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Statistics and stories explain trauma insurance

As we head towards the end of 2022’s first quarter we’re pleased to share some more interesting and encouraging numbers than those we’re seeing in the news.

Impressive payments on claims

In 2021, 92,000 New Zealanders purchased life insurance, bringing the number of policies to 4.2 million. That’s according to a data snapshot by the Financial Services Council (FSC). The Council also found that in the last quarter of 2021, over $307 million in claims were paid by New Zealand Insurers and 96% of claims submitted were paid.

The Council noted that people and their advisers were actively considering how needs were changing over the period of COVID. Also, Trauma covers gained more focus than permanent disability products.

There apparently seemed to be a growing number of organisations taking on employee benefit covers for staff during 2021. This was to help employers to avoid the ‘great resignation’ seen across the world.

At Imak Advice, we have certainly noticed an increase in clients looking at Trauma cover, medical insurance and employee benefits for their staff. We’re hearing it makes a huge difference.

Trauma cover simply makes sense

Unfortunately, we’ve heard many reports from clients telling me how scheduled procedures were postponed over the past two years. This is where the right cover is a game-changer.

Medical insurance makes sense for two compelling reasons.

1. Access to treatment. You can book into a private hospital with your medical specialist and know when you will be treated.

2. Funding. You can have confidence the treatment you have booked will be paid for.

We also know that when you need medical treatment, the faster you get care, the better off you’ll be. Knee operations are an example. I’ve had many friends who have endured long waits in the public system. Often, by the time their treatment is confirmed months or years later, their hips and backs have since been affected.

Our public system is very good for acute needs or emergencies, but they are burdened by degenerative conditions that occur as we get older. This pressure is not going to stop any time soon. We’re living longer, which means there will be more of us with medical needs waiting for attention.

Trauma is something that we always hope won’t happen to us. However, as we write this, there are five Trauma claims that Imak Advisers are helping with this week alone. And there are probably more. In each case, we’re working with our clients to make sure they get paid.

Trauma insurance is a life-changing cover

GM Darryl Scott says, “Gosh, I remember my reaction several years ago when the product first launched. I scoffed and considered it was probably another way for an insurer to make money. However, I’ve had a complete change of mind now I’ve seen how it works. It’s one of the most claimed products I’ve known, along with medical insurance. It’s worth every cent, in my opinion.”

If you would like to see what happens when you need insurance and have it, it’s worth taking a few moments to watch this story from Natalie.

We are moved when clients tell us that at least some of their financial concerns had been taken care of at a horrible time of illness. It’s clear that being relieved of some of that stress can support recovery too.

If you’re wondering about medical insurance and would like some explanations, advice or a range of pricing, you can call us for help. You can also find independent guidance here.

Likewise, if you would like to understand how Trauma cover may be helpful for you or your family and get an idea of what that may cost, let us know.