FAQ´S2018-02-26T14:52:37+00:00

Health Protection

Private Medical Cover

  • Private health insurances serves two very important purposes for consumers. Firstly, it gives clients immediate access to medical treatment without being subjected to public waiting lists. This ability to receive immediate treatment can significantly improve the quality of life for ill or injured clients.
  • Secondly, clients have much greater choice of treatment option than they may be offered publicly.
  • Getting in early is one of the keys, at a younger age, health insurance premiums are much cheaper and normally you won´t get any exclusions.
  • Depending on your age and health conditions this may vary, but you would be amaze how much cover you can get for the price of a couple of daily coffees. Ask us and with pleasure will provide you with a tailored option with no obligations.
  • It’s possible that adopting a healthier lifestyle could reduce the amount you pay for your policy
  • Surgery in a private hospital
  • Non-surgical private hospital care
  • Major diagnostics benefit
  • Home nursing care benefit
  • Return to home benefits
  • Out of town travel accommodation costs (including support person)
  • Overseas travel grant
  • Australasian coverage

Some insurers also offer some or all of the below additional benefits:

  • Out of hospital cancer treatment (e.g. chemotherapy)
  • Medical tourism benefit
  • Child coverage benefit
  • Multiple policy excess benefit
  • Funeral support benefit
  • Medical misadventure benefit
  • Excess waiver benefit
  • Second opinion benefit
  • If you require treatment that is unavailable in New Zealand then your Private Medical Cover will pay you an Overseas Treatment Benefit of up to a maximum of $30,000 to assist with the transport, accommodation and treatment costs that you incur (certain exclusions and limits apply).
  • If your required treatment is normally available in New Zealand but is unable to be accessed within the 6 months immediately following recommendation, then your Overseas Waiting List Benefit will reimburse you the equivalent New Zealand costs for the same treatment, if you decide to have that treatment overseas. Payment is made as if the treatment had been undertaken here, up to the maximums outlined in the Surgical Benefit and Non-Surgical Benefits detailed above (certain exclusions apply).
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Hospital Cash Cover

  • The benefits are always paid to you, the policyholder.
  • Yes, the benefits are applicable to any registered hospital in New Zealand and the amount paid out does not change if you have been to a government or private hospital.
  • Also, your Hospital Cash Cover is valid for medical conditions which arise wherever you may be in the world, as long as the treatment for those conditions take place in New Zealand or Australia. However some incapacities suffered such as a broken leg or fractured elbow will be covered, as defined in the Hospital Cash Benefit schedule, outside of New Zealand or Australia as long as you are a resident in New Zealand or Australia.
  • After you have been discharged from hospital you can submit your claims documentation to your cover provider so that the claims department can assess your claim.
  • In most cases there is no wait period, so as soon as you suffer the impairment or undergo the procedure and Partners Life accepts the claim, you will be paid the applicable benefit.
  • Traditional medical cover may not pay anything in this case, however this is not the case with Hospital Cash Cover. You will always be paid 100% of the amount payable.

Facing Illness

Trauma Cover

  • The number and definition of conditions covered varies greatly from one insurer to the next, so it is very important to compare the quality before choosing a Trauma Insurance policy.
  • Statistics show that approximately 1 in 2 people in New Zealand will be diagnosed with a condition covered by Trauma by the time they are 65 and that most will not fully recover and so will not be eligible for life insurance or TPD (Total & Permanent Disability) insurance.
  • A Trauma Insurance benefit can be used to replace lost income, pay for access to alternative treatment options, pay for additional help around the house or cover the income of a loved one who is forced to take time of work.
  • You will not necessarily require a medical examination in order to obtain a Cigna Insurance Policy. Medical examinations are only required for two reasons. First, if you have requested a large amount of cover. Second, if you have a medical condition that requires a doctor’s input to make a fair assessment. In some cases where you report a medical condition, we may send a form to your doctor to complete, rather than require you to visit your doctor for an examination.
  • Your Trauma Cover is valid wherever you may be in the world
  • If you have been working overseas for more than 3 months when you suffer a trauma and you wish to return home, your Trauma Cover includes a Return to Home Benefit which will reimburse you for the costs of bringing yourself and a companion home to New Zealand (up to certain limits).
  • If your recommended treatment has to happen outside of your residential region, then your Trauma Cover includes a Support Person Accommodation and Transport Costs Benefit which will reimburse you for up to 10 days accommodation costs and all transport costs for your support person (up to certain limits).

