Why do you need personal insurance?
Protecting Your Greatest Asset… YOU!
When it comes to financial planning and security, one fundamental truth stands out: "We are our greatest asset." Your ability to earn an income and maintain your lifestyle is at the core of your financial well-being. This is precisely why having personal insurance is not just important — it's absolutely essential.
Most people in New Zealand have an idea that insurance is expensive, that it doesn’t pay out when you need it or “I will have exclusions” – this is not your job to know or find out – it is an adviser's job to gather information, assess that information, then put together a tailored insurance proposal for you. They will then educate and facilitate putting this in place.
Not all advisers are created equal. Myself and the SafeguardLife team follow a strict 6-step process, that helps clients see a clear journey they are going on to ensure they understand each step and why. We are not “quoters” and definitely not “order takers”. That is a clear difference with having the right adviser – that works with you and is on the journey with you for life. Not just a set and leave scenario – because in this day and age, financial climate, things can change in a few months let alone a year or two.
Being uninsured in New Zealand can be a death sentence, especially when it comes to cancer. 1 in 3 New Zealanders get cancer, and if you think the public system will provide you with treatment, drugs and operations when you need it - think again. I have a client who over the past 3 1/2 years, since he was diagnosed with cancer (in 3 areas of his body including bowel and lungs), on average had his private health allow him to receive about $150,000 worth of non-Pharmac drugs at no cost to him. And he was having operations and private cancer treatment in clinics throughout COVID. Yes, throughout COVID lockdowns. You can't even get into the hospital and be seen sometimes because they are so understaffed and poorly run - with private, you get to choose where, when and who.
FACT: Bowel cancer is now, and has been for the past year or so, the #1 cancer in NZ, why, because a few years ago the public health system decided they were no longer taking colonoscopy referrals from GP's/medical practitioners and as a result people did not get early detection and then got diagnosed - and sadly again, relying on the public system means once you get to "the point of no return" (stage 4+) there is nothing they will do.
That is one of the worst-case scenarios - cancer - but when it comes to insurance and what it pays for, what it covers you for is so comprehensive you just need to sit down with someone like us and get educated.
We as Kiwi still have a "she'll be right" attitude when it comes to life, but I ask people this question all the time - you are happy to insure your car, pets... things. But why wouldn't you want to invest in your most prized and valuable asset - yourself.
Personal insurance offers peace of mind, knowing that you and your family are protected against life's uncertainties. It allows you to focus on your goals and aspirations without the constant worry of financial hardship in the event of the “what if’s” becoming a reality. Here’s why with some examples of covers:
1. Income Protection
Your ability to earn an income is your most valuable asset. It sustains your way of life, covering everyday expenses, mortgage or rent, bills, and more - paying you a monthly amount based off your income or your mortgage. Disability insurance ensures that if you're unable to work due to illness or injury, you'll still receive a portion of your income, maintaining financial stability.
2. Healthcare / Private Medical
Medical expenses can quickly accumulate in the event of an unexpected illness or injury. Without insurance, these costs can be financially crippling. Health insurance provides access to quality healthcare including surgeries, private hospitals, non-Pharmac drugs (which are not funded in NZ) and covers a significant portion of medical bills, protecting your savings and assets.
3. Life Insurance
Life insurance isn't just about leaving a legacy; it's about securing your family's future. In the event of your passing, it provides a financial safety net for your loved ones. It can cover funeral expenses, pay off the mortgage, pay off debts, and provide financial support to your dependents, ensuring they are taken care of.
4. Trauma Insurance
Critical financial support if you're diagnosed with a serious illness or injury, which can help to cover medical bills, treatments, and recovery expenses, allowing you to focus on healing. It reduces the financial strain during a challenging time and is paid in a lump sum.
5. Peace of Mind
It offers peace of mind, knowing that you and your family are protected against life's uncertainties. It allows you to focus on your goals and aspirations without the constant worry of financial hardship. Personal insurance is not an expense; it's an investment in your future and the well-being of your loved ones.
It is vital for safeguarding your future and the well-being of yourself and your loved ones. It's not an expense; it's an investment in your future and the well-being of your loved ones. "We are our greatest asset" and protecting that asset with insurance is a responsible and necessary step towards financial security and peace of mind.
With Craig and SafeguardLife you get tailored advice specific to YOU – because there is no set template to insuring people, you can trust that your insurance needs will be carefully assessed and customized to provide the protection you deserve.
Don't wait until it's too late; invest in your future and protect your most valuable asset. Get in touch today!
By Craig Sutherland
craig@safeguardlife.co.nz
www.safeguardlife.co.nz