Summary of covers
A sum insured is payable on death.
Death and Total & Permanent Disability Policy
If the insured person is totally disabled and unable to return to work, the sum insured would be paid out.
Temporary Income Loss
The ability to earn income is your most important asset. If, through sickness or accident, an insured person is unable to work, loss of income can have a devastating effect on families, and may also heavily impact the business. This cover will pay out up to 75% of income. Additional cover can be taken to cover business overheads during illness periods.
Other areas for which we can arrange cover include:
Trauma/ Critical Illness Cover
Should the insured person experience one of the thirty or so nominated problems/ diseases such as a heart attack, stroke, cancer, etc. the sum insured will be paid out whether he/ she is able to return to work or not.
This cover should consider the impact of the above on a key person or director of the business. There could be issues such as loss of sales, trade terms, finance, etc.
This form of insurance is cross cover by shareholders on the lives of the other(s) so that in the event of one party suffering Death, TPD, or Trauma, the proceeds are available to survivors purchase the deceased’s shareholding in the company from the estate.
This needs a special agreement which ensures that the surviving shareholder has funds to buy the business, and the estate is obliged to sell. Ownership is by other partners/ shareholders on the life of each participant.
Where the company has bank loans or mortgages it is advisable to take additional cover on owners/ directors to ensure repayment in the event of Death, TPD, or Trauma.
Personal Risk Protection
Once the business side has been clarified it would be wise to look at your personal situation, taking into account what will be forthcoming from the business, if you were to meet an untimely event.
We conduct personal assessments for professional clients and company owners/ directors. This involves a process of data gathering, discussion and recommendations.
It will include an analysis of the effect of Death, TPD, or Trauma on you and your family, with special attention to your Income Protection cover. Ownership is an important aspect as it is the owner of the policy who will receive the proceeds. Often a family trust may be involved.
Our Employee Benefits team is also able to structure medical cover for individuals and both large and small groups. To be made available in the future.
Updates and Statements
AON arranges a life benefits programme for members of NZ LAW which provides cover for the following
NZ LAW Group Benfits Brochure – updated Nov 2017