Here in New Zealand, we’re lucky to rely on the no-fault comprehensive injury cover that ACC offers. As you’ll know, the scheme pays for most accident- and injury-related medical costs (including prescription medicines) for any person in the country, regardless of their visa status. It really doesn’t get much better than that.
What it doesn’t cover, though, is serious illnesses or non-accidental injuries. That means that, if you were unable to work due to a medical condition, ACC would not provide any financial support. The good news is that there are other options available to bridge that protection gap – with personal insurance.
Income protection, for example, would replace up to 75% of your gross pre-disability income if you were unable to work due to injury or illness. As for trauma insurance, it would provide a lump-sum payout if you were diagnosed with one of the 40-plus serious medical conditions listed in the policy.
Like to explore your options? Please don’t hesitate to contact us. We’re here to help.
According to a 2020 Financial Services Council report, it’s estimated that 71% of New Zealanders are under-insured when it comes to personal insurance. And that’s likely due to some common misconceptions.
Here are a few examples:
Are any of these misconceptions getting in the way of a more comprehensive financial protection? Get in touch: we can assist you with navigating this space with confidence and ease.
We welcome you to contact us: when it comes to your insurance, no question is too big or too small.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
Link Financial Group Ltd trading as Mortgage Link and Insurance Link FSP 696731 holds a licence issued by the Financial Markets Authority to provide financial advice. Insurance Link (NZ) FSP 446867 is authorised by that licence to provide financial advice. Please visit www.insurancelink.co.nz/available-disclosure for more information and Disclosure information.