A question that is often asked, ‘So will the insurance company actually pay?’ Yes they do, they pay valid claims.

This is the issue, defining valid claims. Valid claims are claims that are both covered by the policy and the policyholders have been complete in their disclosure.

For example a cardiac event, similar to a heart attack, but isn’t severe enough to qualify as a heart attack under the definition of a heart attack on the trauma policy wording. This isn’t a valid claim, as it didn’t meet the definition of the policy document.

As an adviser, there are few things more challenging than sitting across the table from someone who has just been given the news they have bowel cancer asking “So tell me how is my plan going to work?”

When it comes down to it the right policy is only half of the solution. In this situation not only did we put the plan in place, when it has come to this point we have it right, exactly how they want it.

When we say we put our clients front and centre, we mean it. After answering ‘that’ question above, not only has our client taken the time to say thank you for persevering, they took the time to write the following.

Often this is a question about 'Am I protected?' The person is looking for reassurance that the insurance they have taken and have been paying for is going to work.

It is also a very practical question.

If you have been relying on your recently deceased partner's income to pay the bills, it is a really valid question.

From time to time I get updates through from insurers with their claim stats. I recently posted a blog on medical coverage for un-funded medicines and had a look at insurance literacy for clients.

I like information, the sort of information that gets away from the typical and very usual FUD. Fear Uncertainty & Doubt that my industry often trades on to get sales. 

I rant a bit in this one; it is an issue we, collectively, don't spend enough time and energy on.

It is been commented in many online forums, that the scaring and very pushy what if? Isn't appreciated. I must admit I do not like it much either. Which is why I try and stay away from it and deal with the facts. 

Part of the reason people take longer to make decisions, but they do make better decisions as a result.

My point, while I do not trade on FUD, I certainly have some disturbing stories and stats. Some may look on the surface as FUD. They are based on the reality of you and me, the average person. 

The person getting on with life, family and business and gets knocked over with something unexpected and often unplanned for.

What’s this post all about?

It is about you, your health and how you can access treatment in a more effective way.

A bit of a chunky subject this post.

Lately, there has been more noise around the gay community, particularly around transgender rights. Especially so with the recent shooting, with some horrifying treatment being dealt out to those 'who are not like the rest of us’.

I wrote the bulk of this post in April 2016, well before the mass shooting in the US and off the back of media comments and articles in newspapers, TV news and social media chatter. The tension for the shooting in June was brewing, for no other reason than people are different. Something similar is brewing in the US on the subject of abortions and the rulings of the state and supreme courts there.

Diana’s Clements recent article on heart attack definitions in trauma insurance and the situation of a claimant in Australia, not getting paid for his heart attack, has put the spot light on the definition of a heart attack in trauma insurance here.

Looking into heart attack definitions in the market, from what you can presently buy, the quality level across heart attack definitions is quite surprising.

There has been plenty of contention about Sovereign heart attack definitions over the years. The rating for this would suggest it’s somewhat founded, with a 21% gap between it and the best rated heart attack definition.

As our largest life insurer, Sovereign also has the largest number of trauma policies on their books.

ACC have published the new motor vehicle levies and they make interesting reading.

ACC have gone through and assigned a rating system from L1 to L4 for most vehicles, L1 being the most expensive and L4 being the least. If yours is not defined then the levy works on a year of manufacture basis. L1 for older vehicles and graduating though to the cheapest L4 for newer vehicles.

The reason I’m writing this is I disagree with some of the assertions in the NZ Herald article. ACC have done this review based on claims risk from actual injury data not vehicle safety. Injury’s drive ACC’s costs, not vehicle safety. Yes safer vehicles generally means less injuries and less ACC cost, but that doesn’t always translate directly from vehicle safety testing.

Interesting question, up there with what's the best value income protection?

The answer to both questions is a good quality income protection solution. It will both work at claim and give you great value as a result. The way to do this is talk to a good adviser who will arrange this for you, that's me.

If you mean best value equals cheapest premium, then you have to ask the question do you expect to claim? If not, why have it? Cheapest like most things in life usually translates to inferior.

Exclusions and policy terms, another good reason to regularly review your insurance coverage

An unfortunate fact of life is; time marches on and we all get that little bit older. This also means the policy you took last year, five years or ten years ago may not be quite as appropriate now as it was at the time you first took it.

Another reminder in the business section on stuff today, if you are renting you are responsible for any damage. and it can be substantial if it all goes wrong.

If you're renting you need to have some level of contents cover. Ideally enough to cover the replacement of your possessions but more importantly cover for damage you may be liable for.

If you are pregnant or looking to have children, this is a great question to be asking.

To start with, you will be focused quickly on how baby is doing and finding the right baby things for you to be using, then after baby arrives, you will be too busy with baby to think about insurance.

One insurance thing you do need to put on the to-do list, is adding baby to your medical insurance cover within three months of arriving, this article talks more about baby. This post is about you as mum.

In general, if you have income protection you will have some disability coverage for the first 12 months after finishing work, if you are on maternity leave for longer than this, then things get a little more interesting.

ACC (Accident Compensation Corporation) is New Zealand's unique no fault accident rehabilitation and support system

Ok, most of you know about ACC covering you for your medical expenses to treat you and recover from an accident. 

If you have had an accident you probably found this to be partially funded and you had to pay something towards the costs, depending on what you needed to be done. Which is a little disappointing but medical expenses only go so far.

The other aspect people know about is the replacement of income if you are off work in an accident situation, where 80% of your lost income can be replaced after seven days while you recover.

The things people may not fully appreciate are the other benefits and situations ACC cover which you need to be aware of.

Have you got it insured correctly? Martin Hawes article here, raises a particually direct point about your house insurance if it is in a family trust.

As Martin outlines in his article, 'underinsurance also ought to be a worry for trustees of family trusts and other trusts.

Trustees are obligated to look after (and properly insure) the assets of a trust, and if they do not, the beneficiaries can demand that trustees make good any losses. This means that if we had simply accepted the default amount from the insurance company ($693,000) and the house burnt down and cost $1.1 million to rebuild, the trustees could be liable for over $400,000. This should have trustees thinking hard.

Life’s full of surprises though life cover insurance is usually a subject you do not get surprises in. Sovereign’s 2013 published causes for life claims, or rather reasons people died, makes for surprising reading.

In the graph from Sovereigns claims for the year ending 30 June 2013, The 70 plus age group isn’t surprising, cancer, heart or lungs are usual reasons people pass away. The first usually causing one of the second or third.

Stepping back from the older lives, things get a little different.