Helpie FAQ
- Can I add an overseas person a beneficiary on my life insurance?Yes, an overseas individual can be added as a beneficiary on a life insurance policy.
- Do I have to pay an excess for health insurance?When looking at heatlt insurance options you choose the amount of excess for your policy. The amount of excess does affect the overall price of insurance, this gives you the flexibility of getting insurance that works within your budget.
- Do I need life insurance?What would happen if you were gone tomorrow. Would your family be able to comfortbly survive?Is there $10k-$20k set aside for a funeral?Would your family be able to afford the mortgage?These are some of the reasons life insurance is so important. If you answered no to one of these questions then reach out to us and we can guide you on the path to secure your families future.
- How much Disability Insurance do I need?The amount of disability insurance you need depends on your income, monthly expenses, and any other sources of income or savings. A common recommendation is to have coverage that replaces 60-80% of your pre-tax income.
- Can Trauma Insurance be combined with other types of insurance?Yes, trauma insurance can be combined with other types of insurance, such as life insurance or total and permanent disability (TPD) insurance, to provide comprehensive coverage. Many insurers offer bundled packages that include multiple types of coverage.
- What is the difference between Trauma and Health Insurance?Trauma insurance provides a lump-sum payment upon diagnosis of a covered critical illness, helping to cover various financial needs. Health insurance covers ongoing medical expenses such as doctor visits, hospital stays, and medications but does not provide a lump-sum payment.
- Can I get Trauma Insurance if I have a pre-existing condition?It may be challenging to get trauma insurance with a pre-existing condition, and such conditions are often excluded from coverage. Some insurers might offer coverage with higher premiums or specific exclusions related to the pre-existing condition.
- How much Trauma Insurance do I need?The amount of trauma insurance you need depends on your financial situation, including your income, debts, living expenses, and potential medical costs. Consider factors like the cost of private medical care, rehabilitation, and adjustments to your home or lifestyle.
- What illnesses and conditions are covered by Trauma Insurance?
Coverage varies by policy, but common conditions include:
- Cancer
- Heart attack
- Stroke
- Coronary artery bypass surgery
- Major organ transplant
- Kidney failure
- Severe burns
- Multiple sclerosis
- Paralysis
Always review the specific policy to understand which conditions are covered.
- Why do I need Trauma Insurance?Trauma insurance is essential because it offers financial support during a challenging time, allowing you to focus on your recovery without the added stress of financial burdens. It can help cover out-of-pocket medical expenses, rehabilitation costs, and modifications to your home or lifestyle due to the illness.
- What is Trauma Insurance?Trauma insurance, also known as critical illness insurance, provides a lump-sum payment if you are diagnosed with a specific critical illness or medical condition, such as cancer, heart attack, or stroke. This payment helps cover medical expenses, living costs, and other financial obligations during your recovery.
- What are the different types of Disability Insurance?
Income Protector or Mortgage and Income Protector: Provides income replacement for a period, after a waiting period ranging from a few days to a couple of weeks.
Total and Permanent Disability: Provides a lumpsum because you must be permanently unable to work.
- Why do I need Disability Insurance?Disability insurance is crucial because it ensures financial stability if you are unable to work due to a disability. It helps maintain your standard of living, cover medical expenses, and protect your savings from being depleted.
- What is Disability Insurance?Disability insurance provides financial protection by replacing a portion of your income if you become unable to work due to a disabling illness or injury. It helps cover living expenses and other financial obligations during the period you are unable to work. This can be in the form of a lumpsum or a monthly payout.
- How do I file a claim?To file a insurance claim, you or the other owners need to contact the insurance company and provide necessary documentation, such as the death certificate/or any other needed details and policy details. The insurance company will then process the claim. Your Financial Adviser should help you with this.
- Are Life Cover payouts taxable?Life cover payouts (death benefits) are not subject to income tax.
- What happens if I miss a premium payment?If you miss a premium payment, most policies have a grace period during which you can make the payment without losing coverage. If the payment is not made within the grace period, the policy may lapse, and coverage will be terminated. Some insurance companies will try and take a double premium on the second premium date.
- Can I change my policy?Yes, you can make changes to your policy. Depending on the policy type, you may be able to increase or decrease coverage. Always check with your Financial Adviser for specific terms and conditions.
- How are Life Cover premiums determined?Premiums are determined based on factors such as age, health, lifestyle, occupation, and the amount of coverage. Generally, younger and healthier individuals pay lower premiums.
- How much Life Cover do I need?The amount of life cover you need depends on various factors, including your income, debts, living expenses, and future financial goals. A common rule of thumb is to have coverage that is 10-15 times your annual income.
- What is Life Cover?Life cover, also known as life insurance, is a contract between an individual and an insurance company. In exchange for regular premium payments, the insurance company provides a lump-sum payment, known as the death benefit, to beneficiaries upon the insured person's death. This is tax free in New Zealand