Has your attitude to risk changed this year?
With all of the unprecedented weather events that have happened this year, it’s no surprise that many Kiwis are now reevaluating their appetite for risk. A survey commissioned by the Financial Services Council found that 76% of respondents said that recent weather events have prompted them to think about how they protect themselves and their families.
More and more people are seriously considering their financial position and what they would do if things were to go wrong. Where once they may have dismissed the idea of getting insurance in favour of spending money elsewhere, New Zealanders are now prioritising getting the right cover sorted.
The number of people having some kind of health insurance has risen, with the biggest increase seen in those purchasing income protection insurance. Given the instability of the last few years, this isn’t surprising. COVID-19, a global economic slowdown, and the recent weather events have really put a damper on things, creating tough times for everyone.
The silver lining to these events however is the fact that we’re starting to see an increase in those reaching out for financial advice. It’s created an environment in which the conversations around finances and insurance are happening, and that’s fantastic to see.
It can be as simple as asking yourself, ‘What would I do if I wasn’t able to work?’, or, ‘If I were to lose my house to a fire or flood, do I have enough insurance to cover it?’ Regardless of whether you already have cover, or you’re still at the consideration stage, now is the best time to be taking a closer look at how insurance can keep you and your family protected.
If you’ve had health insurance or home insurance for years, but you haven’t updated your cover in line with inflation or any changes in your life, you might still be at risk should the worst happen. You may have renovated your home, or welcomed a new addition to the family, and these kinds of things need to be factored in when it comes to ensuring you have the right amount of cover.
Making sure you have the right insurance in place can feel daunting. The fine print in your policy wording documents might be confusing, and you might not be sure of what you’re even covered for. That’s where an experienced financial adviser comes in. They can sit down with you and go over all of your policies to help you understand what cover you might be lacking and what cover you might not need any longer.
Financial advisers are experts in their field, and they know the industry and the providers inside and out. They essentially do all of the hard work for you so you can rest assured that you have just what you need to protect the things that matter most to you. They’ll also work with your personal financial situation - if you want to make sure the big things are covered without blowing your budget, they can absolutely make it work.
No one could have predicted the catastrophic flooding events, but it’s devastating to see so many families out of pocket due to these natural disasters. It’s absolutely understandable that not everyone can afford cover, but now’s the time to really have a think about what you would do should the worst happen - a bit of money spent on insurance premiums now could save you a lot of money and heartache down the line.
If you’d like some help getting started or updating your cover, come and chat to our team at Union Plus. We’re here to help - plus you could receive a $100 voucher when you work with us! Take a look below for details.
Receive a $100 voucher when you work with us!
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This applies to any new home loans or personal insurance covers (life, trauma , mortgage / income protection or health insurance).
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