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28 Oct 2021

Three tools for your personal and financial health

Looking for protection for your personal and financial wellbeing?  Health insurance, trauma cover and income protection are designed to step in if you’re seriously unwell, each in its own way. And as we’ll see, depending on your needs, you may consider one or all of these options in combination.

So, here are some key things to know.

It’s about your overall wellbeing

Personal and financial health are closely connected, and perhaps nowhere is this connection more evident than with insurances like health and trauma insurance.

The reality is no one likes to think about falling ill, but unfortunately, it can happen. And when it does, serious medical conditions can affect our lives on many levels. Apart from the obvious impact on our quality of life, a sudden physical issue may also put you off work for an extended period – or even indefinitely. And it may lead to extra costs and unexpected bills.

While we can’t predict what life might throw our way, an appropriate level of insurance can minimise the financial impact of a serious illness. And depending on what cover you have in place, you may even get on the fast track to recovery. Which brings us to the next point…

Get treated faster – with health insurance

When you’re thinking of future health issues, health insurance is probably the first type of cover that comes to your mind. And not without reason. 

At its core, health insurance is designed to give you faster access to treatment and diagnosis. In other words, it allows you to access medical care where you want, when you need it, without having to wait for your turn in the public healthcare system. 

Depending on your circumstances, you may consider covering the ‘big-ticket’ items (e.g., specialist visits and elective surgeries etc.), everyday medical costs (e.g., GP visits, dental treatments etc.), or a bit of everything. Plus, some policies include an allowance of non-Pharmac funded medications (Medsafe-approved but not publicly funded yet, which could otherwise be difficult and expensive to access). 

Like to know more? With so many options and settings to choose from, talking to an adviser like us can help you make an informed decision. Get in touch today.

Invaluable financial support – with trauma cover

Getting treatment is crucial, of course, to get better. But as we said, the battle against illness extends beyond the physical and into the financial.  

Trauma cover (also known as critical illness cover) can step in if you’re diagnosed with one of 40+ serious illnesses listed on the policy. Covered conditions vary from provider to provider, but they usually include things like cancer, strokes and heart attacks. And importantly, you can use the payout as you like: for example, to fund experimental treatments that are not covered by health insurance or the health system, or to put work on hold and going on a much-deserved holiday with the family.

So, if you’re looking for ways to afford more options for medical care, or would like the freedom to spend your time however you wish, trauma insurance may be worth considering. Once again, we’re here to help: let us know if you have any questions.

Securing your income – with income protection

Last but not least, income protection insurance is another tool that you might like to explore and read about. 

As we’ve seen, health insurance can fast-track your recovery journey, while trauma insurance provides flexible financial support. For its part, income protection is designed to provide a replacement income if you can’t work due to a serious illness or injury. 

It’s important to note here that you need to be unable to work to receive this benefit. You can replace up to 75 per cent of your gross pre-disability income, and select a wait period and benefit period, as appropriate for your circumstances.

Many people in New Zealand tend to rely on ACC for income protection, but keep in mind that ACC only covers you for accidental injuries. So what would happen if you experienced a serious medical issue, and were unable to perform your job? Income protection can give you peace of mind that those not uncommon scenarios will be covered.

So, what type of cover might you need?

Get in touch - as insurance advisers, we can help you understand your financial circumstances, and understand the various benefits of these options, so you can have the protection appropriate for your needs. 


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 development 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 for more information and Disclosure information.