Accidental Death Insurance
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.
Early payment of benefit
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 $15,000 of the Accidental Death Cover to be paid out immediately upon notification of death.
When the news is bad
The insurer may allow the Accidental Death Cover benefit to be paid out 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.
Bringing your loved one home
Should you be fatally injured while travelling, working or living overseas, the repatriation benefit allows early payment of up to $20,000 of the Accidental Death Cover to reimburse the costs involved with returning your loved one to New Zealand.
If you or your family would like assistance with managing the proceeds of an Accidental Death Cover claim, your Accidental Death Cover benefit provides a financial and legal advice benefit which reimburses the costs of a financial planner and/or lawyer up to a maximum of $2,500, payable in addition to your Accidental Death Cover.
Funeral support for your children
Should a dependent child under the age of 18 pass away while you are covered under this benefit, you will receive an automatic funeral support benefit, which is payable in addition to your Accidental Death Cover. The amount payable for children between the ages of 10 and 18 is $3,500, or $2,000 (less any other amounts payable) for children under 10 years of age.
The above benefits are summary examples only and may not be a full list of benefits which may be available to you. The exact types of cover and benefits will change depending on the insurer and the specific policy. Please contact us for a comprehensive list of benefits available.
Accidental Death Insurance
This is a great way to boost your current life insurance coverage by adding this type of cover at a very reasonable price. Since the policy will only pay out on accidental death the premiums are very low and this can be used to boost your current cover in the event of death by accident, or you may use this product if you are unable to obtain insurance for medical or health reasons.
Please feel free to contact us about your Accidental Death Insurance.