurance claims to such countries as the savings to them, as insurers, could be significant for the some of the bigger procedures. However, quite correctly, this idea was ultimately rejected by Southern Cross because most of its members shunned the motion.

 

Common Health Insurance claims at Southern Cross

29 December 2011 3:57pm

Some of the most popular claims under Southern Cross Health Insurance are: Total hip replacement, Total knee replacement, Cataract extraction, Colonoscopy, Angioplasty, Rotator cuff repair, Prostatectomy and Radiotherapy.
Source; NH Herald 29 December 2011

 

Merry Christmas and Happy New Year from Insurance Helpline

26 December 2011 12:53pm

2011 has been a huge year for our Insurance Brokers helping clients and prospective clients with their life insurance, funeral insurance, trauma insurance, health insurance and medical insurance enquiries.

Best wishes for 2012 from the insurance Helpline

 

Trauma Insurance claims; what health conditions are they usually for?

19 December 2011 8:13pm

Recently, one leading New Zealand Life Insurance company advised that in the year to 31 March 2011 Cancer claims resulted in 69% of all claims under their Trauma Insurance / Living Insurance policies. 14% were cardiovascular disease, 13% neurological conditions and the remaining 4% were other types of claims.