Insurance

If you become seriously ill, could you afford your ongoing costs?

2 MIN READ October 30, 2023
Have you considered how you would support yourself and your dependents if you become seriously ill? Serious illnesses like cancer affect many New Zealand families each year, with the Cancer Society reporting that approximately 26,000 people are diagnosed each year.  

 

So having protection in place if the worst happened could help to protect you and your family financially.

There are a few options available when looking to cover ongoing costs in the case of serious illness or injury including trauma cover, income protection and mortgage protection. These options cover you for the following: 

  • Trauma cover pays out a lump sum if you experience one of the health conditions listed in the policy. 
  • Income protection will cover up to 75% of your usual income if you can’t work for an ongoing period, due to sickness or injury. 
  • Mortgage protection will cover your monthly mortgage repayments if you can’t work for an ongoing period, due to sickness or injury. 

You will need to select an amount to cover with each of these options. So it’s important to consider what your ongoing costs would be if you were unable to work. If you already have one or more of these covers in place you should review your level of cover regularly. Especially with the cost of living crisis and rising interest rates, the cover you may have taken out previously may no longer be sufficient to cover your costs. 

Speaking to a Haven Financial Adviser can help you understand what cover and how much is suitable for your circumstances. They’ll help ensure you have a strong plan in place should the worst happen giving you peace of mind for yourself and your family. 


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