Tuesday, 12 July 2011


What is Cancer Insurance?

Cancer insurance is a type of supplemental insurance policy that helps to reduce the cost of cancer treatment. It is not designed to replace a traditional health insurance policy, but to compliment it by covering additional cancer expenses that may not be covered by one's current policy.

To be eligible for cancer insurance, you cannot have a pre-existing cancerous condition. For example, you cannot have been diagnosed withuterine cancer and then apply for a policy. In most cases, people who have previously been diagnosed and treated for cancer are ineligible for coverage, also.

Thursday, 23 June 2011


Non medical life insurance, sometimes referred to as no exam life insurance, can ease the pain of buying life insurance. When you apply for a life insurance policy it is important from the insurance companies point of view that you are in good health, or in fairly good health. They don't want applicants who have a deadly disease and know that they are going to die tomorrow. They don't want applicants who are about to have major surgery. 

Life insurance companies select the risks they take on very carefully. When young people apply for life insurance, in many cases they get their policies issued on a non medical basis. Non medical life insurance is a good thing for the life insurance company because it eliminates much of the expenses involved in issuing a thoroughly investigated life insurance policy.The insurance company knows that the vast majority of younger people, say under age 35, have very little medical history. They also know that a very low percentage are likely to die from some sort of illness. They are therefore prepared to issue to these young people, within certain limits, the non medical life insurance policies they apply for. Life insurance companies issue non medical life insurance to applicants at almost any age up to age 60. The older you are, however, the smaller amount they will consider without a medical examination.
The applicants for non medical life insurance need only complete a questionnaire informing the life insurance company about their medical history. Included are some questions about your family's medical history. These questions about family are asked because certain diseases are hereditary. If, for example, your father or mother had heart disease it is more than likely you will have heart disease later in life...unless you make a special effort to eat the things that will help prevent this from occurring, exercise and live a life that is conducive to good health. If your mother had breast cancer it is likely that you will at some point in your life develop breast cancer. Of course certain precautions can be taken. A doctor that specializes in that area will have to advise you on that.
If on completion of the non medical life insurance questionnaire there is any history that would indicate that you are likely to develop some serious illness in the near future the life insurance company will ask your personal physician, with your permission, for a medical report to make certain you don't have that illness at the present time. In some cases the insurance company may ask for a medical examination which may, or may not, include blood work. Many people discover they have serious illnesses upon completing an examination requested by a life insurance company. They may not get the life insurance but may discover a disease just in time to save their very lives.

Saturday, 4 June 2011

What is guaranteed issue life insurance?

Guaranteed issue life insurance, also known as guaranteed acceptance life insurance, is a life insurance policy that an insurer issues without the customary medical pre-screening. For some, guaranteed issue life insurance can be advantageous because it does not require a medical examination and asks few or no questions about your medical history. Guaranteed issue policies can insure nearly anyone, hence the name guaranteed issue, and are frequently purchased by those in high-risk occupations and in poor health.
Although guaranteed issue life insurance has several advantages, there are also a few disadvantages:

It's expensive

Small life insurance benefit

Death benefit clauses.

In addition to the above mentioned disadvantages, some policy premiums are expensive enough that after several years, the total amount of premiums paid is greater than the policy face amount. Many guaranteed issue policy premiums begin to out-pay themselves in about 10 years.
Before buying life insurance, guaranteed issue or any other type, be sure to shop around. No two insurance companies are alike and not all health conditions may prohibit you from buying life insurance. Keep in mind that life insurance companies rate health conditions differently and have unique underwriting criteria. Guaranteed issue life insurance may be more suitable for those who are unable to purchase life insurance after the medical screening
The death benefit on guaranteed issue policies may be subject to a clause that allows the insurer to refund the premiums paid, rather than pay the full death benefit, should the insured individual die within the first two to three years of policy purchase.
These policies typically feature small death benefits, the amount paid to beneficiaries when the insured individual dies.
With guaranteed issue life insurance, life insurance companies issue policies without evaluating your health. Rather than undergoing medical underwriting to determine rates, premium payments are usually based on age and gender and result in much higher premium rates.

