What kind of insurance do union workers need?
Whether you’re a nurse, a teacher, or an engineer, getting the right insurance in place to protect yourself and your family can be a complex process. It’s not always clear what you need, and even though you might have cover in place, do you actually understand exactly what you’re covered for?
Luckily, we’re here to help. Because Union Plus specialises in insurance solutions for union workers just like you, we can provide helpful information about the different insurance policies available. In particular, we’re shedding light on the significance of life insurance, health insurance, and income protection for union workers.
Life Insurance
Life insurance is particularly important to have if you have dependents who rely on your income. This type of cover is a crucial financial tool that provides a safety net for families should you unexpectedly pass away.
Your life insurance policy helps to cover funeral expenses and any living costs your family might need once you are no longer around, for example, paying off the mortgage or leaving money for your child’s education. It’s designed to relieve stress for your family so you know that they are cared for should the worst happen.
With life insurance, you’re paid out the agreed amount if you’re diagnosed with a terminal illness or pass away. You can opt to pay more each year as you get older or lock in the premium up until a certain age. This is something that we can help you with when it comes to explaining exactly how it works and the best cover to choose for your situation and your budget.
Health Insurance
Union workers, like any other professionals, understand the importance of good health. Health insurance covers your medical expenses for things like surgery and other medical procedures and ensures you have access to quality healthcare services without compromising financial stability.
Health cover allows you to have faster and more affordable access to the medical treatment you need if you are diagnosed with an illness. Not only does it cover your medical bills, but it can also cover specialists and tests that can help you recover quickly so you can return to work.
Income or Mortgage Protection
Union workers rely on a steady income to support their families and fulfil financial obligations. If your financial situation would deteriorate without an income, considering an income protection insurance policy is definitely a good idea.
Income protection insurance is designed to provide a safety net in the event of disability or injury, ensuring that you’re able to maintain some financial stability even if you’re unable to work. Mortgage protection covers your mortgage repayments and works in a similar way to income protection.
With income protection insurance, you usually receive a percentage of your regular income for a specified period, or until you are able to return to work. This payment can help you keep up with bills, rent or mortgage payments, and other living expenses during a period of lost income.
If you’d like to know more about the different types of insurance and what cover you should have in place, get in touch with us. Our goal is to demystify the complexities around insurance and explain the various policies available to protect the financial wellbeing of union workers in New Zealand. After all, we’re stronger together.
Looking to save money on your insurance?
Our trusted advisers are skilled at finding the best cover for you – not just selling you the most expensive cover. We understand that every dollar counts.
Book in for free, no-obligation financial advice with one of our trusted advisers today and receive a voucher to match your first month’s premium (up to $100).
This applies to any new home loans or personal insurance covers (life, trauma , mortgage / income protection or health insurance).
Already got your cover sorted? Pass this on to another union member to help them out too.