Insurance
Life insurance
If you have people who depend on you, life insurance will provide financial protection for them at a time when it is most needed. The problem is that for most of us, we don't know when that time may arise.
Life insurance can help insure that any indebtedness such as a mortgage is paid off, and immediate costs such as funeral and travel arrangements are also taken care of. It can also provide a financial base to support an ongoing income to meet the needs of your surviving partner and stabilize the furture plans for your dependent children.
If you have any of the following, you are likely to require life insurance
- Mortgage Repayment - a roof over their head doesn't necessarily mean they're covered. The right insurance does.
- Raising Children - a loss of income can place huge financial stress on a family. Life insurance will pay for their ongoing education, coaching and living expenses.
- Day to day Living Costs - credit card debt and personal loans won't just vanish. Life insurance will help to pay off your debts.
- Funeral costs - ranging from $3,300 to $15,000, many families experience unwanted stress finding money for funeral expenses. A life policy will alleviate the impact of funeral costs on your family.
Health insurance
Health insurance gives you greater choice and more immediate attention when you need hospital care or an operation, because the insurance company offer the most complete 'major medical' policies in New Zealand. While the New Zealand public health system looks after urgent problems, treatment for non-urgent medical conditions can involve a long, uncomfortable wait - that's why you need health insurance.
Cost guide for non-urgent surgery
This chart shows the estimated cost of surgical treatment for a range of common non-urgent health problems.
Children under 6 years
| Conditions | Procedure | Estimated Cost* |
| Ear infections | Grommets | $2,200 - $2,500 |
| Ongoing throat infections | Adenoid / tonsil removal | $3,000 - $3,600 |
| Ongoing throat infections | Adenoid only removal | $1,800 - $2,200 |
| Hernia | Hernia repairs | $4,500 - $6,000 |
Older children
| Conditions | Procedure | Estimated Cost* |
| Ongoing throat infections | Tonsil removal | $2,500 - $3,000 |
| Breathing difficulty | Septoplasty | $3,200 - $4,000 |
| Digestive problems | Gastroscopy | $1,200 - $1,400 |
Adults
| Conditions | Procedure | Estimated Cost* |
| Eye surgery | Cataract removal | $2,600 - $3,000 (one eye) |
| Bowel problems | Colonoscopy | $1,200 - $2,500 |
| Heart check | Angiogram | $3,000 - $3,200 |
| Breast cancer | Mastectomy without reconstruction | $7,000 - $10,000 |
| Heart disease | Cardiac bypass | $40,000 - $50,000 |
| Heart valve disease | Valve replacement | $45,000 - $65,000 |
| Coronary artery surgery without stents | Angioplasty | $14,000 - $18,000 |
| Coronary artery surgery with stents | Angioplasty | $26,000 - $28,000 |
| Osteoarthritis in hips | Hip replacement | $28,000 - $29,000 |
| Osteoarthritis in knees | Knee replacement | $24,000 - $26,000 |
| Prostate cancer | Prostate brachytherapy | $24,000 - $26,000 |
Limitations of the public health system
New Zealand was one of the first countries in the world to provide universal health care. The New Zealand Government began funding hospitals in 1938. The public health system endeavours to look after people as best it can, but it has limitations.
Emergency care comes first
- While New Zealand residents have no difficulty accessing emergency (urgent) care, there are often long queues for a variety of elective (non-urgent) procedures. In contrast, there are generally no waiting lists for surgery in private hospitals.
Startling statistics
- New Zealand residents have the highest levels of anxiety about health care of any OECD country surveyed: 42% of New Zealanders feared they wouldn't be able to afford medical care in the event of illness, 38% worried they would be forced to wait too long for non-emergency care, and 38% believed they wouldn't get advanced care if they became seriously ill.1
- In May 2005, nearly 28,000 people were waiting for elective surgery; almost 8,000 of them had been waiting for longer than six months.2
- Health insurers pay for around 72% of surgery performed in private hospitals. They reimburse for the actual costs of health care services charged by the market.3
(cited from sovereign)
Travel insurance
Travelling without travel insurance is a risk. Unexpected illness and accidents can happen to anyone, and when you are travelling overseas medical treatment or hospitalisation can quickly become very expensive. There's also the risk of flight cancellations, missed connections and lost luggage.
With Travel insurance you can relax and enjoy your overseas holiday, knowing that you have someone to turn to if things go wrong.
Key travel insurance benefits
- 24 hour emergency assistance
- Overseas hospitalisation expenses
- Medical evacuation back to New Zealand
- GP and prescription expenses
- Travel cancellation, delays & missed connections
- Cover for lost, stolen or damaged personal items
- Cover for lost or stolen passports & other important travel documents
- Travel companion expenses if hospitalised or evacuated
- Lump sum personal accident cover
- Personal liability cover
- Rental car excess cover
- Loss of income cover
- Medical & evacuation expenses due to terrorism
International student travel insurance
All international students are required to have health and travel insurance while studying in New Zealand.
Are you eligible?
Before you can apply for International Student Insurance, you must have a current New Zealand Student Visa.
What are you covered for?
International Student Insurance covers evacuation and repatriation; cancellation and changes to a planned journey; personal accident; personal liability; rental car excess; and money and travel documents.
When the unexpected happens...
- The insurance company will pay 100% of your qualifying medical costs in New Zealand, with no excess.
- Emergency dental treatment is covered.
- refund your fees if you can't finish your studies due to an unexpected event (but not due to the financial collapse of your school).
- provide travel insurance cover for you while travelling between your home country and New Zealand for up to 31 days.
- cover you for travel to Australia or the South Pacific for up to 31 days.
- Provided your cover is continuous, we cover for claimed conditions (with the exception of chronic conditions) when you renew your International Student Insurance.