Choosing the Right Insurance: A Checklist for Kiwi Union Members

Being a union member in New Zealand comes with many advantages, including access to great benefits and strong worker protections. But when it comes to insurance, navigating the options can feel overwhelming. But don’t worry, this guide is here to help!

Our team of friendly affiliated advisers at Union Plus break down the key factors to consider when choosing an insurance policy, along with a handy checklist to ensure you get the coverage you need.

Understanding Your Needs

First, take stock of your current situation and future goals. Here are some questions to get you started:

• What stage of life are you in? Are you a young worker, starting a family, or nearing retirement?
  This is important as insurance needs will likely differ at each stage of your life.

• What are your financial obligations? Do you have a mortgage, dependents, or student loans? 
  You’ll want to consider how an unexpected event could impact your finances and how you’ll cover your current expenses.

• What are your health risks? Do you have a pre-existing condition? 
  Take stock of your overall health and potential needs so you can get a better idea of the kind of cover you need. It’s a good idea to call in the experts for their recommendations, especially if you have a health condition.

• What benefits does your union offer?
  Many unions provide group insurance or a group health plan for members, and if your union doesn’t have one and would like to find out more, they are welcome to contact a Union Plus adviser who will be able to help.

Checklist for Choosing the Right Insurance

1. Coverage

Life Insurance: Does it provide enough financial support for your loved ones in the event of your passing?

Income / Mortgage Protection: Would you be able to manage financially if you couldn't work due to illness or injury?

Health Insurance: Does it cover essential medical needs, including specialists, hospital stays, and prescriptions (if needed)?

Critical Illness Insurance: Would a critical illness diagnosis leave you with financial burdens?

Home & Contents Insurance: Does it cover the value of your home and belongings in case of fire, theft, or weather damage?

Vehicle Insurance: What level of cover do you need (Comprehensive, Third Party, etc.) based on your vehicle's value and your risk tolerance?

You can find out more about the different types of insurance here.

2. Cost & Premiums

Get quotes from multiple providers: Compare prices and coverage details before committing.

Consider excesses: A higher excess can lower your premium, but you'll pay more upfront if you need to make a claim.

High sum assured and multiple cover discounts: Ask your Union Plus adviser if you might benefit from having a certain level of cover or taking out more than one product.

3. The Fine Print

Read the policy wording carefully: Understand exclusions, limitations, and claims processes.

Benefits and payouts: Clearly understand what the policy covers and how much it will pay out in different scenarios.

Renewal conditions: Be aware of potential premium increases or changes in coverage upon renewal.

An experienced financial adviser can help you understand all of the above so you know you’re getting the best cover and value for your situation and your budget.

4. Customer Service:

Reputation & reviews: Look for a reliable insurance provider with a good track record of customer service.

Claims process: Is the claims process clear and easy to navigate?

Accessibility of support: Can you easily reach customer service when needed?

Remember: The best insurance policy is one that fits your individual needs and budget. By using this checklist and consulting with a qualified financial advisor like the ones affiliated with Union Plus, you can ensure you have the right level of protection for yourself and your loved ones.

Working With a Trusted Adviser

With over 20 years’ experience working with union members just like you, Union Plus affiliated advisers are here to help. Financial products can be complex, so they’re here to translate the jargon and help you understand how it all works.

We don’t take a one-size-fits-all approach. They’re recommendations will always be unique to your situation, as well as your budget.

And if you need to make a claim, a dedicated claims team will advocate for you, walking you through the process to help you get it across the line.

Contact us today to find out how our affiliated advisers can help you get the cover you need for you and your family.