Ungaro&Co

Insurance Advisory Service

Here’s the facts about the personal risk insurance world

Life Insurance

Depending on your sex, occupation, health and smoking status, there is roughly a 1/10 chance that you will pass away before you even reach the retirement age.

How does it work?

If you die, the insurer pays a sum of money, agreed in advance, to the person who owns the life insurance policy. The amount of money can be spent as you wish – usually on repayment of debt, funeral costs and living costs for a period of time.

Income Protection / Mortgage Protection Insurance

There is roughly a 40% chance you could be off work for 6 months or more due to illness before the age of 65.

How does it work?

Simply put, if a medical reason stops you from working, then the insurer would pay you a % of your income until you are back at work.

Medical Insurance

There is roughly a 400% chance that you will claim under your medical policy before the age of 65.

Why do you need it?

If you become sick in the future, this is a financial instrument that helps you to fund an alternative health system already in place in New Zealand. This private health system can be accessed by all, but can be financially prohibitive without health insurance.

 

 

Here is a case study from 2011 that’s put’s it all into context