Areas of Advice
Personal Insurance
If you are confused about the different types of personal insurance, then the following is intended as a very brief guide:-
Life Insurance
Life insurance, quite simply, pays a lump sum of money in the event of death. It is, in my opinion, vital if you have dependants or if your death is going to impact on someone else financially. If your death isn't going to impact on anyone financially you probably don't need life insurance or you will only need a minimal amount.
Critical Illness/Trauma Cover
This insurance goes by lots of names but with this type of insurance you can choose a lump sum that will be paid to you in the event of your suffering a critical medical condition or trauma - such as a heart attack, organ transplants, major burns, certain types of cancer, and so on. The conditions covered will be listed on the plan - what they are and the length of the list will depend on the plan.
While you may survive the trauma, you may be unable to return to work and would therefore suffer a reduction in your standard of living. This kind of trauma event is relatively common, but is not usually covered by the ACC.
And medical advances mean that more and more people are surviving major traumas.
Statistics show that 2 out of 5 males and 1 out of 4 females over the age of 30 will suffer a critical illness before they reach 65 (Source: General Cologne Life Re Australia 2002). These statistics also how that 60% of cancer suffers will survive at least 5 years from diagnosis (Source: Australian Institute of Health and Welfare 2001, Cancer Survival in Australia, 2001).
With this type of insurance you can choose a lump sum that will be paid to you in the event that you're unlikely ever to work again - totally and permanently disabled.
Income Protection
Income protection insurance provides an income stream in the event that accident or illness leaves you unable to work. In New Zealand, if you are incapacitated through accident, you are protected by ACC. The accident compensation scheme generally covers you for treatment of personal injury but ACC expressly does not provide cover against illness.
Along with your health, your ability to earn an income is probably the most important asset you have right now. What would you do if a serious illness or accident stopped you from working for the next couple of years - or longer? How long would you last if you were unable to work, and who would this affect?
Medical/Health Insurance
Medical/health insurance is all about choice and security - being able to get the treatment you need, at a time and place of your choice. The main benefit of health insurance is that you won't need to worry about the public health care system, and its delays and waiting lists. Instead you'll be able to have private health treatment and focus on what's really important - getting better.
Areas of Advice – Savings and Investments
There are many different types of investment available in New Zealand and we can provide advice and guidance on all aspects of them, depending on what your requirements are.
For example, you may just be looking for an attractive short term deposit rate, have funds that you want to invest in a more diversified way or want to evaluate your existing portfolio.
We can offer a full range of ‘Managed Funds’ including unit trusts, superannuation funds and other investments where cash, fixed interest, property and shares are the underlying assets or we can give you advice and guidance on constructing a specific investment portfolio to achieve your financial objectives.
For many people, the word investment conjures up a feeling of panic due to the thought that they are putting their money at risk. However, risk can mean completely different things to different people and successful investing depends on understanding the risks your money is exposed to and why those risks are actually acceptable in terms of your long-term goals.
Understanding and ‘harnessing’ or controlling risk is the cornerstone of any successful investment philosophy. We can offer a full investment planning service whether you are looking to invest for your long term future, short term gain or if you simply want to put a little something away for a child’s long term financial future.
Disclosure Statements are available on request and are free of charge.
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