FAQ's

Your insurance questions answered.

General
What types of insurance does NZ Insurances offer?

NZ Insurances can connect you with a comprehensive array of insurance solutions to cater to diverse needs. These include life insurance, health insurance, income protection insurance, mortgage insurance, trauma insurance, total and permanent disability insurance and business insurance. We aim to safeguard your well-being and ensure financial stability for you and your loved ones.

Why choose NZ Insurances? Why should I use an insurance adviser instead of buying directly from an insurance company?

Because at NZ Insurances, you get personalised service and meticulous attention to detail. Our team of skilled insurance advisers guide you and help simplify the complex insurance options. Instead of the impersonal nature of direct insurance purchases, we consider your unique circumstances, curating bespoke solutions tailored to your needs. With us, you are not just a number; you are an individual with a story, and we're here to listen and understand.

Can an insurance adviser help with my existing policies?

Absolutely. Our insurance advisers at NZ Insurances can help review and advise on your existing policies. We can assess whether your current coverage is sufficient and if there are better options available to suit your needs.

What should I do if my circumstances change?

If your circumstances change – be it personal, financial or health changes – we recommend getting in touch with us at NZ Insurances. We'll review your current coverage and help you make any necessary adjustments, so your policy remains perfect for your evolving needs.

How do insurance advisers get paid?

Insurance companies pay commissions to insurance advisers for the policies they sell. Your policy is the same price as if you bought it directly from the insurance provider. Our advisers at NZ Insurances focus on offering you the best-fit policies, regardless of commissions.

Does having pre-existing medical conditions affect my ability to get insurance?

Having pre-existing medical conditions can affect your insurance coverage. But it doesn't necessarily prevent you from getting insurance. Each insurance provider has different policies about pre-existing conditions. At NZ Insurances, we work with you to understand your unique situation and find the best insurance solution for you.

Life insurance
What is life insurance?

Life insurance pays out when the insured person dies, offering financial security to your loved ones. It can help cover expenses, debts and even provide ongoing income for your family.

Who needs life insurance?

If others depend on your income or if you have significant debts, we strongly recommend life insurance. It's a way to ensure financial stability for your loved ones in case of your untimely passing.

How much life insurance coverage do I need?

The right coverage depends on individual circumstances, including financial obligations, lifestyle, and future goals. Our team can help you calculate a suitable coverage amount for your family’s needs.

Can I adjust my life insurance coverage over time?

Yes, as your life circumstances change (marriage, birth of a child, mortgage), it's essential to revisit your life insurance coverage. Contact our team anytime to review and adjust your policy.

What factors can influence the cost of my life insurance premiums?

Premium costs can vary based on your age, health, lifestyle habits (like smoking), occupation, and the amount of coverage you choose. Understanding these factors can help you plan for your life insurance costs.

Are there exclusions or limitations in life insurance policies?

Like most insurance policies, some exclusions may apply. We explain these during the application process, and they are outlined in your policy document. If you have any concerns or questions, our team is always ready to help.

Health insurance
What is health insurance and why do I need it?

Health insurance financially protects you against medical expenses, such as doctor visits, hospital stays, medications, surgeries, and more. It can help reduce the financial burden of unexpected health issues and get you timely care.

What does a typical health insurance policy cover?

A standard health insurance policy usually covers hospitalisation, surgery, diagnostic tests, prescription drugs, and specialist visits. The exact coverage can vary by policy and provider. Always check the policy details carefully – we can help you with this.

Are pre-existing conditions covered under health insurance?

Insurance providers approach pre-existing conditions differently. Some may cover these conditions after a waiting period, while others may choose not to. It's crucial that you disclose all your health information during the application process to guarantee appropriate coverage. We're here to advocate for you, so telling us all your pre-existing conditions helps us secure the best possible outcomes on your behalf.

Does health insurance cover preventive care?

Many health insurance policies include coverage for preventive care services, like vaccinations and regular health check-ups, to promote early detection and prevention of diseases. Be sure to confirm this with your insurer.

How can I reduce my health insurance premium?

Factors such as maintaining a healthy lifestyle, choosing a policy with a higher deductible, or joining a group health insurance plan can help reduce your premium. Consult with us to discuss the best strategies for you.

Can I change my health insurance plan later?

Yes, you can usually upgrade or downgrade your coverage, add or remove dependents, or change your deductible based on your changing needs. Keep in mind that changes may affect your premium and out-of-pocket costs.

Income protection insurance
What is income protection insurance and why is it important?

