What are the different types of insurance?


When it comes to insurance, there are so many different types of cover that it can be difficult to know which cover, policy, and provider is right for you. Taking out insurance is something that most of us don’t like to think about, yet is incredibly important to ensure we have the right level of cover, should the worst happen.

So let’s break it down…. Here are the most common types of insurance that we deal with here at Insurance Market.

Income Protection and Mortgage Repayment Cover: this is a type of cover that is strongly advised by the banks when taking out a mortgage. It’s a monthly payment that covers your mortgage repayments or income, should you be unable to work due to sickness or injury. It’s important to always check you have the right level of cover each time you re-fix your mortgage to a new rate, or you might not be fully covered.

Health Insurance: this covers you for hospitalisation and surgery, as well as tests and scans to determine any health issues. There are also options to extend your policy to cover more common health concerns, see a specialist, have dental work done, or see the optometrist.

Trauma Cover: this provides a lump sum payment in the event you are impacted by a selected range of serious health conditions. It can help you with bills during treatment or recovery. 

Total and Permanent Disability Cover: this is paid out as a lump sum amount, should you become permanently disabled and unable to work. 

Life Insurance: this pays out a lump sum to your family in the unfortunate event that you are no longer there to provide for them. 

As well as these types of cover, there are also a number of add-ons for each policy which make them more in-depth to their level of cover. There really isn’t a "one size fits all” insurance policy, so we recommend sitting down with our insurance advisor, Allanah, and she will help you work out a plan that meets your current needs, budget and lifestyle. 

Give our local Central Otago insurance advisor, Allanah, a call today on 021 974 853