Specific Conditions Cover

  • Specific Condition Cover provides a financial safety net should you suffer one of the Covered Conditions, potentially leaving you unable to earn your regular income or at least interrupting your usual lifestyle. The lump-sum benefit is designed to provide a cash injection to help alleviate the financial impact associated with this disruption to your lifestyle and income, so you can focus on your treatment and recovery.
  • Benefits are paid as a lump sum once a Covered Condition has occurred, and the amount payable is a fixed multiple of the sum insured depending on the specific condition. There is no wait period, so as soon as you suffer the impairment or undergo the procedure and Partners Life accepts the claim, you will be paid the applicable benefit.
  • There is a likelihood that if you are unable to work that it may be the result of an accident, in which case you may be receiving regular payments from ACC. Traditional income cover reduces the amount payable by the amount you receive from ACC, however this is not the case with Specific Condition Cover. You will always be paid 100% of the amount payable.
  • With traditional income cover you have to prove that you are unable to work before you will be paid a benefit, and you or your doctor will need to regularly provide further evidence that you are still disabled. However, as Specific Condition Cover pays a benefit based only upon you suffering a condition or undergoing a procedure, you need only provide evidence that you meet the applicable criteria once, when you submit your claim, and your benefit will be paid.

Severe Trauma Cover

  • While Trauma Cover’s exhaustive list of Covered Conditions, including diagnosis and partial payments for less severe conditions provides an excellent level of protection, we recognise it can also be quite expensive. By focussing on covering conditions only once the impact is severe and will have the biggest impact on your way of life and ability to earn an income, it has been possible for Partners Life’s Severe Trauma Cover to be priced significantly cheaper than standard Trauma Cover.
  • Severe Trauma Cover offers the majority of the same conditions as Trauma Cover, and most with identical criteria, while some conditions such as cancer, heart attack and stroke require a greater level of severity before a claim would be paid. There are also some additional conditions under Severe Trauma Cover which are not specifically covered under Trauma Cover, such as severe congestive cardiac failure, for example.
  • Yes. The lump sum can help reduce debt, purchase specialised equipment, pay for home modifications, provide additional care, and create an investment fund to generate ongoing income, or enable business ownership to be restructured, among other things. The purpose of the funds is entirely yours to decide
  • Yes. You have the choice to select Accelerated Severe Trauma Cover, which means in the event of a claim all or part of your Life Cover sum insured is paid out. Alternatively you can select Standalone Severe Trauma Cover which pays a lump sum and does not reduce any other cover you might have. Accelerated Severe Trauma Cover is less expensive than Standalone Severe Trauma Cover.
  • That´s a very advisable decision which normally requires very little investment. Having Trauma and Severe Trauma in our children can make a great difference. You´ll be able to access the best possible treatments and even leave temporally your job in order to help your child with no negative financial impact.
  • You have automatic Severe Trauma Cover of $50,000 for each of your children, from 4 months old until their 19th birthday, which is payable in addition to your Severe Trauma Cover. This cover can then be converted into their own Severe Trauma Cover without medical assessment within 90 days of your child’s 19th birthday.
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Total & Permanent Disability

  • You have the choice of selecting an Own Occupation Definition for an additional premium. This means that the TPD sum insured will be payable if you are totally and permanently unable to ever do the specific type of job you were employed in immediately prior to becoming disabled – even if you could do some other type of job. This is particularly valuable for those in very specific areas of work such as brain surgeons who, theoretically, could continue to be GP’s even if they could no longer be brain surgeons due to something like nerve damage in the hands. An Own Occupation Definition would pay out in these circumstances.
  • If your recommended treatment has to happen outside of your residential region, then your TPD Cover includes a Support Person Accommodation and Transport Costs Benefit which will reimburse you for up to 10 days accommodation costs and all transport costs for your support person (up to certain limits).
  • Determining whether a person is totally and permanently disabled is often a complex process that is based great deal of subjectivity. It doesn’t help that the definition of TPD often varies between life insurance companies. Because of this TPD claims can be difficult and drawn out affairs.
  • In general, to meet the definition of TPD, you must be unable to work at all in your current or any other occupation (depending on your choice) and, based on the professional opinion of two or more medical specialists, unlikely to be able to work ever again.
  • Yes. TPD Insurance can be purchased as a standalone policy or bundled with life insurance.

