Death, injury and illness often strike without warning and can cause significant financial and emotional stress to those who are not prepared.
Financial stress can be eliminated through the inclusion of adequate insurance in any plan or strategy designed to provide future financial comfort and security.
Recent New Zealand statistics (see sources below) show, approximately 82,000 males (20%) and approximately 56,000 females (13%) will die before reaching the age of 65.
Apart from Life cover there are a number of other risks that should be insured against. Statistics again show the necessity for this protection. Of the 415,000 males and 433,000 females in New Zealand currently aged between 30 and 45:
While statistically life expectancy rates are improving, due to improvements in health and medical treatments, more are living longer with disablement, which reduce income earning prospects and savings.
These risks can be insured against with other products such as Income Protection, Critical Illness, and/or TPD. Experience has shown that disablement can occur progressively, and the Sovereign TotalCareMax products are designed to meet the needs of this possible deterioration in health.
The NZLife. process is designed to describe this disablement process, the related products and costs.
Source: New Zealand Life Tables 90-92, Public Hospital and Selected Morbidity Data 1994, Selected Morbidity and Hospital Data - Volume II - 1993, Selected Morbidity Data for Publicly Funded Hospitals 1995/96, Cancer: New Registrations and Deaths - 1992.