Insurance News for Real People

Health and Safety what you need to be thinking about

Health and Safety what you need to be thinking about

I am doing a presentation to a group of business people shortly around planning for Health & Safety risks and what implementing a Health & Safety Plan is about.

One of the things I have done is to get out to the WorkSafe website and see what they say on the subject. It is pretty good!

Their around the block tool is a handy, easy interface to the site for those who want to dig at specific examples of what relates to their business.

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Managing your Medical Insurance Premiums

Managing your Medical Insurance Premiums

One of the things that is often said, reported in the news, and generally complained about, are the increasing costs of medical insurance.

We've heard about Southern Cross policy holders up in arms because of the premium increases they have seen. To be fair all providers premiums increase, Southern Cross has the biggest pool of clients and the oldest pool of clients, so increases do hit hard in that particular group.

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Insurance policy and benefit replacement.

Insurance policy and benefit replacement.

By posting this, I’m going to raise a contentious topic. One that clients often do not understand, advisers generally avoid discussing, providers publicly discourage but operationally encourage and the Financial Markets Authority (FMA) is starting to have a closer look at.

I have stated the previous parties in a very specific order, from most impacted to the one with the stick they can use, and the players in between.

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Managing interest rate pressures on your mortgage or home loan

Managing interest rate pressures on your mortgage or home loan

 

Ok the OCR has moved for the first time in a long time and interest rates are all rising. Is this a problem? It depends on your perspective.

If you are a homeowner then yes it will have a direct impact, your mortgage payments will rise. Again, is this a problem?

If you bought your home some time ago when rates were higher and you have not borrowed more, it is probably not a problem and you have been enjoying cheaper money than you anticipated. Additionally you have possibly paid back more principal than you normally would have and you are now in a better position.

For the majority this will not be the case, certainly in Auckland if you have bought your first home or upgraded in the last 3-4 years, it will have been because the lower interest rates have assisted you to do this. The low interest rates probably had some impact on the increased house prices too.

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Risk planning and grand ideas about private schooling

Risk planning and grand ideas about private schooling

 

Something which is often kicked around by financial advisers is private education, sort of meaning: if something happened to you, your kids would go/move to private education from public education.

Now this may be a wish you have but the practical reality is your kids have had a significant change with the loss or disability of a parent. Why would you inflict more change on them by pulling them away from their friends and stable routine to send them to private schooling? Sounds like a great way of scarring them for life at a vulnerable time.

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What are you really protecting?

What are you really protecting?

 

Life’s full of surprises though life cover insurance is usually a subject you do not get surprises in. Sovereign’s 2013 published causes for life claims, or rather reasons people died, makes for surprising reading.

In the graph from Sovereigns claims for the year ending 30 June 2013, The 70 plus age group isn’t surprising, cancer, heart or lungs are usual reasons people pass away. The first usually causing one of the second or third.

Stepping back from the older lives, things get a little different.

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