Chubb Life's trauma cover pays a lump sum benefit if the insured is diagnosed with a serious medical condition included in the policy's list of covered conditions. The product is available through licensed financial advisers in New Zealand as part of the Chubb Life personal protection range.
How the cover works
When the insured is diagnosed with a covered condition that meets the policy definition, a lump sum is paid. The insured can use the benefit for any purpose, including funding private medical treatment or surgery not covered by health insurance, repaying outstanding debts such as a mortgage or personal loans, modifying the home to accommodate disability, or supplementing income if the diagnosis results in time away from work. In 2024, 63% of Chubb Life's trauma claims in New Zealand were cancer-related.
Covered conditions
Chubb Life's trauma cover protects against a range of serious medical conditions. Common covered conditions across NZ trauma products include cancer, heart attack, stroke, coronary artery bypass surgery, major organ transplant, and kidney failure. The full list of conditions and applicable policy definitions are set out in the policy wording; customers should review this with their adviser before applying.
Who it is for
Trauma cover is designed for New Zealanders who want a financial buffer in the event of a serious diagnosis. It is particularly relevant for people who have mortgage debt, self-employed individuals who could not easily maintain income during illness, and those who want to fund access to the best available private treatment without financial constraint.
How it fits into a protection plan
Trauma cover addresses the risk of serious illness or injury that does not result in death, where the insured survives but incurs significant financial costs or is unable to work for an extended period. It complements life insurance, which covers death or terminal illness, and income protection, which replaces income during extended periods of inability to work. Many New Zealanders hold all three covers as part of a comprehensive personal protection plan.