Life insurance will pay you a lump sum in the event someone passes away (or suffers a terminal illness).
People use Life Insurance to make sure their loved ones are looked after in the event they are not around to do so.
The main things people use life insurance for are to cover funeral/legal costs, to repay mortgages and to provide an ongoing income for their family.
In a business context life insurance is often used to fund the sale/purchase of the company’s shares if a shareholder in a multi-shareholder business were to die.
Health insurance pays for the cost of you having private medical treatment – which can be extremely expensive.
It can allow you to be treated far quicker and with far greater choice than under the public health system.
Health Insurance can also give you funding for drugs that are not covered under the public health system (e.g. newer cancer drugs that are not funded by Pharmac). These can also be extremely expensive.
Income and Mortgage Protection will pay you a monthly benefit in the event you are unable to work.
People use it to replace their income in the event of a disability – allowing them to continue to meet their outgoings and maintain their family’s standard of living.
(Life Insurance, Key Person Insurance, Shareholder Buy/Sell insurance). We provide advice to business owners on how to mitigate the impact from the death or disablement of a key person or shareholder. Key Person insurance can provide the business monthly payments while a key person is unable to work. Typcial things these are used for is to fund a locum/replacement and to meet ongoing business costs. This type of cover can help you ensure your business is still there for you to return to. Buy/Sell insurance is used to fund the sale/purchase of shares in the event a shareholder were to die or to suffer a long term disability. It allows the exiting shareholder (or their estate) receive fair value for the shares. It also allows the surviving shareholder to purchase the shares without having to raise additional debt. It generally sits alongside a buy/sell agreement.
Critical Illness and Trauma insurance will pay you a lump sum in the event that someone suffers one of the listed conditions. The most commonly claimed condition is cancer followed by heart attack and stroke. However top rated policies will cover you for 40+ serious conditions. They often include some free cover for your children if they were to suffer a serious illness.
As part of a staff benefit package employers often include subsidised insurance cover for their employees. This might be group health policy or might include some life and income protection insurance. Research has shown that staff really value employer medical cover and as an employer you can get have peace of mind that you staff can have quick access to privtae medical treatment when they need it.
ACC is a universal no fault accident insurance scheme operating throughout New Zealand. ACC offers three main benefits if you suffer an accident: Fatality Benefit (In the event of death by accident), rehabilitation benefit (e.g. Pay for treatment following an accident) and weekly compensation at 80% of your earnings. We can help self employed non PAYE earners structure their ACC benefits to work in conjunction with their private insurances. In some instances this has saved people thousands of dollars per year in ACC levies while still having the right cover in place.
Director / Adviser
Carver Financial Ltd
Financial Service Provider No. 773964
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