So how much insurance do I need?
Rather than just picking a figure we like to go through a few questions and provide a report that helps to provide a considered and logical answer to that question.
The report is whats known in the Financial Services Industry as a "Needs Analysis". Through a series of simple questions, we are able to put together a "picture" of who you are and what your needs are from an insurance prospective.
We use a similar process for both personal and business insurance (obviously different questions).
We then put together a comprehensive, yet no obligation, report for you.
In the report there are a range of options around price.
The report considers obvious things like, the amount owing if you were to die prematurely or become disabled. Mortgage owing, final expenses, funeral costs etc.
It also takes into account the following;
If you have children that are financially dependent on you, have you thought of the need to
provide an income for whoever will look after the children.... if you die prematurely or become disabled?
The report works like this;
The age of your youngest child currently and the number of years left until you think that child will be financially independent. Maybe age 18 or 21. The report shows what can be done to provide an income over that term to care for the children, if you cant.
Your current income
The report makes recommendations about replacing that income if you should be unable to work due to illness or injury. It takes into account ACC benefits, as well.
This is one of the 'biggies'. Forty years ago if you had a moderate to severe heart attack you may have died. Today, with advances in medical science, you may well be back at work in 12 to 18 months. But what do you do financially in the meantime? The report makes recommendations in that area.
Health and disability
Most of us think we will never be permanently disabled. And that's true, most of us wont be. But if we are, the financial cost is huge. The report takes this into account as well.
Then, Health Insurance. It's one of the few covers that is paid out even though you may still be working.
You know what is often the decider? The cost. So the report gives a number of options regarding premiums