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Insuring your health, life and future
Childrens Future Insurability
Giving your children a helping hand can enable them to live the life they want to live without the worry that their health or future occupation will affect their ability to be protected.
76.3 years life expectancy of a newborn boy. 81.1 years life expectancy of a newborn girl.*
285 registrations of cancer in 2002 for people under 24 years of age.**
4 children and teenagers diagnosed with cancer in New Zealand each week.***
* Source: Statistics New Zealand – Demographic Trends 2005
** Source: Ministry of Health 2006
*** Source: Child Cancer Foundation
Children’s Future Insurability Cover provides your child with the opportunity to purchase life cover in the future without the need for further medical information. It prevents a situation where your child has difficulties getting life cover due to pre-existing medical conditions or a high-risk occupation.
Such a gift can be vital to your child’s approach to life as it gives them the assurance that the future of their loved ones is also protected.
When can your children take out their Life Cover?
Your child can exercise the right to convert Children’s Future Insurability Cover to our Provider's Life Cover at the following times:
Around specific birthdays
30 days before and 30 days after their:
• 18th, 21st, 25th and 30th birthday
Around specific life events
30 days before and 30 days after:
• the birth or adoption of their own child
• marriage
• the purchase of a first home
• taking out a new mortgage or increasing a mortgage.
What options can I add to my cover?
Inflation Protection Option
If you choose this option the 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. There will be an opportunity to decline the increase each year. There is no additional premium for this option.
What benefits are included in our Provider"s Life Cover for no additional premium?
Once your child exercises the option to convert to a Life 360 policy in their own right, the standard policy benefits apply.
Special Events Increase Benefit
This is a valuable benefit that recognises your child’s increased needs and financial responsibilities as their life evolves.
If they marry, have a child (by birth or adoption), divorce, increase their mortgage, or move house and as a result take out a mortgage, this benefit allows the sum insured under Life Cover to be increased regardless of their state of health.
Terminal Illness Benefit
Being told you have less than a year to live would be devastating. In such a situation your child deserves to spend their money on the things that matter rather than worrying about bills and expenses. In recognition of this, our Provider will pay the sum insured in advance if they are diagnosed with a terminal illness during the period of cover and life expectancy is no greater than 12 months.
Bereavement Support Benefit
We recognise there are immediate expenses associated with the death of a loved one. In order to assist with these expenses this benefit pays a lump sum of $5,000 in advance immediately upon written notification of the death of a life insured.
Text courtesy of Tower Health and Life Ltd.
Text courtesy of Tower Health and Life Ltd.