Income protection insurance pays you a regular income if you can't work due to illness or injury. It helps maintain your lifestyle and meet your financial commitments during recovery.

What does income protection insurance cover?

This insurance typically covers a percentage of your gross salary until you can return to work or until the end of your benefit period. It can be used for mortgage repayments, rent, bills, and everyday living costs.

Are there any waiting periods for income protection insurance?

Yes, typically there is a waiting period (or “deferred period”) which is the length of time you must be off work due to illness or injury before your policy starts to pay out.

Does income protection insurance cover unemployment?

Generally, income protection insurance does not cover unemployment, redundancy or job loss by choice. It is designed to cover you if you're unable to work due to sickness or injury.

Can I claim my income protection insurance if I can still do a less demanding job?

It depends on the type of policy you have. Some policies are "own occupation" (pays out if you can’t perform your own job) while others are "any occupation" (pays out if you can’t perform any job).

Can I secure income protection insurance with pre-existing conditions?

Yes, you can. However, coverage for pre-existing conditions varies among insurance providers. Some may cover these conditions after a waiting period, while others may exclude them. It's essential to disclose all health information during the application process to ensure you're properly covered. Remember, at NZ Insurances, we're on your side and strive to secure the best possible coverage for you. Sharing all your information with us can help us get you the best results.

Mortgage insurance
What is mortgage protection Insurance?

Mortgage protection insurance is a policy that pays out a sum to cover your mortgage repayments if you're unable to work due to illness, injury, or redundancy.

Does mortgage protection insurance cover the entire mortgage amount?

It typically covers your mortgage repayments for a specified period or until you're able to return to work. The coverage does not usually extend to the entire mortgage amount, but it provides crucial support during challenging times.

Is mortgage protection insurance mandatory when purchasing a home?

Mortgage protection insurance is not mandatory when purchasing a home, but it can provide essential financial security. It ensures your mortgage repayments continue if you're unable to work due to illness, injury, or redundancy.

Can I get mortgage protection insurance if I have pre-existing medical conditions?

It can depend on the specific policy and insurer. Some insurers might exclude certain conditions, require a waiting period, or adjust premiums based on these conditions. Always remember to tell us your full medical history when applying. At NZ Insurances, we are on your side, aiming to secure you the best possible coverage. Your full disclosure helps us represent your interests effectively and ensures we can navigate the complexities of insurance on your behalf to get the best results.

Does mortgage protection insurance cover job redundancy?

Some policies offer coverage for involuntary redundancy, providing peace of mind during uncertain economic times. Always check your policy terms for specific details.

Are the benefits from mortgage protection insurance taxed?

Typically, the benefits from a mortgage protection Insurance policy are not taxed as income, ensuring you receive the full amount to support your mortgage repayments. Consult with a tax professional for detailed advice.

Trauma insurance
What is trauma insurance?

Trauma insurance, also known as critical illness insurance, provides a lump sum payment if you're diagnosed with a specific illness or injury, such as cancer, heart attack, or stroke. It's designed to help you manage medical costs and maintain your lifestyle during recovery.

How is trauma insurance different from health insurance?

While health insurance covers the cost of medical treatments, trauma insurance provides a lump-sum payment that you can use however you need, such as paying for rehabilitation, home modifications, or even taking time off work for recovery.

What conditions does trauma insurance cover?

Trauma insurance typically covers serious illnesses or injuries, such as cancer, heart disease, and stroke. The exact conditions covered will depend on your policy, so it's essential to review this thoroughly.

How is the payout from trauma insurance calculated?

When buying your policy, you can choose how much your trauma insurance will pay out. This is not linked to your income or assets, but should be considered based on your personal needs and financial commitments.

Can I get trauma insurance if I have a pre-existing condition?

While you can typically secure trauma insurance even with pre-existing conditions, claims related to those conditions may not be covered. It's crucial to discuss these details with your insurance adviser to fully understand your coverage specifics. Remember that NZ Insurances is on your side. Your full disclosure helps us represent your interests effectively. By understanding your complete health situation, we can navigate the complexities of trauma insurance on your behalf, to secure the best results for you.

Are the benefits from trauma insurance taxable?

In New Zealand, trauma insurance payouts are generally not subject to income tax, as they're considered personal injury compensation. However, it's always a good idea to consult with a tax professional to understand your specific situation.

TPD insurance
What is total and permanent disability (TPD) insurance?

TPD insurance provides a lump sum payment if you're totally and permanently disabled due to illness or injury, and unable to work again. This financial support can help cover medical expenses, repayments on debts, and living costs.

