- Entry age is from age 17 to 59.
- The cover ceases at age 65.
Level of cover
- The maximum monthly benefit is $7,583, subject to financial and medical underwriting.
- This is an “agreed benefit” contract.
- Payable fortnightly, monthly, half-yearly or yearly.
- Premiums are fixed for one year at a time and will normally increase annually in line with age.
- If you are disabled we will pay the specified monthly benefit less other income until the period of disablement ends, or the benefit period expires, or you reach age 65, or you die. We do not pay a monthly benefit during the waiting period.
- In calculating the amount of benefit, other income replacement benefits being received (such as ACC) will reduce this amount.
Partial advance payment
We will pay 50% of the first month’s monthly benefit after the end of the wait period. Any advance payment will be deducted from the first month’s monthly benefit. Thereafter the monthly benefit will be paid in arrears. Conditions apply.
Benefit payment period
When you take out this policy you can decide the maximum period of any benefit payment. The shorter the benefit period, the lower your premium will be. The three available benefit periods are: up to 2 years, up to 5 years, to age 65. (Eligibility for cover to age 65 is restricted to certain farming occupations.)
You can also select the period for which you are prepared to selfinsure. The longer the waiting period, the lower your premium will be. We offer seven waiting periods: 2 weeks, 4 weeks, 8 weeks, 13 weeks, 26 weeks, 52 weeks, 104 weeks. (Some wait periods are restricted to certain farming occupations.)
Partial disability benefit
Where you have been totally disabled for at least 14 continuous days, and subsequently can work part-time but with some loss of earnings, a partial benefit may be payable.
Hospitalisation/nursing care benefit
This provides additional financial support for bed care during the waiting period up to 90 days.
Specific medical condition benefit
This provides for a minimum payment period of 6 months on diagnosis of any of the specified medical conditions (listed overleaf).
This is payable in addition to the monthly benefit, if you undertake an approved rehabilitation programme for the purpose of retraining or re-education. The maximum payment is 50% of the monthly benefit for up to 12 months.
Recovery Support benefit
This is payable in addition to the monthly benefit, to assist in recovery and rehabilitation costs such as buying a wheelchair, prosthetic devices, and house and car modifications. The maximum payment is six times the monthly benefit.
Waiver of Premium benefit
Premiums due under the policy are waived during a claim.
A lump sum of three times the monthly benefit if you die while on a claim.
Recurring Claim benefit
The waiting period is waived on claims which result from a relapse or recurrence of the same or related illnesses within 12 months of returning to work.
Waiver of waiting period
The waiting period for a new unrelated claim is waived in certain circumstances.
This covers cost of an economy air fare back to New Zealand if you are disabled whilst overseas (maximum $5,000).
Family member accommodation benefit
This provides $100 a night for a family member to be away from their normal residence if treatment is more than 50km away.
Claims escalation benefit
While on claim, your benefit will be linked to the Consumer Price Index (CPI), adjusted every quarter.
Rural Key Person Booster Benefit
- This allows the “own occupation” definition of disability to apply to the full period of benefit, and
- Increases the monthly benefit by 25% if on claim during a nominated peak season period.
Specific medical conditions
Benign brain tumour
Cancer – refer to policy wordings*
Chronic liver failure
Chronic lung failure
Chronic renal failure
Coronary artery bypass surgery*
Heart valve surgery*
Loss of independent existence
Loss of limbs
Loss of speech
|Major head trauma
Major organ transplant
Motor neurone disease
Occupationally acquired HIV
Open chest surgery
Out of hospital cardiac arrest*
Primary pulmonary hypertension
* 3 month wait period from commencement.
Please see the policy wording for full definitions.