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Sworn
Group Life Insurance
Being a Police Officer is both challenging and rewarding occupation,
however there are always risks. The Sworn Group Life Insurance Policy
recognises these risks by providing a complete life insurance cover.
Subsidised by the New Zealand Police, the policy provides sworn members
with:
- 24 hours a day cover.
- A lump sum benefit in
the event of your Death, Critical Illness or Total Permanent
Disablement.
- A benefit in the event
of a nominated spouse/partner's death.
- Worldwide cover while
on NZ Police duties.
Administered by Police
Welfare Fund Insurances Limited, the cover is underwritten by AIG Life. AIG
Life is part of American International Group (Inc), the world’s
largest and strongest insurance company.
Cover provided
A summary of
cover provided by Sworn Life Insurance is set out below. As the Police
Welfare Fund provides additional cover for their members, sworn officers
who are not members of the Police Welfare Fund are not eligible for the
Spouse/Partner Death Benefit or Psychological Conditions Benefit. All
other benefits are reduced to 70% of the benefit normally payable.
Death Cover
24 hour cover in the event of death of a sworn member or your
nominated spouse/partner.
Vital Care Cover (Critical Illness)
A Vital Care Benefit set out under Benefits Payable is provided for
members who disengage from the Police under Sections 28, 28C or 28D of
the Police Act 1958, providing the illness commences before the age of
60 and is one of the following conditions.
- Heart Attack
- Stroke
- Coronary Artery
Surgery
- Heart Valve
Replacement
- Surgery to the Aorta
- Pulmonary Arterial
Hypertension (Primary)
- Major Organ Transplant
- Kidney Failure
- Critical Cancer
- Multiple Sclerosis
- Parkinson's Disease
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- Alzheimer's Disease/irreversible
Organic Brain Disorders
- Muscular Dystrophy
- Paralysis
- Blindness
- Major Burns
- Accidentally Acquired
HIV
- Major Head Trauma
- Coma
- Chronic Lung Disease
- Loss of Independent
Existence
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A full description of the
illness and Criteria for these conditions are set out in the policy
document available from Police Welfare Fund Insurances Ltd.
Total and
Permanent Disability (TPD) cover
Set out under Benefits Payable for Total and Permanent Disability, where
a member disengages from the police under sections 28, 28C or 28D of the
Police Act 1958 and is assessed as being unlikely to ever engage in any
occupation for which the member is fitted by their education, training
or experience.
Psychological
Conditions
Although psychological conditions are excluded (except for cases of
Total and Permanent Disablement) the NZ Police and Police Welfare Fund
Limited recognise the need to support members who suffer from these
conditions. Jointly, they will meet reasonable costs up to $1,200 for
the rehabilitation of members who disengage from Police because of a
psychological condition. Full details are available from Police Welfare
Fund Insurances Limited.
Benefits Payable
Police Welfare Fund
Members
Death Benefit
(a) Death of sworn Police Welfare Fund member
10% of annual salary at the
time of death, multiplied by the number of whole years until the
deceased would have reached 65 years, or the minimum benefit*.
(b) Death of a Spouse/Partner
50% of the Sworn Police
Welfare Fund member death
benefit (a) or 50% of the minimum benefit*.
The cover ceases when the
sworn member attains 70 years of age or the day after the member's last
day of duty in the NZ Police.
Vital Care and Total
and Permanent Disability (TPD) Benefit
10% of your annual salary at the time of injury or illness, multiplied
by the number of whole years until the member attains 65 years of age or
the minimum benefit*.
Not a Police Welfare
Fund Member
As the Police Welfare
Fund provides additional cover for members, for sworn officers
who are not members of the Police Welfare Fund Limited, benefits are
reduced to 70% of the normal benefit payable and the Spouse/Partner
Death Benefit and Psychological Conditions are excluded.
Police
Sworn Group Life Policy Minimum Benefits* effective
1 July 2008
The minimum benefit
payable to a sworn member for any claim is the benefit set out above or
that set out in the table below, whichever is the greater.
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Attained
years of age
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Minimum
Death Benefit
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Minimum
Total & Permanent Disability/Vital Care (Critical Illness)
Benefit
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Minimum
Spouse/Partner Death Benefit
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Police
Welfare Fund Member
(Category A Insured)
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Non-Police
Welfare Fund Member (Category B Insured)
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Police
Welfare Fund Member
(Category A Insured)
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Non-Police
Welfare Fund Member (Category B Insured)
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Police
Welfare Fund Member
(Category A Insured)
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Non-Police
Welfare Fund Member (Category B Insured)
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0-55
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$
180,000
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$
126,000
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$
100,000
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$
70,000
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$
90,000
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$
-
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56
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$
160,000
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$
112,000
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$
80,000
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$
56,000
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$
80,000
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$
-
|
|
57
|
$
140,000
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$
98,000
|
$
60,000
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$
42,000
|
$
70,000
|
$
-
|
|
58
|
$
120,000
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$
84,000
|
$
40,000
|
$
28,000
|
$
60,000
|
$
-
|
|
59
|
$
100,000
|
$
70,000
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$
30,000
|
$
21,000
|
$
50,000
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$
-
|
|
60
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$
80,000
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$
56,000
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$
25,000
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$
17,500
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$
40,000
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$
-
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61
|
$
70,000
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$
49,000
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$
25,000
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$
17,500
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$
35,000
|
$
-
|
|
62
|
$
70,000
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$
49,000
|
$
25,000
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$
17,500
|
$
35,000
|
$
-
|
|
63
|
$
70,000
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$
49,000
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$
25,000
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$
17,500
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$
35,000
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$
-
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64
|
$
70,000
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$
49,000
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$
25,000
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$
17,500
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$
35,000
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$
-
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65
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$
60,000
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$
42,000
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$
-
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$
-
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$
30,000
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$
-
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66
|
$
60,000
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$
42,000
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$
-
|
$
-
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$
30,000
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$
-
|
|
67
|
$
60,000
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$
42,000
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$
-
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$
- | |
