Becoming sick

daliti · Posted: Sun Mar 28, 2004 7:51 pm Post subject: Becoming sick

Suppose, you become sick in NZ and have to stay some weeks in bed or you has to be threated in the hospital for some months, will the insurance pay a certain amount so that you can live further?
Is this related to the number of kids, spouse working,..?

Same question but you become unemployed for months.

Thanks. Nice One

Robert · Posted: Tue Mar 30, 2004 10:29 pm Post subject:

It would depend on the type of insurance you have.

Certainly insurance is available which will pay out up to 80% of your usual income (taxable payout) or about 55% of an agreed 'income' (non taxable) if you are incapacitated. This is surprisingly cheap. I was quoted $60 per month with a 1 month delay before payment started. The longer the delay, the lower the premium.

Some health insurance policies will pay cash for each day in hospital although these often have strict limits and can be very poor value for money in the long run.

If your illness was the result of an accident in NZ, you may be entitled to 80% of your income from ACC while you recuperate, but there are stringent conditions and you would seldom qualify if you were able to work in any capacity.

NZ is crawling with financial advisers so there should be no problem getting local advice tailored to your personal circumstances when you arrive...