Why do you need Life Insurance?

Imagine your family after your death - what do their lives look like?

  • Your home: Is there a mortgage, and who will pay it?
  • Your children: What was your vision for your children's future, and what does it look like now?
  • Your income: If you were the major income provider, where does that income come from now?
  • The future: Because your family's future plans have now changed, are their choices limited?

The good news is that you can influence these outcomes.

Life Insurance helps give your family the financial freedom to be able to make the choices you intended and move on with their lives.

Special Events Increase Benefit

Major life events often mean you need to increase your Life Insurance. In the following circumstances you can purchase additional cover, irrespective of your state of health:

  • Marriage
  • Divorce
  • Having a child (by birth or adoption)
  • Becoming a full-time carer for the first time
  • Death of your spouse
  • Effecting or increasing your mortgage
  • Entering private practice or becoming a partner or director in a company for the first time.

Terminal Illness Benefit

If you are diagnosed as terminally ill with less than 12 months to live, a maximum of $1,000,000 of your life insurance can be paid early.

Advanced Assistance Benefit

There are many expenses immediately incurred upon death. Our Life Insurance cover can pay up to $15,000 immediately, in advance of the sum insured, upon written notification of death.

Future Life Insurance Option

Your health can change as you age. By selecting this option, you can purchase additional Life Insurance cover every three years prior to your 55th birthday irrespective of your state of health at the time - protecting your ability to get cover in the future. (Terms and conditions apply to this optional benefit).

What happens while we process your application?

The MAS PLP Interim cover is insurance we offer policy owners for up to 60 days while we assess an application for Life InsuranceRecovery Insurance, or Total and Permanent Disablement Insurance.

Interim cover is available on the following terms: 

1. We will pay the policy owner an interim cover benefit if the person to be insured suffers an injury caused by violent, accidental, external, and visible means.

2. The interim cover benefit is the amount of cover you applied for in your application form, up to a maximum of:

  • $500,000 for applications for Life Insurance.
  • $150,000 for applications for Recovery Insurance.
  • $150,000 for applications for TPD.

3. There is no interim cover where:

  • the application is to replace an existing MAS policy for the same sum insured; or the person to be insured has previously had an insurance application refused or postponed or been offered non-standard terms by an insurer or where they have previously claimed under a disability policy with any insurer; or
  • the application is not accompanied by a payment method for future premiums which has been approved by MAS; or
  • we believe the application would have been deferred or accepted with special terms (e.g. loadings, exclusions or reduced benefit terms) once the underwriting assessment had been completed; or
  • is outside our then current underwriting criteria/guidelines.

4. An interim cover benefit will not be payable in respect of a claim arising as a direct or indirect result of any of the following:

  • a self-inflicted act of the person to be insured; or
  • participation in a criminal activity by the person to be insured; or
  • bodily injury to the person to be insured which occurred before the date of the application, or
  • the deliberate taking or using of non-prescription drugs, or any intoxicating substance including alcohol which renders the person to be insured incapable of normal personal care.

5. Interim cover ends, without notice, on the earliest of the following:

  • 60 days after the application was received by MAS; or
  • the policy commencement date; or
  • the risk commencement date of a cover applied for; or
  • the date the policy owner withdraws the application for cover; or
  • the date MAS declines to accept the cover; or
  • the date a claim payment is made for one of the proposed benefits.

Man in blue sweater holding a phone

Next Steps

For more information read our Life Insurance summary document. The next step is to meet with a MAS adviser who will conduct a free financial review. MAS advisers are happy to meet when and where it suits to fit into your busy schedule. 

They can meet in person, via SkypeMicrosoft Teams, or simply by phone, at a time that works for you. If you want to organise an online or phone conversation with a MAS adviser, please email info@mas.co.nz or fill in our contact form.

Recent MAS Life Insurance Claims

Life Insurance is important for people of all ages, as a wide range of unexpected events can and do occur. The following is a sample of Life Insurance claims paid by MAS between 2007 and 2015.

Age at Death Cause of Death Sum Insured
30 Bowel Cancer $50,000
41 Melanoma $290,000
53 Leukaemia $426,100
56 Car Accident $400,000
41 Bowel Cancer $562,900
59 Prostate Cancer $262,000
53 Brain Tumour $111,600
49 Heart Attack $100,000
52 Oral Cancer $692,600
46 Breast Cancer $253,600
49 Lung Cancer $900,000
52 Ovarian Cancer $250,000
64 Heart Attack $100,000
52 Skin Cancer $2,100,000