Payment protection insurance is a simple product that covers your loan payment obligations in the event of an unplanned disruption to your income and ability to pay.

Options

1

Death, Terminal Illness, Disablement, Redundancy or Bankruptcy, Business Interruption or Suspension, Caregiver & Hospitalisation

2 Death, Terminal Illness & Disablement
3 Death & Terminal Illness
 

Insured Event

Insured Event Benefits Stand Down

Death

The customer's death. Payment of the finance contract balance at the date of death. Not Applicable

Terminal Illness

Any illness likely to result in the customer’s death within 6 months. Payment of the finance contract balance at the date the terminal illness was diagnosed. Not Applicable

Disablement

Any illness or accidental injury resulting in the customer being unable to work. Payment of the finance contract repayments due during the period of disablement. Benefit is paid from day 1 after stand down period exceeded. 7 Days

Redundancy or Bankruptcy

Redundancy: The customer being made redundant from permanent employment.
Bankruptcy: The customer being declared bankrupt by the New Zealand High Court.
Payment of the finance contract repayments due during the period of redundancy or bankruptcy up to a maximum of 180 days.
Benefit is paid from day 1 after stand down period exceeded.
28 Days

Business Interruption or Suspension

Business Interruption: Customers business premises suffer interruption from total loss, prevention of access, or loss of essential services.
Suspension: Customer suspended from full time employment due to lawful strike related action or lockout.
Payment of the finance contract repayments due during the period of interruption or suspension up to a maximum of 180 days.
Benefit is paid from day 1 after stand down period exceeded.
28 Days

Caregiver & Hospitalisation

Caregiver: Customer becomes a full time unpaid carer for a family member.
Hospitalisation: Customer is hospitalised due to disablement or terminal illness.
Carer: Payment of the finance contract repayments due during the period of caregiving up to a maximum of 180 days.
Hospitalisation: Payment up to $500 per day for up to 10 days.
Benefits are paid from day 1 after stand down period exceeded.
Carer - 28 Days
Hospitalisation - 2 Days

Main Exclusions

Death, Terminal Illness, Disablement
  • Any medical conditions (including symptoms) for which customer received any medical advise or medical treatment in the 6 months immediately prior to start date of cover
  • Any cause or condition know in the 6 months immediately prior to start date of cover
  • Suicide, self-inflicted injury or illness, alcohol, drugs, any psychological or psychiatric illness or participating in a criminal act
  • War, terrorism, nuclear contamination, radiation or natural disaster
  • Professional sport, or racing (other than foot), parachuting or hang-gliding
  • HIV or any sexually transmitted diseases, pandemic or haemorrhagic fever
  • Aerial activity except as a ticket holding passenger on a scheduled fixed wing flight
  • Any back related condition unless there is clear radiological evidence preventing work
  • Normal effects of pregnancy and childbirth
  • Asbestosis or related diseases
Redundancy, Bankcruptcy, Business interruption or Suspension, Caregiver & Hospitalisation

Redundancy: Prior knowledge of the redundancy, voluntary redundancy or resignation.
Bankruptcy: Prior knowledge of impending bankruptcy or not in the same style of business for over 2 years, before the start date of cover.
Carer: Family is - marriage or de facto partner, children, brother, sister and parents.
Policy Ends: at the latest when the customer turns 70 years.

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