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