Stop-Gap Redundancy and Life Insurance
We insure our house, our car - but what about our most valuable asset: ourselves and our ability to earn?
If you were made redundant, how long could you and your family survive financially?
Do you have enough set aside for your rent or mortgage, food, petrol, power, hire purchases?
The bills keep on coming and somehow need to be paid, even if you are not working or you pass away - so it makes sense to protect your family's lifestyle with DorchesterLife's Stop-Gap Insurance.
Stop-Gap Insurance is designed for employees aged between 18 to 59 years of age.
Whilst it may not be replacing your full income, it will help keep you going for up to 120 days so you can get back on your feet again - it's a 'Stop-Gap'.
What is covered by DorchesterLife Stop-Gap Insurance:
- Redundancy: Pays the monthly benefit (as outlined below) for up to 120 days if you were with your employer for at least 12 months (or up to 60 days if you were with your employer for less than 12 months).
- Bankruptcy: Pays 3 times the monthly benefit (as outlined below) as a lump sum payment if you are declared bankrupt.
- Death: The policy pays the life cover (as outlined below) in the event of your death during the term of the policy. Life insurance claims will be reduced by any Redundancy benefit payments made during the same policy year.
Stop-Gap offers an easy to understand policy - it's guaranteed acceptance and there are no complicated forms to fill in!
Choose a Monthly Benefit and Level of Life Cover:
|
Monthly Benefit:
|
$500
|
$1,000
|
$1,500
|
$2,000
|
|
Life Cover:
|
Age at
Commencement: |
Monthly Premium: |
|
$10,000
|
18-39 |
$16.20 |
$24.20 |
$31.20 |
$39.20 |
| 40-44 |
$18.70 |
$26.70 |
$33.70 |
$41.70 |
| 45-49 |
$21.50 |
$29.50 |
$36.50 |
$44.50 |
| 50-54 |
$25.70 |
$33.70 |
$40.70 |
$48.70 |
| 55-59 |
$32.70 |
$40.70 |
$47.70 |
$55.70 |
|
$30,000
|
18-39 |
$25.70 |
$33.70 |
$40.70 |
$48.70 |
| 40-44 |
$27.10 |
$35.10 |
$42.10 |
$50.10 |
| 45-49 |
$34.10 |
$42.10 |
$49.10 |
$57.10 |
| 50-54 |
$45.30 |
$53.30 |
$60.30 |
$68.30 |
| 55-59 |
$69.10 |
$77.10 |
$84.10 |
$92.10 |
|
$50,000
|
18-39 |
$31.30 |
$39.30 |
$46.30 |
$54.30 |
| 40-44 |
$35.50 |
$43.50 |
$50.50 |
$58.50 |
| 45-49 |
$45.30 |
$53.30 |
$60.30 |
$68.30 |
| 50-54 |
$66.30 |
$74.30 |
$81.30 |
$89.30 |
| 55-59 |
$105.50 |
$113.50 |
$120.50 |
$128.50 |
Qualify for a 10% discount simply by paying your premium annually in advance.
Of course, there are some exclusions, for example:
- Redundancy occurring within the first 60 days of issuance of the policy
- Death from any pre-existing illness or condition, or death by suicide
- Refer to the Policy document for full details of exclusions, terms and conditions.
Things You Need To Know:
- Acceptance is guaranteed.
- Age at commencement of this policy is between 18 and 59 years of age.
- No benefit will be payable for any event occurring while you are outside New Zealand.
- There is a 7-day stand-down period from the effective date of official redundancy.
- Redundancy cover applies to permanent, full-time employees working a minimum of 35 hours per week.
- Premiums will increase as you get older, and may also vary in response to rates of unemployment in New Zealand.
- Stop-Gap is intended for people who are employees and the benefits applying to the self-employed are effectively only the bankruptcy and life cover.
- Please refer to the Policy document for full details of exclusions, terms and conditions.
- Your premium is automatically waived during a redundancy claim.
To obtain Stop-Gap Insurance:
It's quick and easy for you to set up! Click on the links below to download the brochure and application and direct debit form and post to us.
Download Stop-Gap Insurance Brochure
On-line Stop-Gap Insurance Application Form
Download DorchesterLife Direct Debit Form
Download Stop-Gap Insurance Product Summary Sheet
If you would like a product specialist to contact you, please complete our Online Enquiry form