Life, disability and medical insurance

**WickedOne** · 13th February 2007, 12:10

I am currently exploring an employment opportunity "on the side" and would like to get some feedback from you KBers.

We all know that, partaking in the activities that us bikers do, there are risks of injury, disability and even death. Do you currently have life insurance,
medical cover or disability cover and, if not, would you look into such insurance to ensure the wellbing of your family if the unthinkable was to happen?

**Devil** · 13th February 2007, 12:12

Have life insurance, disability and working on medical at the moment!

**ManDownUnder** · 13th February 2007, 12:17

Medical Insurance in place in case I get hurt, but alternate plans are in place should the unthinkable happen to our income

**Pumba** · 13th February 2007, 12:35

I have Sothern Cross medical cover, and have done since I was 2 months old. I dont have life insurance or income protection insurance but do have other measures in place to take care of the mortgage and other things

**Bloody Mad Woman (BMW)** · 13th February 2007, 13:08

I have had medical insurance in the past, but never got my money's worth so canned it. Been ripped off too many times by insurance companies. Anyway there's only me.

**HenryDorsetCase** · 13th February 2007, 16:31

all of the above.....

**onearmedbandit** · 13th February 2007, 16:32

I'm with HDC, all bases are covered!

**Guitana** · 13th February 2007, 16:43

No insurance at all why would you bother??
New Zealand has an excellent health service it only took 4 years to have my shoulder repaired on the public health roster!!!!

**Nasty** · 13th February 2007, 16:58

I can't get these insurances without huge loadings on them as I got a disability before getting any insurance ... craps the big one really

**Hitcher** · 13th February 2007, 17:14

Many people believe that worst thing that can happen to them and their families is for them to die, and they therefore invest heavily in "life insurance".

The worst thing that can happen to you is for you to be disabled by an accident or by a health condition to such an extent that not only are you unable to work, but also you become dependent on others for your health and general wellbeing. Very few people insure against this contingency. I strongly recommend income protection insurance, in addition to major medical cover. ACC and the welfare state will only take you and yours so far.

Have a chat with an independent insurance broker sooner rather than later.

**mstriumph** · 13th February 2007, 17:41

They have medicare over here - you pay a % of your income for it ..... I had private health cover as well for a time whilst it was tax-deductible - then they made the private contributions taxable so i let it drop ..... bugger the double-dipping pollies ....

Similarly, i'm damned if i'll pay out on something i have to die to collect - and i'd think it macabre for my loved ones to reap a windfall profit of that sort [they are all self-sufficient as is]

The company covers my travel to/from work - their choice

I have enough odds and sods to pay out the mortgage should i snuff it and staunch loved-ones ready to gently pull the plug should i be irrevocably nearly-but-not-quite-snuffed [or not, as the case may be - no bother, either way i'll be past caring and wouldn't blame them]

Anything else is in the lap of the gods - life doesn't come with any guarantees
and, mostly, life and health insurance seems like a racket to me?

"Ahhhhh - but you'd feel differently had you a young child" i hear you say .... actually, no ......... when my daughter was younger i ensured i had carefully-planned guardianship arrangements and trusts in place for her should i involuntarily depart the planet ........ seemed more sensible that taking part in some sort of mega-payout lottery with my life as the pawn somehow.

. but i know my thinking on the subject isn't 'the norm.' - people choose for themselves - that's why it's a free country.

**Drum** · 13th February 2007, 18:21

I've got income and mortgage protection insurance. If I get disabled or killed then the house gets paid off and the missus' gets an income for life (around 80% of my income). Applies to long term illness too (i.e Cancer etc).

It's not cheap - I got it instead of Sky.

**geoffm** · 13th February 2007, 18:43

Life ins - to freehold the house. Income protection, ditto. Medical insurance (surgery).
None of them cover motorsport, diving or hunting :-(
Geoff

**Flyingpony** · 14th February 2007, 08:14

Have life insurance but no longer any income or medical insurance. The later two when needed didn't pay out, so F#$% them. I've got better things to spend my money ($40 odd per month) on things like debt reduction vs wasting it on that.

**Squeak the Rat** · 14th February 2007, 08:23

Originally Posted by Hitcher

Have a chat with an independent insurance broker sooner rather than later.

: independent + insurance broker = oxymoron.

Sure they'll sell you something but they make a commission off the sale (ie a kickback), so it's in their best interest to either oversell or steer you towards the insurer with the highest kickback.

But you don't have much choice unfortunately, so ask for a comparison and disclosure of commission. And consider a longer stand-down period.