Have a read of the BetterLifeNZ.com guide to NZ Health and Insurance?
Life Insurance
New Zealand has a mature Life Insurance industry with a mix of International pedigree Players such as ING and AIG competing with Local brands such as Sovereign, Tower and Fidelity.
Anecdotal evidence suggests that New Zealand Life insurance is reasonable priced relative to other countries.
You will have to talk to your tax professional to ascertain if overseas endowment or any form of combined life and savings policies are counted as taxable assets in New Zealand
Medical Insurance
Medical insurance is a rapidly growing form of protection for those not satisfied with the standard Health cover supplied in New Zealand.
Medical Health monthly costs will be surprisingly affordable especially to American models.
Cover typically pays 100% of relevant medical charges minus any excesses. Minimal waiting for surgery, diagnostic tests and access to drugs the New Zealand Government deems expensive may be some of the benefits of cover.
New Zealand Health Cover
People with New Zealand Residence Permits need to have a Returning Resident’s Permit in their Passport, or be ordinarily resident in New Zealand for two years before the public health service is funded.
Read through the frequently asked questions for more information.
www.moh.govt.nz/moh.nsf/indexmh/eligibility-faqs
ACC
If medical requirements are due to an accident not sickness then a NZ Government Department called ACC may help with private medical costs, rehabilitation and loss of income.
The Accident Compensation Corporation (ACC) administers New Zealand’s accident compensation scheme, which provides personal injury cover for all New Zealand citizens, residents and temporary visitors to New Zealand. In return people do not have the right to sue for personal injury, other than for exemplary damages.
ACC is a Crown entity responsible for:
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See www.acc.co.nz for more information.
Income Cover
New Zealand has very limited public cover for individuals who cant work due to sickness. Also check your employment contracts which may state that after a few weeks that salary or wages may stop. For these reasons some form of Income cover is essential in New Zealand. This can be aimed directly at the mortgage or as a direct percentage up to 75% of income. Redundancy cover is not readily available though.
More Information
For more information on the detailed criteria of who is covered for Health cover read the FAQ sheet.
For a more detailed assessment of your insurance requirements please fill out the attached form or email
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