The best insurance cover is the cover that pays out when you need it. At Moneyworks, our goal is to make sure that your insurance works for you.
So, we were thrilled the other day to be able to help a client with an insurance claim, only 4 months after the policy was put in place. Not all insurance polices are made equal (see other blog articles for more information). One of the insurers that we recommend to clients is Partners Life. One of the reasons that we like working with Partners Life is that they are continually innovating and offering cover to clients that actually works.
The claim that was paid to our client the other day was for a 'Specific Injury Benefit'. In his case, he received 60 days worth of benefit because he had broken his leg. There was no stand down period, and he received the benefit because of the disability that the broken bone caused to him. He didn't have to prove his loss of income, or time off work.
The Partners Life Specific Injury Benefit (which is an additional built in benefit on the mortgage repayment and income protection insurance policies) covers these conditions and this is the amount that is paid:
|4.2.1 Specified Injuries and Payment Periods Specified Injury||Payment Period|
|Fracture of jawFracture of skull||30 days30 days|
|Fracture of forearm||30 days|
|Fracture of collarbone||30 days|
|Fracture of wrist||45 days|
|Fracture of upper arm||60 days|
|Fracture of shoulder||60 days|
|Fracture of elbow||60 days|
|Fracture of vertebrae||60 days|
|Fracture of kneecap||60 days|
|Fracture of ankle||60 days|
|Fracture of heel||60 days|
|Fracture of leg below the knee (tibia or fibula)||60 days|
|Fracture of the leg above the knee (femur)||90 days|
|Fracture of the pelvis||90 days|
|Loss of the thumb and index finger of the same hand||6 months|
|Loss of a foot or handLoss of sight in an eye||12 months12 months|
|Loss of a whole leg or arm||18 months|
|Loss of any combination of hand, foot or sightParalysis (Diplegia, Hemiplegia, Paraplegia, Quadriplegia)||24 months60 months|
Where fracture means any fracture resulting from an accident requiring fixation, immobilisation or plaster cast treatment of the affected area within 48 hours of the accident. The fracture is to be certified by a Medical Doctor or Specialist.
Where loss means the total and permanent:
Loss of the use of the hand from the wrist or the foot from the ankle joint; or
Loss of the use of the arm from the elbow or leg from the knee joint; or
Complete severance of the thumb and index finger from the first phalangeal joint; or
Loss of the use of the entire thumb and entire index finger; or Loss of an eye or loss of all sight in the eye.
If your benefit period is as less than this time period, then you only get the amount that would be paid in your benefit period.
Does your insurance cover this kind of benefit? Is it time that you updated your insurance cover?
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By Paul Swarbrick