Insurance, for most, is something we'd rather not talk about. Strangely many of us don't think twice about insuring our car, dog, or household possessions, but are less keen to insure ourselves and our incomes. 

Take this example... If you had a machine that printed out money at the end of each month, would you insure it?  Of course you would, so why wouldn’t you insure yourself? You are your money making machine.

Is it a lack of knowledge, the cost, or a bit of everything? Today we want to dispel a few of these myths!

TYPES OF INSURANCE

There are a number of different types of insurance available and there is not a “one size fits all” insurance policy. We will sit down with you and discuss your current needs, budget, and lifestyle, and from there we can create an insurance plan that has you covered. Here's a few of the common insurances and what they cover...

Health Insurance: this covers you if you need to have surgery or investigative tests but there are options to extend cover to more common health concerns.

Life Insurance: this pays out a lump sum to your family in the unfortunate event that you are diagnosed with a terminal illness or no longer there to provide for them. 

Trauma Cover: this provides a lump sum in the event you are impacted by a selected range of serious health conditions. It can provide you support during your treatment and recovery. 

Total and Permanent Disability Cover:  this is paid out as one amount of cash should you become permanently disabled and unable to work. 

Income Protection and Mortgage Repayment Cover: this is often required by banks when taking out mortgages. This is a monthly payment to cover mortgage repayments or income, should you be unable to work due to sickness or injury

HOW MUCH DOES IT COST?

This is often one of the first questions we are asked, and the honest answer is that it totally depends on your policy, age, lifestyle, and type of insurance. We can sit down with you and work out what your budget is, what your current insurance needs are, and your lifestyle. From here we can make a plan about what cover is required and at what extent. 

The cost can change quite a bit depending on what sort of cover you require and what options you choose. For example, some people prefer higher or lower excesses or longer or shorter stand-down periods and this all has an impact on cost. We can cater for every budget, so it's important to come and have a chat, and we will find a cover that suits you and your finances. 

AM I TOO YOUNG?

Certainly not, and the earlier you start, the more you are covered for. Existing injuries are exempt or loaded, so it's best to get in as soon as possible. Insurance is very cheap in your 20’s as it is highly unlikely these events will occur, but it means as you get older and if incidents do occur all of your body is covered rather than commonly injured areas like knees, back and shoulders etc being excluded.

Depending on policy your children from the age of 2 could also be automatically covered at no extra cost for a nominal amount of life insurance but up to 20% of your trauma cover. There are a lot of variations between policies so it pays to seek proper advice on the best fit for you. 

WHY USE AN ADVISOR?

It’s an investment in your financial security you hope you never call upon but if something unforeseen was to happen you will not need to stress about the basics and can focus on recovery. It’s not a case of if you should, but how much and the type of products. If you have car and pet insurance and none for yourself we strongly suggest you review what you are insuring as you are the most important asset you have.

At Loan Market we can work through all of the options with you and ensure it is specifically tailored to your family situation and your budget. Insurance can also be cancelled with no fees at any point. Implemented and managed correctly, your insurance will evolve with your life and financial situation so you can be comfortable with your policy as you go through life. 

We regularly review your policies to ensure that they are still the right fit for you and your family as time goes on. While we hope you never have to make a claim, if the time comes, we help with that process too - making it possible for you to focus on rest and recovery instead of your insurance. 

Get in touch with our Insurance Market adviser, Kylie Te Whare, for a no obligation chat and quote if you feel you and your family are not protected.