The importance of reviewing your insurances

Times have changed a lot over the past 2 years and we are all still adjusting to the "new norm" as Covid continues to linger around the community.  We know it hasn't been easy for some and just want you to know we are thinking of you and are here to support you where we can.

With the cost of living on the rise (such as increasing interest rates, fuel, and food), many of us are feeling the pinch. That's why it's so important we know where and how our money is being spent.

A few little tips which might help:

• Have a scan through your last three months' bank statements and see if there's any costs you can reduce or get rid of (e.g., credit card debt charging you a high interest rate, or unused subscriptions)
• Make sure you know what your KiwiSaver is doing (e.g., who looks after it, how it's being invested, and what tax rate you're on). A few minor tweaks can make a huge difference to your nest-egg.
• Understand how compound interest works - Having your money work for you instead of against you is important to help reach your savings or retirement goals.
• Review your insurances. Pricing has gone up across the market and it's important to ensure your covers still meet your needs.

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The importance of reviewing your insurances

Our life circumstances are constantly changing, so to remain fit for purpose, and to ensure you’re not paying too much but are still adequately protected, your insurances need to be frequently reviewed.

Part of that process involves talking to us. For us to help you effectively, we need to know when something in your life changes as this is likely to affect the sort of insurance cover you need.

Here are some of the situations we face regularly that should spark a review of your insurances:

• Buying or selling property: Your debt levels may go up or down, meaning your need for insurances will change.
• New relationship: For example, de facto, marriage, civil union or divorce. Your insurance ownership may no longer be correct, depending on your new relationship status.
• Children: For example, having them, or maybe your kids are now grown up and are financially independent. You may want to make provisions for your child if something were to happen to you early in their life or maybe you need to decrease your covers now your kids are off your hands.
• New employment: For example, starting a business or moving from self-employment to becoming an employee. You may have insurances suitable for your old job but if you move, it’s important to have this reviewed as they may no longer work as intended.
• A change in health: For example, if you have a major injury, or are diagnosed with an illness and can't go to work, we will check your insurance benefits and see if you are covered for that condition and can make a claim.

So, when something changes in your life, you need to think carefully about how your insurance cover might be affected.

Reviewing your insurances is also an opportunity to:

Refresh your memory on what you have cover for. You may have taken your cover out some time ago and aren't sure exactly what you have in place.
Identify claim opportunities. We can make sure you're making the most of your cover and haven't missed out on any claims.

We can chat either in person or via Zoom. Or you might prefer a phone call, just to give us idea of where you’re at and how things are tracking.