Life, health and disability income protection insurance are all essential if you want to protect your new lifestyle. But don’t expect your new employer to provide them!
Our experience shows that employee benefits in New Zealand are not as generous as in the UK. In order to protect you new lifestyle it is important that you review your risk planning on arrival.
The majority of UK life insurance policies can be kept when you emigrate as long as you pay the DD’s from a UK bank account. The same applies to critical illness polices, more commonly known as Trauma policies in New Zealand, but you must inform your insurance company that you intend to reside overseas and ensure that you give them your forwarding address. There may be restrictions when it comes to a claim so make sure you check out the small print of your policy.
It is unlikely that your UK Income Protection Policies (IPP’s) will remain valid in New Zealand but don’t panic… we can help you with your personal risk planning and advise you on how to replace any benefits you may have currently. IPP policies are more commonly known as Disability Income Protection policies in New Zealand. It is essential you have access to your medical records from the UK to effect any new policies.
As in the UK, it is becoming more popular to effect private Health Insurance. Our experience of the Public Health Service in New Zealand though, is very favourable, but ensuring you and your family has immediate access to treatment is important . We have agencies with New Zealand’s leading Health Insurance companies and can help you decide on the appropriate level of cover.