Terminal Illness Cover

  • Terminal Illness Cover provides a lump sum upon diagnosis of a terminal illness or a non-survivable accident. A terminal illness can result in many unforeseen expenses, unfunded and expensive treatment costs (possibly overseas) and a desire to accelerate some life goals, to achieve the ‘bucket list’ or just to allow for much needed time with loved ones.
  • Terminal Illness Cover is a stand-alone benefit that pays a lump sum when you are diagnosed as terminally ill with a life expectancy of less than 12 months or suffer an accident and as a result your life expectancy is less than 3 months. In both instances you must survive for 30 days following the diagnosis or accident.
  • Your Terminal Illness Cover is valid wherever you may be in the world.
  • Not at all. The beneficiary can spend the money as they want

Life Protection

Life Cover

  • There are many life insurance companies available that specialize in getting you coverage. Even if you have been declined in the past, you may be able to obtain life insurance coverage. It definitely pays to try. We can help.
  • The younger the better (lower premium and more guarantee to be granted access). The age limit most insurance providers fix for getting access to a Life Cover Policy is 70.
  • It is possible to own more than once life insurance policy, and there are many valid reasons for considering two or more life insurance policies.
  • Should the person pass away while travelling, working or living overseas, the Repatriation Benefit allows early payment of up to $20,000 of the Life Cover to reimburse the costs involved with your remains returning to New Zealand or your home country.

Funeral Plan Cover

  • Although we do not like to think about it much – the day will come when death will occur in your family and/or extended family. Funeral plans are designed to help you plan ahead. By having a Funeral Plan, you can reduce the financial burden that the cost of a funeral may present.
  • Funeral costs can place a significant financial burden on families at a time when they are likely to be struggling to cope with their loss. The Partners Life Funeral Plan helps you to protect your family from that financial burden – making a difficult time a little bit easier. Partners Life handles claims quickly and efficiently to ensure the money is available for the family when they need it, so they can focus on making the most fitting final arrangements. It’s simple and easy to apply.
  • Acceptance is automatic, with no health assessment required, if you are aged between 55 and 85 years old. Once your policy is in place your cover and your premiums are guaranteed for life.
  • As soon as your Funeral Plan is in place you are covered for death resulting from an accident. For any other causes, during the first two years of the policy you will receive a full refund of any premiums paid. After that, you are fully covered for your selected cover amount whatever the cause of death.

Life Income Protection

  • Life Income Cover provides a financial safety net for your surviving dependents in the event of death. This monthly benefit is designed to help replace your lost income and to cover the ongoing costs of any lifestyle changes that may arise in the event of death.
  • Life Cover pays a lump sum at the event of death of the assured person while Life Income Cover is a monthly payment the beneficiaries will receive upon the agreed terms. In some cases you would rather prefer this scheme than having a big lump sum payed at once.
  • Life Income Cover provides you with the flexibility to structure your plan to most closely suit your needs by allowing you to choose your own payment term. Choose from 5, 10, 15, 20, 25 or 30 years, or alternatively to receive a monthly Life Income Cover payment to either age 65 or 70.
  • Depending on the sum insured and the complexities of an estate it can take some time before the proceeds of a life policy can be legally released. To assist with immediate expenses while that process is completed, the Bereavement Support Benefit allows a payment of the first 3 months of your Life Income Cover sum insured to be paid out immediately upon notification of death.
  • Depending on the insurance provider you can get supplementary benefits (no extra charge) such as: Repatriation benefits, Dependent child funeral support benefits or Financial and / or legal advice benefits.
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Accidental Death Cover

