What is Accidental Death Insurance?
Accidental Death is defined as ‘a single, sudden, unintended event that causes you bodily injury resulting in death’. The injury must be solely and directly caused by a sudden, violent, accidental and visible event.
Accidental Death does not inclue things like death by an illness, disease or suicide.
What isn’t covered?
Accidental Death Insurance does not cover certain events such as when you die as a result of participating in an illegal or criminal act, dangerous sports (e.g. mountaineering, motor racing, hang-gliding, parachuting, bungy jumping), serving in the armed forces or any warlike activities.
Cover for accidental death only
Accidental Death Insurance is not full life insurance. It pays out a lump sum if you die as a result of an accident. It doesn’t cover you for death by natural causes and that’s why the premiums are low.
Acceptance is guaranteed if you’re 16-74 years old and a New Zealand resident. You do not need a medical, nor do you need to answer any medical questions.
Immediate cover as soon as we receive your fully completed Accidental Death Insurance application form.
Reach of cover
You’re covered anywhere in the world.
Money is paid tax-free
It’s a lump sum payout just like full life insurance. There is no income tax paid on the policy payout so you get all of the amount you are covered for.
You can nominate a joint owner
This can be your partner, spouse or anyone you wish. When you die, the payment will be made directly to them instead of your estate, making the money quickly available.
Accidental Death Insurance premiums never increase unless you choose to increase your level of cover.
DISCLAIMER: These explanations and comments are general in nature only. You must refer to the appropriate policy document wordings for full and complete understanding.