Cover Conversion Option
Allows you to apply to convert your Monthly Disability Cover to another policy if your circumstances change.
Monthly Disability Cover
Insurance that pays you a monthly amount in the event you or one of your key people are unable to work as a result of illness or injury.
Monthly Disability Cover can be standard or variable
Standard Cover
With standard cover, the monthly benefit will be based on a standard agreed amount for the duration of the benefit period. Any partial payment would be based on the standard agreed monthly amount.
Variable cover
With variable cover, the monthly benefit can vary from month to month, based on the needs of your business. Any partial payment under variable cover would be based on the sum assured for the particular month you are claiming for.
Benefits
Monthly Disability Cover provides several benefits that are built into the cover as well as some options you can choose to add at an additional cost. This makes it easy to tailor your Monthly Disability Cover to suit your needs and budget.
Built-in benefits
Total Disability Benefit
A monthly payment if you’re totally disabled and are unable to work.
Suspension of Cover
You can apply to put your cover on hold if your policy has been in force for at least 12 months.
Vocational Retraining & Rehabilitation Benefit
Cover for costs of vocational retraining or rehabilitation that we think will help you recover from your total or partial disability.
Partial Disability Benefit
A monthly payment if you are only able to work in a reduced capacity due to illness or injury.
Special Care Benefit
A monthly payment if you become totally disabled and require fulltime care at home.
Recurrent Disability Benefit
Waiver of your waiting period if your disability returns within 12 months of going off claim.
Optional benefits
Seasonal Adjustment Benefit
An optional increase in cover by 25% for a 3-month period.
Business Increase Option
Allows you to increase the Monthly Disability sum insured without further assessment of health if there's a justified need to increase your cover.
Farm Consultancy Benefit
A monthly payment of $750 for specialist farming assistance if you become totally or partially disabled.
Seasonal Adjustment Benefit and Farm Consultancy Benefit are only available to Farmers and those working in the Agriculture industry.
FAQs
- Intentional self-harm including attempted suicide
- Taking part in a criminal activity
- Pregnancy or complications resulting from pregnancy, unless the disability lasts more than 90 days after the pregnancy
- Not following the advice and treatment of, or under the regular care of, a medical practitioner.
Where this cover is taken out for the purpose of business overheads, we would cover your regular day-to-day expenses incurred in the normal operations of the business, which include, but aren’t limited to:
- costs of electricity, gas, water, heating, internet, telephone, laundry and cleaning and security contract costs
- property rates
- motor vehicle registration and warrant of fitness for motor vehicles used in your business
- professional subscriptions
- business insurance premiums including key person, fire and general and professional indemnity insurance premiums, accounting and audit fees
- advertising costs
- rent (including building operating expenses)
- capital repayments towards an identifiable business asset, such as plant, equipment, machinery or vehicles
- interest directly related to business loans
- the gross amount of salaries and related costs for your employees who do not generate income.
Other business insurance income as a result of the same disability will be offset.
Mandatory cover required to access: Premium Cover
Occupation classes: 1-4
Your occupation class is determined by the work you do. Your financial adviser will be able to help you work out what occupation class will apply to you.
Is Assurance Extra Business for me?
Is Assurance Extra Business for me?
Find the right cover
To make sure you choose the right cover for your needs, you'll need the help of a qualified Financial Adviser. We can connect you with an Adviser near you.
Leave your details and someone will give you a call for a quick, no-obligation chat about your personal insurance needs.
Other Cover options
Your insurance is underwritten by Chubb Life Insurance New Zealand Limited (Chubb Life). Chubb Life has an A (Excellent) financial strength rating given by A.M. Best Company Inc. A summary of the rating scale is: A++, A+ Superior | A, A- Excellent | B++, B+ Good | B, B- Fair | C++, C+ Marginal | C, C- Weak | D Poor | E Under Regulatory Supervision | F In Liquidation | S Suspended. For the full rating scale and more rating information visit www.ambest.com/ratings/guide.pdf