About Group Trauma Cover
- Provides peace of mind for employees and their families in the event of suffering from a trauma condition.
- Promotes employee loyalty and a positive workplace environment and culture.
- Skilled employees are attracted, motivated and retained by employers who provide insurance benefits.
- Premiums are usually lower than individual premium rates.
- Automatic acceptance for insurance cover up to the automatic acceptance limit for your plan. Generally, this means there is little or no individual medical underwriting.
Why your employees need it
The diagnosis of a serious illness is devastating in any circumstances but the burden on your employees and their families would be far greater if their financial security was also put at risk.
Cancer is the country’s single biggest cause of death. With 60 New Zealanders being told they have cancer each day, most of us will have some experience of it – either personally or through a relative or friend.
In addition, approximately 24 New Zealanders suffer a stroke every day, a quarter of who are under 65. Stroke is the major cause of serious adult disability in New Zealand.
There are an estimated 60,000 stroke survivors in New Zealand. Many are disabled and need significant daily support. However, stroke recovery can continue throughout life.
In many cases this involves a reduced working capacity and requires significant lifestyle changes and costs. A lump sum benefit can make a real difference in meeting these costs.
If you want to help your employees adjust to these changes and help meet these costs in the event of one of them suffering a critical illness, then Group Trauma Cover is an essential part of your offering to your employees.
This benefit provides a lump sum payment should one of your employees suffer one of a specified list of trauma conditions while they have cover under your scheme.
You choose the benefit amount, up to a maximum of $500,000.
Two types of Trauma Cover are available. Standard Cover provides cover for 12 conditions and Enhanced Cover provides cover for 42 conditions
(see full list below).
Cover can be attached to Life Cover (accelerated), or stand-alone.
Life Cover Reinstatement - Accelerated cover only
Following the payment of a trauma benefit (accelerated cover only), you have the opportunity to buy back the Life Cover amount paid 12 months after the date we pay the trauma benefit, or six months for some conditions.
Note: An additional premium will apply.
Trauma Benefit Reinstatement
Following the payment of a trauma benefit, you have the opportunity to buy back the Trauma Cover amount paid 12 months after the date we pay the trauma benefit.
Note: An additional premium will apply.
If a covered employee leaves the business, he or she may choose to continue their cover by taking up an individual trauma insurance policy, with the benefit of no medical underwriting. This option must be exercised before the employee is aged 65.
Note: An additional premium and conditions will apply.
Group Trauma Cover Conditions
Accidentally acquired HIV
Alzheimer’s disease / Dementia#
Benign brain tumour
Chronic liver failure
Chronic lung disease
Chronic renal (kidney) failure#
Coronary artery bypass surgery*
Heart attack (myocardial infarction)*#
Heart valve surgery*
Loss of independent existence
Loss of limbs and/or eyes
Loss of speech
Major head trauma
Major organ transplant#
Meningitis and/or meningococcal disease
Motor neurone disease#
Open heart surgery
Out of hospital cardiac arrest*
Primary pulmonary hypertension
Stroke (cerebrovascular accident)*#
* No cover for these conditions if diagnosed within three months of the date the employee’s cover starts.
# Standard cover only
Disclaimer: This is a convenient summary of the key points of this insurance policy. It is not, and is not intended to be, a policy document. Details of definitions, benefits, standard exclusions/limitations, terms and conditions are contained in the official policy document which is available from your financial adviser. You should read the policy document carefully to make sure you understand exactly what cover is provided under each benefit. This document does not provide a personalised financial advice service.