  • Accidental Death Cover provides a lump sum payment in the event of death by accident. This lump sum can help reduce debt, pay for final expenses, create an investment fund to generate ongoing income, or provide an inheritance or donation, among other things. The purpose of the funds is entirely yours to decide.
  • Yes, some insurers will pay the Accidental Death Cover sum insured early where an accident has resulted in a terminal diagnosis. While this is not something any of us want to think about, having access to these funds at this time can help prevent financial stress from compounding the obvious emotional stress at such a difficult time.
  • Depending on the sum insured and the complexities of an estate it can take some time before the proceeds of a life policy can be legally released. To assist with immediate expenses while that process is completed, the Bereavement Support Benefit of some insurers allows $15,000 of the Accidental Death Cover sum insured to be paid out immediately upon notification of death.

Legacy Gift Cover

  • The Legacy Gift Plan that some insurers offer, allows you to make a meaningful contribution to your favourite charitable cause(s) when you pass away, enabling you to make a significant difference without needing to commit today’s capital, and with certainty that your wishes cannot be challenged.
  • Of course, until a claim becomes payable, you will remain completely in control of your Legacy Gift Plan and can amend it at any stage should your charitable intentions change.
  • Your premium commitment is guaranteed upfront, and will remain unchanged until you reach age 80. Cover can continue after age 80, but premiums will then increase with age each year.
  • Your Legacy Gift Plan will include a record of your Wishes, held by Perpetual Guardian, which outlines your choice of charitable causes to benefit from the policy proceeds. The policy is uniquely designed to pay the amount you select directly to Perpetual Guardian’s charitable foundation in the event of your death, bypassing your Estate and guaranteeing that the claim proceeds will be delivered to the charitable cause of your choice.

Assets Protection

Income Protection

  • Income Cover pays a monthly Total Disability Benefit if you are disabled and unable to work, from the end of the selected waiting period till you return to work or the end of your cover term. You may be entitled to a Partial Disability Benefit if you go back to work but you are not able to work full time. Why do I need Income Protection?
  • This product is designed for anyone who might struggle to meet financial commitments if they’re unable to work.
  • There are four options when applying for Income Cover, on when your income will be assessed. You have the choice to provide financial evidence at application time to obtain Agreed Value or Taxable Agreed Value or Agreed Loss of Earnings Income Cover, which is not then financially assessed again at claims time. Alternatively, you can choose to purchase Indemnity Loss of Earnings Income Cover which will be calculated based on the income you can prove you were earning just before becoming disabled.
  • Depending on your policy, pay-outs will continue until you return to work or until the policy expires, which is usually at the end of a fixed period, or when you reach retirement.
  • You also have a choice of two cover terms, either to age 65 or 70.
  • Some insurers provides you with the flexibility to structure your plan to most closely suit your needs. You have a choice of six waiting periods, the period of time before your monthly Income Cover claim payment begins after becoming disabled; either 4, 8, 13, 26, 52, or 104 weeks. You also have a choice of two cover terms, either to age 65 or 70, and six payment term options of 3, 6 or 12 months, 2 or 5 years, or to the end of the cover term. Your adviser will assist you to understand the implications of these options to enable you to make the best choice for your personal circumstances.

Premium Cover

  • Premium Cover provides a financial safety net should you be disabled as a result of sickness or injury, and unable to earn your regular income. The monthly benefit is designed to relieve you of the financial responsibility of paying your policy premium during treatment and recovery.
  • The best insurers offer a choice of six waiting periods, the period of time before your monthly benefit begins after becoming disabled; either 4, 8, 13, 26, 52, or 104 weeks. You also have a choice of two cover terms, either to age 65 or 70). Your adviser will assist you to understand the implications of these options to enable you to make the best choice for your personal circumstances.
  • Because the benefit is payable to the insurer itself, the sum insured is payable is not considered as income to the Life Assured for the purposes of calculating offsets for income cover.
  • Generally speaking the cover term and payment term are the same. This is usually to age 65 but for some insurers age 70 is now also an option.

