Life Insurance Glossary

A guide to some life insurance terms that you may hear us talk about.

ACC

The Accident Compensation Corporation (ACC) supports New Zealanders who suffer a physical injury and in some cases the mental trauma that comes with it. Its main role is to cover people’s treatment costs or lost income while they recover, with the goal of getting them back to work.

ACC does not cover illnesses or deaths due to natural causes, and the amount you can receive from ACC if you’re injured is also capped. That’s why it can be a good idea to protect yourself and your family with your own insurance, for things ACC doesn’t cover or to top up ACC payments.

Accelerated vs Stand Alone

Some insurance benefits can be structured in two ways: accelerated or stand alone.

An accelerated benefit is a payment that comes off the total sum of your life insurance if you make a claim. A Stand Alone benefit is just that – a benefit that sits on its own, and doesn’t reduce any other benefits you may have if you make a claim.

Accelerated benefits may reduce your overall life insurance cover, but they are a cheaper option for giving you cover in more circumstances. And you may be able to buy back the cover at a later date.

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Insurance premium holiday for M. bovis farmers

Wednesday, 01 August 2018 10:24
Written by Rural News Group


Life insurance provider Fidelity Life says its special relief offer will help farmers deal with the financial impact of Mycoplasma bovis.

The company says customers who are suffering financial hardship due to the impact of the disease on their farms can apply to put their premium payments on hold for up to six months, without affecting their insurance protection.

Fidelity Life chief distribution officer Adrian Riminton says the company has a responsibility to look after its customers, particularly in tough times.

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The big changes coming to KiwiSaver

By: Tamsyn Parker
Money Editor, NZ Herald

Retirement savings scheme KiwiSaver is to undergo a raft of changes next year if they get the thumbs up from politicians.

A bill introduced to Parliament last Thursday proposes to allow people over the age of 65 to join KiwiSaver and would scrap the requirement for people over 60 to be in the scheme for a least five years before they can get their money out.

Those changes could come into effect by July 1 next year.

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'No, ewe drive!': Is this the most 'Kiwi as' image of all time?


11 Jul, 2018 9:49am

By: Heath Moore

Social Media and Trending Reporter for the nzherald.co.nz
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A New Zealand farmer's creative way to herd a sheep from a paddock has been labelled one of the most "Kiwi as" acts of all time.

Josh Jackson was trying to round up one particular sheep on his Taupō farm when he decided to take a slightly different approach.

Free glass insurance cover for Kiwis about to end

David Linklater - Stuff - June 20 2018

 The great Kiwi insurance tradition of free windscreen replacement is under threat thanks to the high cost of new safety technology, according to one industry expert.

One company, Vero, is set to remove free cover for windscreens following a similar move in Australia. Others are likely to follow.

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