Personal insurance advice involves managing the risks faced by individuals and families, putting in place appropriate insurance protection to provide security and peace of mind should the unexpected occur.
We can help provide peace of mind to individuals, families and business owners through the identification, analysis and management of risks. Once the identification and analysis is completed, we can then consider the level of risk that you are willing to retain versus what should be transferred to others (such as an insurance company).
Rede Advisers can provide you and your family with any requirement you may have with regards to the following:
Income Protection Insurance
Rede Advisers has access to many of the major companies providing risk protection contracts and can provide advice on the most appropriate product(s) to suit your needs.
Your individual circumstances will determine which option is better suited to your needs and the amount required. Insurers do impose limitations on the amount you can apply for, but as a general rule it is up to 15 times your annual income (subject to a maximum).
Add up your outstanding debts, add a lump sum that can be invested to provide an income for your family, subtract your financial assets and existing life cover (including superannuation and KiwiSaver) and the difference is how much insurance you may need.
It can be hard to convince a lot of people that life insurance is money well spent. In fact, the only thing more horrifying that than the prospect of a spouse dying unexpectedly is someone trying to sell insurance on the pretext that it may indeed happen. However, one in seven people die before their working lives are over (before age 65), so life insurance is important to protect loved ones left behind. The good news is that most of us with life insurance will never need to claim on it, but nobody knows who future claimants will be, so the need for cover is more about common sense.
Like life insurance, trauma insurance also pays out a lump sum amount. Trauma insurance provides a one-off payment when a person is diagnosed with or suffers a major illness (e.g. cancer or heart attack).
Income Protection / Disability Income Cover
The other side of the picture is income protection insurance, which will pay you and your family an ongoing benefit if you're unable to earn an income through accident or illness. Income protection is an absolute necessity if you have debts such as a mortgage or business loan, or need an ongoing income from employment. Your ability to earn an income is your most important asset - just consider your total income between now and age 65! - so don't leave it unprotected. Most of us don't hesitate to insure their homes, vehicles, or businesses as they see these as their biggest asset, but without an income, most people would lose all three.
Health / Medical Cover
There is also a wide range of medical, or health, insurance covers available. You want to know that you'll receive the right treatment when you need it, where you need it and with the specialist of your choice, if you become ill or require elective surgery. In the New Zealand public health system there are waiting lists for elective surgery (depending on your condition), queues to see specialists and even to obtain diagnostic tests. If you or someone in your family needed major surgery through the public health system, you might have to join the queue of thousands who are waiting for surgery today. These problems continue to grow as the Public Health System continues to grapple with an ageing population, rising costs and dwindling budgets.
As your needs and circumstances (and therefore your risks) change over time, it is important that your insurance protection is reviewed on an ongoing basis. You may be paying for cover that is no longer needed, and/or you may have other areas that need more protection. If you haven't reviewed your insurance protection covers recently, and you wish to enhance your family's financial security, contact us today to review your protection.