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Registered Financial Adviser: FSP 72162

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Trauma Cover - Accelerated

The diagnosis of a serious illness is devastating in any circumstances but the burden will be far greater if your financial security is also put at risk. A person suffering from one of the four main critical illnesses (heart attack, heart disease, cancer or stroke) has a nearly 50% chance of surviving for up to 10 years beyond the critical incident. However, in many cases this involves a reduced working capacity and necessitates significant lifestyle changes and costs. A lump sum benefit can make a real difference to anyone that unfortunately suffers a potentially life changing traumatic event.
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What is accelerated cover?

In this option if you experience one of the defined serious illnesses, injuries or treatments and receive the lump sum trauma payment, the amount of your Life Cover will reduce by the amount paid for the trauma claim.

What benefits are included in my cover for no additional premium?

Standard features

If you buy this cover as stand-alone then the cover ends with the payment of the benefit (except in the case of angioplasty to 1 or 2 vessels or a partial payment under a diagnosis benefit). If you add this cover to Life Assurance Cover, you can select it as either an accelerated benefit or a stand alone benefit.

 

If a claim is paid on an accelerated benefit, the claim amount will be deducted from the life cover of your policy.

If a claim is paid on a stand alone benefit, the payment will not reduce the life cover under the policy.

 

Life Cover buy-back / accelerated benefit

 

Following the payment of an accelerated trauma benefit you have the opportunity to “buy-back” the Life Cover amount paid, one-third every year for three years, without having to provide any evidence of insurability. After three years you will have your original level of life cover. You will pay the premiums appropriate to the level of cover.

 

Child’s benefit

At no additional cost, all of your children (either by birth or legal adoption) aged between 2 and 20 years (inclusive) are covered for the lesser of $50,000 or 20% of the parent’s Trauma sum assured should they be diagnosed as having one of the Trauma conditions. The child must survive for a period of 14 days.

 

Financial planning benefit

If a benefit greater than $100,000 is paid, a further benefit of up to $2,500 may also be payable. We will reimburse the reasonable costs of a fully documented financial plan prepared by a qualified financial adviser as approved by Fidelity Life.

 

Relocation to New Zealand benefit

If you suffer from one of the Trauma Conditions while living overseas for more than three months, this benefit will pay an economy airfare up to a total of $10,000 for you and, where necessary, a support person to be flown directly back to New Zealand. This can be paid once during the period of cover.

 

Special Events Increase Benefit

This is a valuable benefit that recognises your increased needs and financial responsibilities as your life evolves. If you marry, have a child (by birth or adoption), divorce, increase your mortgage, or move house and as a result take out a mortgage, this benefit allows the sum insured under Life Cover to be increased regardless of your state of health, after one of the following events:

? Marriage or civil union
? Divorce
? Birth or adoption of a child
? Dependent child starting secondary school 
? Attainment of ages 25, 30, 35, 40 and 45 
? Taking out or increasing a mortgage

 

An additional premium will be applied for any increased sum insured.

What options can I add to my cover?

Inflation-proofing

To ensure your benefit keeps pace with inflation, you can choose to have your policy cover increase each year in line with the Consumer Price Index, regardless of health. Each year we will advise the level of indexation that you can choose to accept or decline. There is no limit on the number of times you decline this option. If you accept the indexation offer, premiums will be increased to reflect any adjustment.

 

Business future insurability option

This option allows you to increase cover each year. No further medical evidence will be required though financial evidence may be required. Conditions apply. This option requires the payment of an additional premium.

 

Life cover buy-back

Following the payment of an accelerated trauma benefit, you have the opportunity to buy-back the life cover amount paid after one year without having to provide any health evidence. You will pay the premiums appropriate to the level of cover. The buy-back option may be available after six months for certain events.

 

Waiver of premium

For an additional premium, any future premiums are waived during a period of disability. Following the occurrence and continuation of your disability, Fidelity Life will pay your premiums until your disability stops.

 

Total and Permanent Disability extension

Provides financial protection against total and permanent disability with a lump sum payment.

 

Children’s trauma

Provides stand-alone trauma cover up to $60,000 for the full range of trauma conditions.

 

Trauma Cover reinstatement option

This option allows you to reinstate trauma cover (stand-alone or accelerated) 12 months after a trauma claim. The reinstated trauma cover is restricted to new conditions (i.e. you cannot claim twice for the same condition) and any pre-existing conditions will be excluded. Other conditions also apply. A discount may apply on the reinstated cover.

 

What Trauma conditions are covered?

Organs

  • Chronic liver failure
  • Chronic lung disease
  • Chronic renal (kidney) failure
  • Creutzfeldt-Jakob Disease
  • Systemic Scelrosis
  • Major organ transplant
  • Pneumonectomy

 

Cancer

  • Cancer*


Blood disorder

  • Aplastic anaemia

 

Loss of use

  • Loss of limbs and/or eyes from illness or accident
  • Loss of speech
  • Total blindness
  • Total deafness

 

Heart & circulation

  • Aorta surgery*
  • Angioplasty*
  • Myocardial infarction (heart attack)*
  • Heart valve surgery*
  • Coronary artery bypass surgery*
  • Cardiomyopathy
  • Open heart surgery
  • Out of hospital cardiac arrest*
  • Primary pulmonary hypertension


Functional loss / neurological

  • Alzheimer’s disease
  • Dementia
  • Benign brain tumour
  • Coma
  • Encephalitis
  • Loss of independent existence
  • Major head trauma
  • Meningitis /meningococcal disease
  • Motor neurone disease
  • Muscular dystrophy
  • Multiple sclerosis
  • Paralysis:
    • diplegia
    • hemiplegia
    • paraplegia
    • quadriplegia
    • tetraplegia
    • Parkinson’s disease
    • Cerebrovascular accident (stroke)*

 

Other conditions

  • Accidentally acquired HIV
  • Adult onset insulin dependent diabetes mellitus
  • Cognitive Impairment
  • Intensive care
  • Occupationally-acquired HIV
  • Severe burns
  • Severe osteoporosis
  • Severe rheumatoid arthritis

 

* 3 month wait period from commencement applies

 

To add these options, or if you require any further information on this product, please email or call us on 03 4778164