What does this benefit cover?
Personal risk insurances are especially valuable if you rely on your income to meet your financial obligations each month, or have loved ones that rely on you to help provide for them.
As a permanent employee of Ballance you are eligible for these benefits from the first day of your employment, simply by turning up for work on your first day fit and able to perform your duties.
Life Insurance pays a lump sum, equal to 3 times your salary, to your family if you die or diagnosed as terminally ill. The insurer automatically accept cover up to $1,000,000.
This will certainly help those you leave behind, but may not be enough to provide for the futures of your spouse or dependents. These benefits are not intended to be a full financial solution for you, but a starting point to help you when things turn to custard. See here for details of how you can seek personalised information.
The Life benefit ceases at age 70.
Critical Illness Benefit pays a lump sum of $20,000 if you were to be diagnosed with a critical illness – like Cancer, Heart disease, or Stroke. This could help you through some tough times when you really do not want to be worrying about how you might pay your bills. It might even help recuperation or rehabilitation costs. It is important to note that when paid, the value of your Life Insurance policy with Ballance reduces by the same amount. The Critical Illness benefit payment is considered a partial, advanced, payment of your Life Insurance benefit.
This benefit ceases at age 65.
Income Protection pays a replacement income should you be off work for a prolonged period as a result of sickness or injury. This can help pay your mortgage payments, or rent commitments because the bank or your landlord would not care too much about the circumstances of your inability to meet your monthly commitments! The Income benefit pays up to 75% of your income, and has a 90 day stand down period and is a two year benefit with effect from March 1st 2022. The benefit/policy ceases at age 65.
Any cover beyond $11,000 per month will need to medically assessed by the insurer, but up to this amount cover is automatically accepted.
During March 2022, employees will have the chance to increase this to a 5-year benefit period without medical underwriting.