Who needs TPD insurance?

Anybody who relies on their ability to earn an income, particularly those with financial commitments or dependents, can benefit from TPD Insurance. It provides financial security when you're unable to work due to a serious illness or injury.

How is 'total and permanent disability' defined?

The definition of “total and permanent disability” can vary between insurance providers. Generally, it means you're unable to work in your own occupation, or any occupation, due to a serious illness or injury.

Does TPD insurance cover pre-existing conditions?

Coverage for pre-existing conditions varies depending on your specific policy and insurer. Some insurers might choose to cover these conditions, while others might exclude them or adjust premiums accordingly. At NZ Insurances, we act as your advocate. We encourage you to tell us your full medical history when applying, as it allows us to understand your unique situation. With this complete picture, we can negotiate on your behalf, striving to secure the most comprehensive and appropriate coverage for your circumstances. Remember, we're on your side, and your full disclosure aids us in achieving the best results for you.

Can I combine TPD insurance with other types of insurance?

Yes, TPD insurance is often bundled with life insurance, but it can also be combined with other types of insurance like income protection or trauma insurance

When does a TPD insurance claim pay out?

A TPD insurance claim typically pays out once all medical evidence has been provided, and the insurer has confirmed that the policyholder meets the definition of “total and permanent disability” as outlined in the policy.

Business insurance
What is business insurance and why do I need it?

Business insurance offers financial protection to your company from unexpected events like the sudden exit of a key person due to illness, injury, or death. It is essential to secure your business's continuity, cover unforeseen costs, and maintain financial stability.

What types of business insurance does NZ Insurances advise?

At NZ Insurances, we can connect you with a tailored range of business Insurance solutions:

Key person insurance: This caters to small to medium-sized businesses that rely on key individuals. It pays a lump sum to your business if a key person cannot work due to disability or death. It covers costs associated with recruiting and training a replacement, lost revenue, and other related expenses.

Group policies: These are cost-effective insurance plans that cover a group of individuals, such as employees, who share a common bond. Group policies may include life insurance, health insurance, and disability insurance.

Buy & sell cover: Also known as buyout insurance, this pays a lump sum to the remaining business co-owners if a co-owner dies or is unable to work. This ensures business continuity and prevents disputes with beneficiaries.

How can I select the right business insurances for my needs?

Your business's insurance needs will depend on your unique circumstances, including your industry, business size, and number of employees. At NZ Insurances, we're committed to understanding your specific needs and offering the most suitable solutions. Let's have a discussion about your business, and we can guide you towards the appropriate coverages.

Can I update my business insurance as my business grows and evolves?

Absolutely! As your business evolves, so will your insurance needs. At NZ Insurances, we encourage regular policy reviews to ensure your coverage keeps pace with your business growth and changes.

Do I need business insurance if I'm self-employed?

Yes, even if you're self-employed, business insurance is crucial. It can provide a safety net for unforeseen circumstances that might affect your income. Depending on your situation, key person insurance may be appropriate to cover lost income in case of illness or injury.

How does the claims process work for business insurance?

At NZ Insurances, we aim to make the claims process as smooth as possible. When something happens that you want to claim for, reach out to us promptly. Our team will guide you through the process, helping you gather necessary documentation and talking to the insurance provider on your behalf. Our goal is to help you get a quick payout. Remember, we are on your side, so transparency is key to ensure we can help you get the best outcome.

Claims
How do I make a claim?

To make a claim, contact us at NZ Insurances as soon as possible. We'll guide you through the claims process, including what information and documentation you need to provide.

How long does the claim process take?

The length of the claims process can vary depending on the complexity of the claim and the type of insurance. We strive to process claims as quickly as possible while ensuring a thorough review of all details.

What if my claim is denied?

If your claim is denied, we'll provide a detailed explanation of the decision. You have the right to challenge this decision, and we'll guide you on how to proceed with an appeal.

Do I need to provide any documentation when making a claim?

Yes, supporting documentation is typically required when making a claim. This may include medical records, police reports, receipts, or other evidence related to the claim.

Can I withdraw my claim after it's been submitted?

Yes, you can generally withdraw a claim after it's been submitted. However, it's important to consult with us to understand any potential implications of doing so.

What happens after a claim is approved?

Once a claim is approved, the insurance provider will make the agreed payment directly to you or to the party designated in your policy. The method and timing of this payment will be discussed and agreed upon during the claim process.

Talk to NZ Insurances today about your insurance

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