When reviewing accounts with you we often discuss ACC and the option of Coverplus Extra as a means of managing your ACC cost.
Often we see clients reducing the amount of ACC cover to a minimum where you have alternative insurance in place to cover any time away from work. Remember ACC covers work place accidents whereas private insurance generally covers accidents and illness. As there may be medical issues that keep you away from work other than just accidents, private insurance often provides more comprehensive cover.
Built into your ACC cover is an accidental death benefit. If the ACC cover is reduced using Coverplus Extra, this flows through to the accidental death benefit so careful consideration needs to be given when reducing your cover if there is no other private insurance cover in place.
In addition, Coverplus Extra invoices are sent annually for the renewal of cover for the following year. If the payment of the premium is not made by the due date, your ACC cover reverts back to the standard Coverplus. There is then the additional administrative work to reinstate the cover and manage the invoicing of the two separate ACC premiums as there is potentially a double up in cover for a period of time. With Coverplus Extra there is an option to have the premium paid via direct debit in one instalment or spread interest free over five months. With the direct debit authority in place there is no risk of the premium being forgotten and cover remains in place.
If you would like to discuss ACC further please contact your Director or Client Manager.