Mortgage Repayment Cover

  • Mortgage Repayment Cover pays a monthly Total Disability Benefit if you are disabled and unable to work, from the end of the selected waiting period till you return to work or the end of your cover term. You may be entitled to a Partial Disability Benefit if you go back to work but you are not able to work full time.
  • Some insurers provides you with the flexibility to structure your plan to most closely suit your needs. You have a choice of six waiting periods, the period of time before your monthly Mortgage Repayment Cover claim payment begins after becoming disabled; either 4, 8, 13, 26, 52, or 104 weeks. You also have a choice of two cover terms, either to age 65 or 70, and six payment term options of 3, 6 or 12 months, 2 or 5 years, or to the end of the cover term. Your adviser will assist you to understand the implications of these options to enable you to make the best choice for your personal circumstances.
  • You can keep the agreed Mortgage Repayment Cover in place even once the mortgage has been completely repaid, as long as you keep paying the premiums. Certain offsets that apply to income cover will also apply to your Mortgage Repayment Cover in these circumstances
  • If you are totally disabled for a continuous period of 12 months and it becomes clear that you will never be able to return to work again, then your Mortgage Repayment Cover will pay you a lump sum of up to 24 times the monthly sum insured and your regular monthly benefit will also continue.
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Household Expenses Cover

  • Household Expenses Cover provides a financial safety net should you be disabled as a result of sickness or injury, and unable to meet your regular household expenses. The monthly benefit is designed to cover essential household expenses on your behalf during treatment and recovery.
  • The expenses that can be covered under the Partners Life Household Expenses Cover are:
    • Electricity
    • Gas
    • Water
    • Phone
    • Rent lates
    • Body Corporate Fees
    • Paid Television
    • Internet
    • House, Contents and Motor Vehicle Insurance Premiums
    • Hire Purchase, Bank Loan or other Personal Loan Repayments
    • Private School Fees
  • If you don’t pay rent but have a mortgage on your own home, you can use the Household Expenses Cover to protect the other expenses in addition to any Mortgage Repayment Cover you may have.
  • If you are totally disabled for a continuous period of 12 months and it becomes clear that you will never be able to return to work again, then your Household Expenses Cover will pay you a lump sum of up to 24 times the monthly Household Expenses Cover sum insured and your regular monthly benefit will also continue.
  • Even if you have been temporarily out of work, or on an approved period of leave without pay from work, for less than 12 months when you become disabled, you will be treated as if you were still working in the job you were most recently employed in for the purposes of assessing your claim against the Household Expenses Cover.

Business Protection

Ownership Buyout Cover

  • This cover is designed to fund the buy-sell agreement commitments of the business for an employee owner whose Total Long Term Disability, Total and Permanent Disability, Terminal Illness or Death would trigger the buy-sell agreement. Ownership Buyout Cover is not available to sole-traders. This cover can be mixed and matched along with a standard Life, Trauma, Severe Trauma and Total & Permanent Disability Covers to give the business the insurance solution that best fits your needs.
  • The claim will be paid if during the cover term, the life assured:
    • Suffers a Total Long Term Disability; or
    • Suffers a Total and Permanent Disability; or
    • Is diagnosed with a terminal illness; or
    • Dies the proceeds of the cover are required to satisfy the conditions of the shareholder buy-sell agreement.
  • As well as the covers described above, you can also add the following traditional covers:
    • Life Cover
    • Total and Permanent Disability Cover
    • Trauma Cover
    • Severe Trauma Cover
  • You can also choose whether you have all the covers on one policy or split over multiple policies to facilitate differing ownership requirements and it won’t cost you any extra to have the cover split over multiple policies.

Business Premium Cover

  • Business Premium Cover is designed to relieve your business of the financial responsibility of paying for policy premiums when a key employee or sole trader is totally or partially disabled.
  • The Business Premium Cover will be paid if, during the cover term, the life assured is diagnosed as being totally or partially disabled for a continuous period longer than the waiting period. As per Loss of Revenue Cover above.

