You need to carefully survey the insurance products that are available for your needs, because life is unpredictable and you work hard for your money. Use a website that offers a number of products on its platform so you do not need to canvas the Internet for your insurance policies.
Types of Insurance Plans
Generally, personal insurance packages come in the form of the following:
- Income protection cover
- Mortgage protection
- Redundancy insurance
- Trauma or serious illness cover
- Health insurance
- Life insurance protection
Income Protection Insurance
Income protection insurance, as the name suggests, will pay you compensation each month. This type of insurance plan is used in cases where participants are laid up from work because of an injury or similar circumstance. With this type of plan, you can insure as much as 75% of your pre-tax income. Normally, the cover will take care of you if you cannot work over ten hours per week. The insurance is designed to pay you each month until you can return to work.
Mortgage Protection and Redundancy Insurance
Mortgage protection insurance is set up to protect your mortgage and therefore your largest investment – your home. Redundancy insurance is offered in case you are made redundant or lose your means of employment.
Trauma and Serious Illness Cover
According to insurance brokers, if you opt for trauma and serious illness cover, the insurance will pay out a lump sum if you happen to suffer from a critical condition. This type of insurance is important, as it can protect you and your family from an unanticipated, life-changing circumstance.
For instance, the possibility of getting a stroke in New Zealand is very high. Therefore, this type of insurance is advised for anyone who is at risk for this type of illness. It also covers you if you for other life-threatening conditions like cancer.
No one is immune from certain unexpected illnesses or injuries. Besides stroke and cancer, trauma and serious accident insurance covers policy holders for the following:
- Heart attack or coronary bypass surgery
- Accidents that include paraplegia, quadriplegia, head injuries, severe burns, or the loss of limbs
- Major organ transplants
- Chronic kidney failure
- Lung disease
- Liver disease
Life insurance is a form of financial protection that protects your family financially should you die unexpectedly. Upon your death, the beneficiaries receive a lump sum, free of taxation. Life insurance policies pay if the policyholder dies from any type of sickness or disease, or succumbs to injuries in an accident. It also provides financial security to those who have been diagnosed as being terminally ill and have only a year to live.
If you choose health insurance protection, you can obtain specialised treatments quickly and enjoy private hospital stays. By opting for the cover, you have more options as to where and how you are treated.