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Tower enhances Key Person cover

Tower Health & Life has released some enhancements to its Key Person Cover. This cover is designed to pay a monthly benefit if a business owner or key person is unable to work due to an illness or injury.

Friday, September 5th 2008, 8:23AM
The enhancements include:
  • Financial evidence of earnings not required for sums insured under $5,000 per month
  • All benefits are paid in advance instead of arrears
  • The ownership of the cover can be either the life insured or the business.
  • Adding the above enhancements to the existing features makes this an attractive product.

    The existing features include:

    • Agreed value contract
    • Built in Partial Disability Benefit
    • No ACC offset
    • Guaranteed renewable/non-cancellable
    • One year benefit period
    • Choice of four, eight or 13-week wait periods.

    Kevin Smee of Solutions says; "Tower has packaged some of the best features of the key person products available into an attractive, simple product for the business market".

    In the year ending June 2008, 96 New Zealand business people stated that ill health was one of the reasons they declared bankruptcy. Tower's Key Person Cover is designed to help avoid this situation by being a core component of a risk protection plan for small to medium enterprises.

    "In a weak economic climate, Key Person Cover can become even more important as it protects the financial contribution that key people make to a business and reduces the financial strain of their absence," Tower Health & Life chief executive Steve Boomert says.

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