Create financial breathing space in times of trauma
Creating some breathing space from financial bills can assist your recovery if you suffer a trauma event such as a heart attack,cancer or stroke. You may also use this benefit to allow you to spend some quality time with loved ones.
Critical Condition Insurance is designed to sit alongside any existing life and disability insurance or medical insurance you may have, and ACC. It provides additional funds to see you through times of medical trauma or serious ill health.
The one-off payment can help meet on‑going living expenses while you recover, pay for additional medical or home care costs, support our rehabilitation, pay off debt, or even allow you to take a holiday to help you recuperate.
What do I get?
SBS Bank Critical Condition Insurance provides for a one-off payment if you are diagnosed with cancer or suffer a heart attack or stroke, or any other condition covered by the policy. The policy is renewable annually up to the age of 65. Pre‑existing conditions are excluded and a 90 day wait period from when you take the policy out applies before a claim can be made.
how much cover do I need?
A serious illness or permanent injury could see you off work for an indefinite time, if not permanently. The lump sum payment can provide a much needed stop gap to see you through financially and allow you to seek the treatment or in-home support you need.
Living in a family situation
If your family is dependent on you to take care of every day needs, the cash payment can help your family adapt to new circumstances, whether temporary or permanent, if you suffer a serious illness or injury. You may face additional everyday costs such as childcare or home support, plus one-off treatment expenses.
what is covered?
Critical Condition Cover
» Covers you for the following major illnesses: cancer, heart attack, stroke, and chronic renal failure.
» Cover if you require the following major surgeries: open coronary artery bypass surgery or major organ transplants.
» Your cover will not affect any medical insurance benefits you may be entitled to and will be paid in addition to any medical insurance or term life insurance pay outs.
Total Permanent Disability Cover
» Covers you for the loss of two limbs, or the sight in both eyes, and the loss of one limb and the sight in one eye.
» Covers you for the loss of independent existence as certified by a medical practitioner, which includes the ability to independently dress and undress, wash and bathe, eat and drink, or move from place to place with or without a wheelchair, prosthetic device or aid.
» Your cover will not affect your ACC eligibility and is paid out in addition to any ACC benefit you may be entitled to.
Tailored to you
» You can choose the amount of cover you want
» Your premium is based on factors like: your age, gender, smoking status and any medical conditions you have
» The policy will automatically renew annually, so even if your health deteriorates in the future your policy will be there for you
» Premiums increase each year as you get older
» You can increase or decrease your level of cover at any time
» You can cancel your cover at any time without penalty
Critical Condition Insurance is arranged and underwritten by Southsure Assurance Limited (Southsure) - a subsidiary company of Southland Building Society (SBS Bank). Southsure is licensed under the Insurance (Prudential Supervision) Act 2010 and supervised by the Reserve Bank of New Zealand. Southsure is a member of the Banking Ombudsman scheme. SBS Bank may receive a commission for any successful insurance referral. All insurance cover is subject to underwriting criteria and the individual policy terms and conditions set out in the policy document. Neither SBS Bank nor any other entity within the SBS Bank Group guarantees the obligations of, or any products issued or underwritten by Southsure. This webpage is only a summary of the features and benefits of Critical Condition Insurance and is intended to be of a general nature.