Last month I wrote about the need to look after your business and your family by keeping your insurance up to date with your life needs and policy changes. Don’t just “set and forget”. When it comes to Life Insurances most people get enough to cover their debts on death. However, the real cost is in living through an illness or accident. This month we look at Trauma cover. This cover pays a lump-sum to help you get through the financial stress related to cancer, heart issues, stroke, intensive hospital care…the list goes on for about 45 conditions. You might use the money to reduce debt, meet living expenses while…
Tag: Risk Protection
Paying too much for your life insurances?
About 10 years ago a life insurance add campaign was running. The buy-line was to get hassle free insurance and once done you could simply “put it away in the bottom draw and forget about it.” It made me cringe. How could a one off visit cover someone for the rest of their lives? Where was the ongoing responsibility for changes like divorced, another child, increased or decreased debt and taking advantage of new products and premium structures? Would the policy in the draw still cover the financial needs today? At a recent Dairy Discussion group the facilitator asked what the attendees were going to do to cut costs considering…
ACC Quiz
Which do you think were involved in more injuries in 2013: Gumboots or high heels? Pillow fights or arm wrestling? Air guitar or dancing the tango? Elevators or escalators? Cats or dogs? Christmas Day or New Year’s Day? Boating or golf? Men or women? Fishing or hunting? Staplers or scissors? Answers can be found at this article on the ACC website (click here).
What is Business Succession Planning?
We all plan to succeed in business, but what about BUSINESS SUCCESSION PLANNING? What is succession planning? Succession planning is the process of ensuring your business will be successful without your direct involvement. Businesses that are not reliant on one person or a departing owner’s knowledge, reputation and industry contacts are generally better equipped for sale and to deal with inevitable changes. It can be complicated and emotionally difficult, but the benefits of succession planning can include increased chances of business grow3th, better resilience to challenges and a higher survival rate. Just as importantly, it can mean relationship retention within families and amongst business partners. Ultimately it can lead to…
Compliance Matters
Business.govt.nz has recently launched Compliance Matters – an online tool that makes business compliance requirements easy to find, understand and manage. Within Compliance Matters, businesses will find everything they need to know about ACC. This includes information on personal injury cover, how to prepare for their ACC levies, and what to do when an employee is injured. There is also helpful information on ACC’s optional products like CoverPlus Extra and health and safety initiatives like Workplace Safety Discount Programme, Fleet Saver Pogramme, and more. This easy-to-navigate database of compliance information will save business owners time and help them to feel confident that they’re complying. The key features of Compliance Matters allow…
It’s good to get insurance
It’s good to get insurance – just make sure it’s from an Adviser Some people might think it’s easier to purchase insurances over the telephone, maybe from a bank or online. Here at SHARE, we recommend to our clients, their family and friends, to use an adviser when purchasing any financial products. We know other SHARE advisers can recount similar circumstances, with similar outcomes for their clients, but here is a real-life situation that definitely needs to be considered before anyone chooses to buy insurance other than from an adviser. When a South Island based SHARE adviser visited his clients Brian and Raewyn, he expected it to be a regular…
Tagged with: Financial Advice, Financial Planning, Health Insurance, Illness, Risk Protection, Trauma
The price is right!
An interesting aspect to customer behaviour is the attitude we have towards insuring our own lives against the unexpected. We don’t seem to every question the need to insure our houses, cars, boats and chattels. We view these types of insurances as a necessity and we also seem to accept that their price will increase on a regular basis. While we may grumble about such increases, we generally keep renewing these policies. “Why is it that we accept increasing car insurance premiums, even though the insured value of our vehicles decreases each year – yet we are quite likely to cancel our disability or life insurances as soon as the…
The importance of Full Disclosure
We all hate filling out forms… … especially long ones that seem to ask endless questions about our personal situation. We tend to rush these and start to abbreviate our answers. However, resist this temptation when filling out insurance application forms. A good number of life insurance claims and income protection claims are declined in New Zealand every year due to failure to fully disclose all relevant medical details relating to the applicant. Insurers make their decision to provide insurance for you based upon the information you provide to them. The policy details clearly explain that you must discloses all relevant medical details and it is not up to you…
Uncertainty
What can you do to manage uncertainty? Please don’t ignore the risk. protect your family protect your lifestyle protect your assets Insure your income
Tagged with: Disablement, Health Insurance, Insurance, Life cover, Risk Protection, Terminal Illness, Video
Insurance can be a wonderful investment
Every year I moan about the cost of my insurance. However, the other day I was driving to the funeral of a long-time friend. He was only 46 and had left behind his wife and two children. Fortunately, he was well insured and left his family with a sum approaching $1m. This will never be enough to compensate for the loss of a husband and father, but I could not help but think about what a wonderful investment it had been. After the funeral, curiosity got the better of me so I worked out that he had invested via life insurance premiums about $22,000 and got back $1m – that’s…
Neil loves answering questions from anyone who wants to understand more about insurance.
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Why have insurance?
Neil Schroeder is an Authorised Financial Adviser (AFA). Find out what that means here:
Authorised Financial Adviser
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