IBG Insurance Broker Group - Insurance Brokers, New Zealand, Auckland, Hamilton, Waikato, Bay of Plenty

By: IBG Insurance Broker Group  06-Dec-2011

Personal Insurances

Life Insurance
Provides a lump sum payment if you die or are diagnosed with a terminal illness and given 12 months or less to live. It can be used to pay-off large debts like a mortgage and care for your family, spouse or partner.

Trauma Insurance (also called Living Insurance)
Provides a lump sum payment if you suffer a specified serious illness or accident. Some insurers offer additional cover for gender specific cancers and children’s serious health conditions.

Total & Permanent Disablement
Provides a lump sum payment if you suffer a total and permanent disability as defined in the policy document. In a general sense this definition requires you to have been off work as a result of sickness or injury for six consecutive months and, depending on the policy option chosen,  are still so disabled that you are either:
- unlikely to work again in any occupation
- unlikely to work again in your own occupation
- unable to perform 3 of the activities of daily living

Income Protection
Provides you with a replacement income benefit where as a result of sickness or injury, you are unable to work in your usual occupation for more than 10 hours per week. In some cases the premiums for this type of insurance are tax deductible.

Mortgage Protection Insurance
Provides financial assistance to help repay your mortgage in the event of premature death, serious illness or disability.

Medical Insurance
Enables you to have surgical and on surgical procedures performed in a private hospital. Along with these costs, medical insurance can also cover the costs of Specialist visits and diagnostic testing as well as part of you optical and dental costs. 


Business Insurances

What will happen to the business if a shareholder, partner or key person either dies unexpectedly or becomes medically unfit to work is something that is often overlooked when insuring your business. Circumstances such as these can threaten the ability of a business to continue operating. For example -

  • Who will now own the deceased or disabled shareholder/partners share of the business?
  • How will the purchase of their share of the business be funded?
  • Who will be liable for business debts? In circumstances where personal guarantees have been signed for these debts the loan documentation will usually state that the guarantors are jointly and severally liable. This means that the surviving shareholders/partners will become liable for the business debt.
  • What happens to business income if a person who is key to the success of the business dies or can no longer work due to serious illness? 

The following insurance solutions can provide the cash resources necessary in these circumstances.

Life and Permanent Disability Insurance
Can provide funding for the purchase of the deceased or disabled shareholder/partners share of the business and his/her share of business debt.

Trauma or Living Insurance
Can provide funding to cover such things as:
- Loss of revenue through a key person’ s absence through serious illness
- A shareholder/partner’s share of business debt

Key person Insurance
Can provide a monthly cash injection to help cover
- Any short term fall in profit due to the absence of the key person
- The cost of a locum to fill the key person’s position
- The costs associated with employing a replacement  

Business Income Protection
Will provide an income where sickness or disability prevents you from working and can cover such things as
- The cost of a replacement employee for up to 24 months
- Assistance with re-establishing your business once you return to working
- The cost of some of your fixed expenses

For business insurance solutions to be effective, they often need to be supported by agreements which state what is to happen should any of the insured events occur. We can assist you with these.

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