Acorn Life has developed a new life and critical illness product and a new savings plan.

The new life product covers 47 specific illness and conditions and offers protection against loss of income suffered as a result of sustaining relatively common injuries.

The product particularly suits the self-employed and those involved in sport, says the company. Acorn Life now pays out for injuries such as fractures to the leg, arm, rib, collar bone and wrist and for dislocations to the hip, ankle, elbow or shoulder. There is a cash pay-out for days in hospital and a 50 per cent increase in the daily payment for those hospitalised for more than 14 days.

Children are automatically included for life cover critical illness, hospital cash, surgical prepayment and overseas surgery under the plan.

Acorn Life was formerly called NZI Life before the management buyout from General Accident last year.