Insurance
You are likely taking a very important step to work out what sort of insurance you need, or you have some level of cover. So why talk with us?
Every day, 60 New Zealanders will hear the words
Insurance can be complex and whilst some people may be insured, many are unaware of what their coverage entails. Often people have weak, substandard or no cover that can be improved on to truly protect them and their family. Insurance is very important, as it provides financial relief and protects your family, wealth and business. What we do is work on what you need to consider and provide recommendations that suit your needs and budget.
At Arbitrage, we work with a number of insurers. We use research to qualify product quality on an Insurer’s product, terms and conditions. The products go through a screening process to establish quality and cost. We use our expertise and judgment to finalise and implement the cover you need. Should you ever have to claim, we help manage the process and advocate on your behalf. Dealing with insurers at claim time can be stressful and complex – our goal is to ease this process for a positive outcome.
*According to Cancer Society NZ and figures published by the Ministry of Health NZ, May 2018.
Life Assurance products we typically consider for the purpose of Personal, Business, Key Person or Shareholder buyouts include:
Life Cover – pays you a lump sum in the event of a death.
Trauma Cover – pays you a lump sum if you or an insured person suffers from an illness.
Whilst modern medicine may increase the chance of surviving common, yet serious trauma such as heart attack, cancer or stroke, the financial impact can still be significant. People often need time to recover, taking them away from work. Trauma Cover is there to provide you with that financial backstop.
Total Disability Cover – pays a lump sum if you or an insured person becomes totally disabled.
Income Protection – pays a nominated monthly amount if you are unable to work.
The cover is there to help cover regular costs and payments so you don’t need to worry about paying for loans, bills, food and treatment. Instead, you work on getting back to what you do best.
Mortgage Cover – pays a monthly nominated amount, similar to income protection. Mainly isolated around your mortgage expenses with some concessions while you are unable to work.
Health Insurance – Essentially covers your medical expenses. There are a number of options available, which can be combined under one policy:
- Hospital and Surgical Costs (Base Cover).
- Optional cover (added to base):
- Specialist and Diagnostic Costs
- Non-Pharmac funded drugs.
- Cover for: GP, Dental, Optician, Trauma
- Additional concessions vary between providers, such as discounting on additional products and financial support
Serious medical conditions requiring treatment often pose a multifaceted problem as not only are you unable to work but you also face expensive medical bills. Medical conditions are hard enough, but with medical coverage, you can reduce or eliminate medical bills to give you one less thing to worry about.
Life Assurance for Business – This area is very complex and there are several areas of consideration, each requiring a high level of expertise. Such as, understanding business structures, Shareholders and Buy/Sell Agreements, Financials, ACC, Shareholders and Key People. Depending on the circumstance we can utilize some of the products detailed above or products that are marketed by insurers that bi-enlarge perform the same function. However, there are additional specialized products that are available also:
New and Small Business Income Replacement Cover – provides an agreed monthly payment to cover losses the business may face if an owner or key person is unable to work. With new and small businesses relying on one or two key individuals, the financial impact of an illness or injury that puts them out of work can be great.
Business Overhead Cover – pays a monthly amount to reimburse business overheads or the costs of employing a replacement employee if you are unable to work.
Don’t hesitate to discover what Arbitrage may offer you and how we can help empower your financial future, contact today.