insurance advice FAQ’s

 Q. Which Insurers do Awesome deal with?

A. Our preferred providers are three of New Zealand’s leading Insurers – Sovereign, OnePath and Partners Life.

Q. Why do I need health insurance – won’t I be covered by the public health service?

A. If your illness is considered acute you will gain immediate public health care, in all other cases you will go on a waiting list. For example if you have a heart attack you will go to hospital immediately. But if once you are stabilised, and need a heart bypass, there is a high likelihood you will be put on a waiting list. You could be waiting years and this may be too late. Another common occurrence is when someone is diagnosed with cancer and put on a waiting list for treatment. Health insurance provides you with choice and maximises the likelihood of recovery by reducing waiting times which can increase chances of complications.

Q.Will my premiums be cheaper if I arrange my personal insurance, eg. life cover, income cover, with the same insurer as my house and contents?

A. By bundling together your “general” insurance (for example home and contents or car insurance) you will maximize package discounts, but you don’t get any further discounts by adding other covers. Plus many insurers only offer home, contents and car cover, while other specialize in life, health and other personal insurance covers.

Q. If I am suddenly disabled and unable to work won’t ACC cover me?

A. While we are lucky to have a very robust Accident Compensation system in New Zealand, not all claims get paid. Plus ACC covers accident related disability only, not cases where you’re unable to work because of an illness – which is often the main reason for being unable to work long-term. Income protection insurance provides certainty allowing you to remain financially independent while you concentrate on recovery.

Q. Will I be covered for any of my previous or current medical conditions?

 A.  Not all pre-existing conditions are excluded and some may be covered after an initial stand down period although pre-existing heart, cancer (specific), back, knee and hip conditions are generally permanently excluded by most insurers.

Q.  How is a pre-existing condition defined?

A.  Any illness, sickness, disease, injury or medical condition or symptom or sign, on or before the cover commencement date or the join date where an insured person is added to a policy: Which you or any insured person was aware of, or; of which you or any insured person had the first indication that something was wrong, or for which you or the insured person sought investigation or medical advice, or where a symptom existed that would cause a reasonable person in the circumstances to seek diagnosis, care or treatment.

Q. Do I have to disclose all my previous and current medical conditions?

A. Yes, this is critical that you disclose any previous and current (pre-existing) medical conditions. They will not be automatically excluded from your policy but it gives the insurer an honest snapshot of your health and enables them to make an informed decision whether to offer cover, offer terms (such as an exclusion reviewable after a defined period of time) or exclude the condition. If the insurer decides to not exclude a declared pre-existing condition and it does reoccur they must cover that condition. If you fail to disclose a pre-existing condition and it reoccurs the insurer will generally refuse to pay for any treatment. They will also be entitled to cancel (void) your policy.

Q. What if I forget to disclose a previous condition?

A. It is important that you inform your adviser or the insurance company as soon as you remember. In most cases they will assess the condition and depending on the likelihood of the condition reoccurring will amend your policy to cover, offer terms for or exclude that condition.

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