AIM Financial Services

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Insurance

How Much Cover Do You Need?

Disablement Curve

The Disablement Process:

Health Insurance – You need hospital treatment

The Risk

You need to have hospital treatment. A major health problem can put your life on hold. To get back to living you need to avoid waiting lists and get quality advice and treatment quickly.

Key Question

What would happen if you faced a serious health problem? If you’d want to be able to get the treatment you need, at a time and place of your choice, then health insurance is the way to go.

The Solution

A good health insurance policy will pay for 100% of the costs of private hospital treatment. It will also cover major diagnostic tests like MRI and CT Scans.

Income Protection – You are too sick to work

The Risk

You are too sick to work. Along with your health, your ability to earn is probably the biggest asset you have. In the event of an accident ACC might pay, however in the event of sickness there is no ACC available.

Key Question

What would you do if a serious illness or accident stopped you from working for the next couple of years – or longer? How long would you last if you were unable to work, and who would this affect?

The Solution

Income protection provides you with a monthly benefit that replaces a percentage of your income, so you can keep on top of debt and living costs. A mortgage repayment policy is an alternative which simply covers your ongoing mortgage repayments.

Trauma Insurance – You suffer a major health condition

The Risk

You suffer a major health condition. These conditions (like serious cancer, heart disease & stroke) can be sudden and will certainly have a huge impact on the way you live, for example requiring time off work and readjustment costs.

Key Question

If you suffered a trauma condition what would the financial impact be – and how would you and your family cope?

The Solution

Trauma insurance pays a lump sum if you suffer a condition covered by the policy. A good trauma policy will cover over 30 major health conditions, with most claims coming form “the big three” (serious cancer, heart disease & stroke).

Total and Permanent Disablement – You are unable to ever work again

The Risk

You’re unable to ever work again. The impact of this on you and your family would be life changing, with loss of income affecting the ability to pay for living costs, mortgage payments etc.

Key Question

If you were permanently unable to work, what would the financial impact be – and how would you and your family cope?

The Solution

Total & Permanent Disablement (TPD) Insurance pays a lump sum in the event that you’re unable to ever work again – totally and permanently disabled.

 

Life Insurance – You die (or are terminally ill)

The Risk

You die (or are terminally ill). Financially this could be disastrous for those you leave behind.
Key Question

If you were to suddenly die, what would the financial impact be on loved ones? Would they be able to cope with responsibilities like debt repayment and living costs?
The Solution

Life insurance pays a lump sum in the event that you die (or become terminally ill).

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