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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.

Major Causes of Death in New Zealand

The Disablement Process

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:

• 50,000 (12%) males and 80,000 (18%) females will experience at least one period of disablement lasting six months or longer
• 33,000 (8%) males and 54,000 (12%) females will experience at least one period of disablement lasting 12 months or longer
• 42,000 (10%) males and 55,000 (13%) females will be diagnosed as having cancer
• 39,000 (9%) males and 13,000 (3%) females will be admitted to hospital following a heart attack
• 27,000 (7%) males and 8,000 (2%) females will undergo open heart surgery
• 11,000 (3%) males and 5,000 (1%) females will suffer a stroke

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 Essentials products are designed to meet the needs of this possible deterioration in health.

For example:

• Income Protection: is paid for all sickness or accident conditions which prevent you from working beyond the selected wait period.
• Critical Illness: is paid on diagnosis of major specified illnesses - cancer, heart attack, coronary artery bypass surgery, or stroke.
• Total Permanent Disablement: paid after 6mths total disablement which is determined to be permanent.
• Life: paid on terminal illness or death.

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.