Why do you need Recovery Insurance?

Suffering a serious sickness or injury can have a devastating effect on you and your family.

Fortunately, as medical technologies advance and treatments improve, if you get sick or seriously injured, your likelihood of recovering is better than ever. And when you’re concentrating on getting better, the last thing you want to worry about is how you’ll cope financially.

If you were diagnosed with cancer today, what would you need to do, what would you want to do and how would you fund these things?

Recovery Insurance provides you with a cash lump sum allowing you to take care of the things that are really important to you and can assist your physical recovery. It gives you choices, and can be used for things like medical costs, travel expenses, childcare, in-home care, lost revenue, funding a change in lifestyle or early retirement, or event to top up Income Security Insurance.

Recovery Insurance Benefit

Provides a lump sum payment on diagnosis of over 45 specified serious medical conditions.


Partial Benefit

We can also pay a portion of your sum insured if you suffer an early diagnosis of certain medical conditions.

Mum holding childs hand

Recovery Insurance Children's Benefit

Children of the insured person are now covered for up to $100,000. This cover is provided at no additional cost and does not require you to complete an application form. All children of the insured person are automatically covered. Children’s cover has been extended. Children of the insured person are now covered from 3 months to 21 years old. Your Children’s cover conversion benefit has been enhanced. Children can take their own PLP Recovery Insurance policy, up to $100,000, when they turn 21. No medical evidence will be required.

Special Events Increase Benefits

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

  • 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.

Non Qualifying Death Benefit

Provides a payment up to $15,000 of the Recovery Insurance sum insured upon death or terminal illness if you do not have a Life Insurance policy in place, and not otherwise entitled to claim under your Recovery Insurance cover.

Accelerated or Standalone Cover

You can choose to have your Recovery Insurance standalone or attached to your Life Insurance. If you select the latter option (known as accelerated cover), any payment made under this benefit, with the exception of the children’s benefit, will reduce your Life Insurance sum insured.


Life Insurance Buyback Benefit - Accelerated Cover Only

If you have selected accelerated Recovery Insurance, a built-in Life Insurance buyback benefit is automatically included. This allows you to apply to reinstate your Life Insurance cover up to an amount equal to the Recovery Insurance payment, 12 months following this payment, irrespective of your state of health at the time.

Recovery Insurance Buyback Option - Accelerated Cover Only

If you have selected accelerated Recovery Insurance, you can also select the Recovery Insurance buyback option. This allows you to reinstate the amount of your Recovery Insurance sum insured 12 months after a claim, irrespective of your state of health at the time. An additional premium applies to this option. 


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 Recovery Insurance Summary Sheet. 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.

This webpage is intended as an information guide only and does not form part of the policy document or any contract with MAS. This webpage does not take into account your own personal financial situation or goals. If you would like more detailed financial advice we can get one of our advisors to contact you. Normal underwriting criteria apply for all insurance products. Special conditions and/or excesses may apply to the situations that meets your specific needs.