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Here are two key questions to ask well before deciding on an insurance policy:
What and who is important to me?
And what and who do I need to protect?
There is a prevailing tendency for people (without advice) to rush into ‘buy’ mode, when insurance hits the ‘to-do’ list. This misses an incredibly valuable step: the risk assessment - a thorough review of what’s important to you, and your risks.
You might need medical cover for the whole family; or Life insurance to provide financial protection for the kids; or to safeguard your finances using the lump-sum payment provided by Trauma insurance in the event of a defined serious illness or injury.
But the key point, for individuals and for families, is to first thoroughly understand your priorities for protection. Only then is it time to look at product options and insurance providers.
Like to book a meeting? It's complimentary and time well spent to get a clear understanding of your personal insurance needs and options.
Whether you’ve recently experienced a significant change in life, or it’s simply been a while since you last sat down to think about yours, and the family's needs, circumstances and plans, a regular ‘check-up’ makes good sense. Here are some useful thought-starters for growing families when assessing their insurance, KiwiSaver and retirement planning needs.
Significant change can often signal the need to review your insurance needs and cover. Bought a new home or moving soon? Starting or growing your family? These are some examples of life events that could impact your insurance needs. And as we mentioned above, before jumping straight to 'buy mode', it's important to take the time to thoroughly review your risks and priorities.
If your KiwiSaver has been on autopilot, now could be the time to take the wheel and make some proactive decisions. Are you contributing enough to qualify for the KiwiSaver government contribution of up to $521.43 per year? Do you know if you are paying the right amount of tax? Do you understand your fund and the risks with it? If you'd like to talk about your KiwiSaver or to set it up, get in touch.
One of the key signs that your retirement planning may need some attention is not knowing how much you will need to fund your post-work life. If that is you, assessing your 'retirement number' is a good place to start.