Saturday, 28 May 2011


AA Insurance Limited
AA INSURANCE COMPANY  was launched in 1994 and is a joint venture between the New Zealand Automobile Association and Suncorp-Metway Limited.
AA Insurance has over 350 staff servicing 150,000 plus customers and manages almost 300,000 policies. Over half of those policies cover motor insurance risks including cars, bikes, caravans, and motor homes, and the remainder are house and contents insurance.

IAG New Zealand Limited
 (IAG NZ) is New Zealand’s largest general insurer. The head office is in Auckland, New Zealand, however there are offices throughout the New Zealand. IAG NZ is part of the larger Insurance Australia Group (IAG), which has its headquarters in Sydney, Australia and is Australasias largest general insurance group. IAG is an international general insurance group with operations in Australia, New Zealand, the United Kingdom and Asia.
In New Zealand, the majority of their products are offered under the State Insurance and NZI brands, however many of the major banks also resell IAG NZ insurance products.
State Insurance offers insurance cover for predominantly personal assets such as home and vehicle with coverage sold directly to the public through free phone numbers, their website or at our sales centres around the country.
 New Zealand Insurance was formed in 1859 and is one of New Zealand's largest and longest-serving fire and general insurance brands. In January 2003 Insurance Australia Group purchased NZI when acquiring Aviva's general insurance business. NZI focuses on providing products to the broker market.
In 2007 and 2008, NZI was named 'Insurer of the Year' by New Zealand's Broking community.
It is the title sponsor of the Wellington Sevens event in the IRB Sevens World Series for international rugby sevens teams and TVNZ business programme NZI Business.

Southern Cross Healthcare Group
SOUTHERN CROOS HEALTHCARE GROUP  is a collection of independent, health-oriented businesses founded on not-for-profit principles, and is New Zealand’s largest non-public healthcare organisation. The Group’s main areas of business include health insurance, private hospitals and travel insurance. 
Founded in 1961, the Southern Cross Health Society is New Zealand’s largest health insurer, with more than 840,000 members. It funds more than NZ$500m of healthcare services each year, mostly for elective surgical procedures. The Society is also a provider of corporate wellness programmes and injury management services.
Southern Cross Hospitals Limited, established in 1979, is New Zealand’s largest private hospital network, with 14 wholly owned and joint venture surgical facilities that deliver more than 60,000 elective surgical procedures annually. It is also a joint venture partner in New Zealand’s first private radiotherapy facility which opened in Auckland in 2008.
Southern Cross Travel Insurance, established in 1982, is a direct-to-consumer travel insurer that provides cover for around 200,000 travellers annually in both New Zealand and Australia.


Life insurance

Life insurance products sold in Australia include term life insurance, disability income insurance. Australian insurers are unusual in providing a lump sum Total and Permanent Disability insurance. Life insurers also sell superannuation investment products.

Life insurers

Some of the life insurance companies which operate in Australia are:
AMP Limited
Allianz Australia
In addition, life insurance is also sold by friendly societies and credit unions

General insurance

General insurance products sold in the Australian can roughly be divided into two classes:
Liability insurance such as Compulsory Third Party (CTP) motor insurance, worker's compensation, professional indemnity insurance and public liability insurance, business insurance;
Property insurance such as Home and Contents insurance, travel insurance, and comprehensive motor vehicle insurance
Certain types of insurance, such as CTP and worker's compensation, are statutory (i.e. are required by law), and can differ considerably by state.

General insurers

The three large general insurer groups are:
Insurance Australia Group (which includes NRMA, RACV, CGU, SGIO)
Suncorp (which includes AAMI, GIO, APIA, Just Car, Bingle)
QBE Insurance
Other insurers are:
Allianz Australia
Hollard Insurance (which includes Real Insurance,Guardian Insurance, Aussie, Australian Seniors)
Budget Direct (which includes Virgin Money, Australia Post)
Westfarmers (which includes Coles)
Calliden Insurance
Zurich Insurance
Youi Insurance
Progressive Direct