Debt Protection Cover

  • This cover is designed to fund business debt re-payment upon Total Long Term Disability, Total and Permanent Disability, Terminal Illness or Death of any employee, owner or sole trader, whose death, terminal illness or total long term disability would trigger a requirement for the debt to be repaid.
  • A claim will be paid if during the cover term the life assured:
    • Suffers a Total Long Term Disability; or
    • Suffers a Total and Permanent Disability; or
    • Is diagnosed with a terminal illness; or
    • Dies the proceeds of the cover are being used to repay business debt.
  • Any employee who makes a significant contribution to profits is likely to be a key person – for example a key salesperson or a technical expert, as well as company directors and executives.
  • We all want our business to be successful and to grow. As it grows, you might need to take out more cover. Whether your business grows because of a key person becoming more important, a shareholder’s interest becoming more valuable, or an increase in the business debt, by selecting Business Future Insurability Option – you can increase your cover, without having to give us any medical information about the covered person.
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Permanent Loss of Key Person Cover

  • This cover is designed to provide a capital injection into the business upon the Total Long Term Disability, Total and Permanent Disability, Terminal Illness or Death of a key employee or sole trader of the business.
  • A claim will be paid if during the cover term the life assured:
    • Suffers a Total Long Term Disability; or
    • Suffers a Total and Permanent Disability; or
    • Is diagnosed with a terminal illness; or
    • Dies the key person’s employment with the business ends as a result.
  • Because a person can suffer a serious illness that would trigger certain financial business conditions but may not meet the claims triggers on traditional Trauma, Severe Trauma or Total & Permanent Disability Covers, we have introduced the new, unique concept of ‘total long term disablement’.
  • The concept of ‘total long term disablement’ is that we will consider a claim if the covered person has been suffering an illness or injury which leaves them totally unable to do their own job for 3 months, and is likely to prevent them from being able to go back to that job for at least a further 6 months* into the foreseeable future.
  • We believe, on balance, that this trigger is more closely aligned to the likely timing for the following key business decisions, and therefore gives the business owners more certainty about outcomes:
    • The buy-sell agreement being enforced;
    • The business debt requiring repayment;
    • The business having to fund the replacement of a key person or sole trader;
    • The business having to be sold or wound-up
  • If that happens, or if your business goes into receivership, and as a result the covers under the policy are cancelled, Partners Life will allow these covers to be converted to personal Life, Trauma, Severe Trauma or Total and Permanent Disability covers under the Partners Protection Plan, without further health assessment, within 3 months following the cancellation date (some limits and exclusions apply).

Loss of Revenue and Variable Loss of Revenue Cover

They’ll start paying this cover if, during the cover term, the life assured is diagnosed as being totally or partially disabled for a continuous period longer than the waiting period.

Because a person can suffer a serious illness that would trigger certain financial business conditions but may not meet the claims triggers on traditional Trauma, Severe Trauma or Total & Permanent Disability Covers, we have introduced the new, unique concept of ‘total long term disablement’.

The concept of ‘total long term disablement’ is that we will consider a claim if the covered person has been suffering an illness or injury which leaves them totally unable to do their own job for 3 months, and is likely to prevent them from being able to go back to that job for at least a further 6 months* into the foreseeable future.

We believe, on balance, that this trigger is more closely aligned to the likely timing for the following key business decisions, and therefore gives the business owners more certainty about outcomes:

  • the buy-sell agreement being enforced;
  • the business debt requiring repayment;
  • the business having to fund the replacement of a key person or sole trader;
  • the business having to be sold or wound-up

As well as the covers described above, you can also add the following traditional covers.

  • Life Cover
  • Total and Permanent Disability Cover
  • Trauma Cover
  • Severe Trauma Cover

These standard Partners Life covers can also be used to fund buysell agreement commitments, debt repayment commitments and key person replacement costs in the event of the death, terminal illness, total and permanent disability or trauma of a sole trader or key employee or an owner or debt guarantor (whether employed within the business or not).

They can also be used to fund business debt re-payment in the event of the death of any individual. Finally, they can also provide capital to the business to fund replacement costs and loss of revenue in the event of the death of a key employee of the business

You can also choose whether you have all the covers on one policy or split over multiple policies to facilitate differing ownership requirements and it won’t cost you any extra to have the cover split over multiple policies.

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