Becoming permanently disabled would be devastating. You would feel the impact in every area of your life. You may even need to make adjustments to where you live, or re-assess your partner’s ability to work while caring for you. But it doesn’t need to have a major impact on the financial stability of you and your family.
Permanent disability insurance can provide a lump sum payment in the event that you become totally and permanently disabled. This gives you the flexibility to reduce debt or pay for the things you’ll need for a better quality of life.
New Zealand disability stats
- 92,700 adults (3% of the adult population in NZ) have a disability that requires a high level of support. 1
- Disease or illness is the most common cause of disability in adults, followed by accidents or injuries.1
- The most common type of accident or injury causing disability is one that occurs at work.1
Who claims for permanent disability insurance?
- The most common causes of claims for Permanent Disability Cover are cardiac conditions, back injuries and neurological disorders.2
- The average age of a claimant on a Permanent Disability Cover policy is 43. 2
- The largest claim made on a Permanent Disability Cover policy is for $331,453 for a subarachnoid haemorrhage (bleeding into the brain) in 1999. 2
How would you cope?
The following table shows the current Invalid’s Benefit rates as at 1 October 2010. Could you afford to live on this?3
| Single, 18+ years
|| $242.63 |
| Married, civil union or de facto couple (with or without children)
For examples of how permanent disability insurance has helped real people, read our life insurance case studies >>
Source: 1 Statistics New Zealand, 2006 Disability Survey (latest available), 2 TOWER Health & Life claims information as at Dec 2009. 3 The Invalid’s Benefit is a weekly payment which helps people who are severly limited in how much work they can do because they have an ongoing sickness, injury or disability. The net rates are after tax at ‘M’. Work and Income NZ.