Term Life Insurance. Love them always

Transcription

1 Term Life Insurance Love them always

2 Just for a moment, think the unthinkable. If the worst should happen and you die, would your family survive financially? How would the mortgage or their everyday living expenses such as food, power and phone bills be paid? Who would look after the people who depend on you? It s a lot to think about, but we can lighten the load. If you are under 70, Term Life Insurance, underwritten by Cigna Life Insurance NZ Ltd, is the best way to protect your family s financial future. You ll ensure your loved ones needs are taken care of, even after you can no longer provide for them. Cover is inexpensive, easy to arrange and once your application has been accepted, you are covered immediately.

3 What can you expect from Term Life Insurance? Easy, low cost premiums Term Life Insurance is affordable. And if you don t smoke, and haven t done so for 12 or more consecutive months prior to your application, you qualify for the lower nonsmoker premiums. These discounts are available to both men and women. Hassle free renewal Once your application has been accepted, your cover will renew each year, until the maximum age of 100 years old inclusive, providing all premium payments are met. Cover for terminal illness If you are diagnosed with a terminal illness as defined in the policy wording, you could be paid up to 100% of your cover in advance. The diagnosis must be confirmed by two qualified unaffiliated medical practitioners. A cover option to suit you There are two cover options to suit your budget Stepped Cover and Level Cover. Stepped Cover Premiums are adjusted each year to reflect your age. This means that you pay less premiums now while your mortgage repayments and family commitments may be higher, and premiums increase with your age. Level Cover Premiums stay the same throughout the life of your policy. This option could save you money in the long term and is great for budgeting. If you keep your cover level the same, you could be paying the same premium in 20 years that you pay now. There are various choices for the length of time you can take Level Cover out for, and we recommend that you call the TSB Cigna Insurance Helpline free on , or visit your nearest TSB.

4 Help in a time of crisis Crisis Cover To complement your Term Life Insurance you can choose to extend your protection with Crisis Cover, because when you re battling a major illness or trauma, insurance dramas are the last thing you need. It s an unpleasant fact that during the recovery period, some people may not be able to work, and recuperation costs can prove expensive. Crisis Cover can provide a lump sum payment to relieve financial pressures if you face one of the serious conditions listed below: Cancer Heart Attack Coronary Artery Disease requiring Bypass Surgery Stroke Total and Permanent Disablement. Crisis Cover can protect you against the financial impact that follows major illness and trauma, not just associated medical costs. The payment could assist with everyday expenses, debt reduction or even help pay for a holiday to recover the choice is yours. One convenient policy Adding Crisis Cover to your Term Life Insurance cover is more convenient and economical than having two separate policies. It also means that while there is an additional premium for Crisis Cover, there is no additional application form to complete. Should you be paid a benefit in respect of your Crisis Cover, the amount for which you were originally insured under your Term Life Insurance policy will automatically decrease by your Crisis Cover payment, so we can provide you with the lowest possible premiums. Your Crisis Cover benefit is guaranteed to renew each year until the policy anniversary prior to your 65th birthday. You must be under 60 years of age to apply for this benefit.

5 Extra benefits Whether you choose just Term Life Insurance, or take out Crisis Cover as well, there are certain benefits that come as standard. Protection against the rising costs of living To keep up with the rising cost of living, each year your cover will be automatically adjusted to meet inflation (up to a maximum of 10% each year). You can decline this option and have your cover remain at the same level. After you have declined this offer three times, no more adjustments will be offered. 30 day free look period Once you receive your policy you ll have 30 days to ensure it meets your expectations. If it doesn t, simply return the policy to Cigna. Your cover will be cancelled, and any premiums paid will be refunded. Please make sure you carefully check the policy wording document for important conditions and exclusions. Cigna has an A (Excellent) financial strength rating which was given by A.M. Best Company Inc. The rating scale is: Secure A++, A+ (Superior) Vulnerable B, B- (Fair) A, A- (Excellent) C++, C+ (Marginal) B++, B+ (Good) C, C- (Weak) D (Poor) E (Under Regulatory Supervision) F (In Liquidation) S (Suspended)

6 Cover for your partner For extra protection, you can cover your spouse or partner, provided they are aged under 70 for Term Life Insurance, and under 60 for Crisis Cover. With Term Life Insurance, they are entitled to the same benefits and competitive premiums. The application form has plenty of space for your partner to fill in their details to apply for cover. Joint policies receive a 5% policy discount each year. Application is easy Insuring with us is easy and convenient. To help you decide which level of cover will suit you, there is a handy Life Cover Calculator on the right. If you prefer a personal premium quote or to find out more, call the TSB Cigna Insurance Helpline free on ,or visit your nearest TSB.

7 Life Cover Calculator This calculator will help you work out your Term Life Insurance needs: Expenditure What ongoing monthly expenditure will your dependants require if you die? Include rent, mortgage payments, groceries, rates, transport, power, phone, clothing, education, medical, dental, childcare, entertainment etc Now multiply this by 12 for your annual family requirements For how many years will this income be required? Multiply Total 2 by the number of years to give you the Life Cover required to provide an income for your dependants Total Total 1: Total 2: No. of years (1-30): Total 3: Cashable Assets What sources of cash would your dependants receive if you died? Include life insurance/s, savings, shares, term deposits, investments etc Total 4: Current Liabilities What would your dependants immediate cash needs be, should you die? Eg. Funeral expenses What is the total value of your outstanding liabilities? This includes mortgages, hire purchases, credit cards, overdraft and other outstanding debts Your Total Liabilities (Add Totals 5 + 6) Total 5: Total 6: Total 7: Now let s work out your total Life Cover requirements. To calculate, add together Total 3 + Total 7. From this, subtract Total 4 and place final amount in box below. Term Life Insurance Cover Required Total:

8 Term Life Insurance is arranged by TSB and is underwritten by Cigna Life Insurance NZ Limited ( Cigna ), PO Box 24031, Wellington. A full copy of the Terms and Conditions are included in the Policy Wording which is available on request. TSB receives a commission from the sale of insurance policies sold on behalf of Cigna Life Insurance NZ Ltd. All information contained in this brochure is accurate at March TSB does not guarantee or underwrite this insurance product marketed on behalf of Cigna and is not liable if the insurer declines to pay a claim. GC /18 CIG819 The information in this brochure is of a general nature only. If you would like advice which takes account of your particular financial situation or goals, please call the TSB Cigna Insurance Helpline free on , or contact TSB directly. You may request from Cigna at any time financial information about Cigna. Also available on request is a description of Cigna s procedures for handling enquiries and complaints and your rights under free resolution services provided by the Insurance and Savings Ombudsman.