Facts about Serious Illness
When you’re recovering from a serious illness or injury you don’t also want to be recovering from a financial setback. A heart attack, stroke and cancer are traumatic enough events without having to worry about the financial strain they pose to you and your family.
- 7 women a day are diagnosed with breast cancer.*
- 50% or more of people with cancer will be long term survivors.**
- 20 New Zealanders on average have a stroke every day, 25% of which are under 65.***
* Source: The New Zealand Breast Cancer Foundation
** Source: Cancer Society of New Zealand
*** Source: Stroke Foundation of New Zealand
How does Insurance such as Serious illness Cover impact on Life Cover?
You have two options for Serious illness Cover:
Serious illness Cover – Accelerated
– an advance payment of Life Cover
In this option if you experience one of the defined serious illnesses or injuries and receive the lump sum serious illness payment, the amount of your Life Cover will reduce by the amount paid for the serious illness claim.
Serious illness Cover – Stand Alone
– a separate payment
In this option Life Cover is separate from Serious illness Cover. Should you claim on your Serious illness Cover Stand Alone – there will be no impact on any other cover you hold.
What benefits are included in my cover for no additional premium?
Life Cover Buy Back Benefit
If you choose Serious illness Cover Accelerated, there is a built-in Life Cover Buy Back Benefit which allows the sum insured on the Life Cover to be reinstated 12 months after a Serious illness Cover claim has been paid, without the need for any further health information.
Children’s Serious illness Benefit
Four children/teenagers are diagnosed with cancer each week in New Zealand.*
Having your child diagnosed with a serious illness such as cancer would be heartbreaking. Our Provider will pay up to $50,000 if your child aged between three and eighteen suffers for the first time from one of the 38 defined trauma conditions we cover. This benefit may be invaluable for medical costs, help with travel, or even to replace your lost income so you can afford to take time off work to help with your child’s recovery.
* Source: Cancer Foundation
Paralysis Assistance Benefit
Being paralysed would greatly affect your quality of life. We recognise the additional hardships and our Provider will double your claim payment for this serious illness condition to a maximum total claim payment of $1 million.
Special Events Increase Benefit
This is a valuable benefit that recognises your increased needs and financial responsibilities as your life evolves. If you marry, have a child, divorce, increase your mortgage, or move house and as a result take out a mortgage, this benefit allows the sum insured under Serious illness Cover to be increased regardless of your state of health.
Chronic Diagnosis Benefit
The Chronic Diagnosis Benefit gives you an advanced payment of your Serious Illness Cover (and Life Cover if you have Trauma Accelerated Cover) for some specific trauma conditions. This payment is the lesser of $25,000 or 25% of the sum insured but not less than $10,000.
What options can I have added to my Serious Illness insurance cover?
The following option can be added to your cover for no additional premium:
Inflation Protection Option – If you choose this option your sum insured will automatically be increased at the policy anniversary date by the annual rate of increase in the latest CPI.
The premium will be recalculated for the increased sum insured. You will have an opportunity to decline the increase each year.
The following two options can be added to your cover, for an additional premium:
- Trauma Cover Buy Back Option – This allows the trauma sum insured to be reinstated after a trauma claim has been paid, without the need for any further health information.
Without this valuable optional benefit, your Trauma Insurance Cover will end once a claim has been paid.
- Advance Payment for Cancer Option – Even if it is not a severe case, cancer has the potential to affect your lifestyle. In recognition of this, TOWER will provide an advance payment of 10% of the sum insured (up to $25,000) to help return your life back to normal should you suffer one of the following conditions:
- Prostate cancer T1N0M0
- Carcinoma in situ (of cervix, fallopian tubes, vagina, vulva and breast)
- Chronic lymphocytic leukaemia Rai Stage 0.
Waiver of Premium
When you're unable to work due to illness or injury, insurance cover remains as important as ever. Waiver of Premium cover provides the assurance of continuity of protection for you and your family.
What Serious Illness conditions are covered?
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- Chronic liver failure
- Chronic lung failure
- Chronic renal failure
- Major organ transplant
- Cancer – life threatening
- Blood disorder
- Aplastic anaemia
- Loss of use
- Loss of limbs and/or sight
- Loss of speech
- Total and permanent blindness
- Heart & circulation
- Aortic surgery
- Coronary artery bypass grafting surgery
- Coronary artery angioplasty*
- Heart valve surgery
- Major heart attack (myocardial infarction)
- Primary pulmonary hypertension
- Functional loss / neurological
- Advanced dementia (inc. Alzheimer’s disease)
- Benign brain tumour
- Loss of independent existence
- Major head trauma
- Motor neurone disease
- Muscular dystrophy
- Multiple sclerosis
- Paralysis (Hemiplegia, Diplegia, Paraplegia,
- Quadriplegia, Tetraplegia)
- Parkinson’s disease
- Recoverable stroke *
- Stroke resulting in functional loss
- Other conditions
- Intensive care
- Medically acquired HIV
- Occupationally acquired HIV
- Severe burns