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At the core, insurance is about protecting what's important to you. Often people think of this in tangible terms and wait until achieving milestones like home ownership before considering adding insurance to their financial tool-box. But this approach ignores the importance of protecting what you are working towards, but may not have quite yet achieved.
For example, if you were unable to work due to serious illness, what impact would this have on goals you are striving towards? Not a nice thought to consider, but nonetheless important, and it is these unexpected events that Health, Income Protection and other insurances are designed for.
If you’d like to find out more about the benefits of insurance when starting out, and to assess your needs, we welcome you to get in touch.
So, you likely have KiwiSaver and are contributing regularly. But when was the last time you reviewed this powerful tool? Starting early with your KiwiSaver savings can be a huge advantage for both your first-home deposit savings and longer-term retirement goals.
And with that in mind, it makes sense to carefully consider how KiwiSaver is working for you and your needs. Are you getting the best from your KiwiSaver? Do you understand your investments funds, portfolios and tax rates? Could you be contributing more?
KiwiSaver is a powerful tool for your financial life. Need some help?
We’re fans of simply starting - starting the conversation about your financial life and how it can support you in achieving goals and getting what you want out of life. Here’s some food for thought - a brief (not exhaustive) checklist of sorts to help you begin the journey.
In general terms, the younger you start to take a proactive interest in your financial life, the better. There are many reasons for this - tangible and intangible - but perhaps one of the most important is that building knowledge can drive financial awareness. Awareness leads to better understanding and confidence in your financial life. Are you taking time out on a regular basis to give your goals and financial life a health-check?
Are you taking a proactive interest? How well do you feel you understand this savings tool and how it can best serve your goals? Are you planning to use KiwiSaver for your first home deposit, and if so, are you on track to be eligible when the time comes? Looking further ahead, have you run the numbers recently to get a clear understanding of how much you think you will need for retirement and how you can make that happen?
As we mentioned above, it is common to overlook the need for insurance until big life milestones are on the horizon, but it is important to remember that insurance can provide cover not only for what you have, but also for where you are headed.