6 ways insurance can secure your future

by TFM Admin

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Dec 2, 2021

Have you been wondering if you should get an insurance policy or save the money instead?  

Most of us prefer to stay away from thoughts of loss, damage and death. Which is why we hesitate to plan for insurance and just hope the worst-case scenario never occurs.  

But planning for the future and protecting your family is not that complicated. With a well thought out insurance policy, you can stay free from fear of future financial burden.  

You will find that choosing to pay insurance premium regularly will save you and your family from huge losses resulting from loss of life, damage to property or even your business.  

Life is uncertain but insurance is there to help 

You could be single with no assets yet, or have a spouse and children with a home or be somewhere in the middle. No matter the case, we all have some people we cherish in life and want to look out for in bad times.  

If you have a family or a relative you support financially, knowing their future is safe is a big relief.  

In the unfortunate event your loved ones lose you, insurance will help continue payments to compensate for the loss of income. So, you can confidently invest for a better tomorrow without worrying.  

And if you are just starting out professionally after finishing college or have a young family, insurance policies are especially easy on the pockets.  

An early start is beneficial but it is advisable to get a policy at any age because it is aimed at safeguarding the future.  

Insurance will take care of household debt  

Your achievements are hard earned and well deserved. We all hope to accomplish more and invest in our future goals.  

And with an insurance policy you will not have to worry about the money to pay back loans in times of financial distress.  

An appropriate insurance cover can help with a variety of debt repayment. Some examples include new business loans, education loans, home mortgages and much more. 

Insurance can protect against economic downturn 

Medical expenses increased multifold during the pandemic. There were many among us who lost their jobs, someone they loved or any financial security they might have had.  

These unpredictable changes in the economy can cause future unemployment rates to increase. Sometimes even political changes affect the job market negatively.  

Thankfully there are some helpful insurance tools in the market in case you get stuck. 

For instance, a Redundancy Cover will help with payout when you lose your job. 

But losing a job is not the only event when you can claim insurance payout. An Income Protection policy will compensate a percentage of your wages in case you cannot go to work due to an accident or illness.  

Insurance against business risks 

You commit a lot of time, money and energy on your business. It makes sense to take steps to protect your business against any unexpected economic losses.  

A quality team of professionals is a major contributing factor towards success of any business. If you happen to lose any important member of your team or cannot take their services due to other health reasons you can claim Key Personnel insurance.  

Similarly, you can take the help of your insurance adviser to look into insurance against loss of profits, assets, manpower, any liability cancellation and other business risks.  

Insurance can help with hospital bills 

We often try to maintain a healthy lifestyle. Some of us are blessed with good genes and are at significantly lower risks of developing life-threatening diseases. But even these favorable factors may not guarantee safety from accidents or developing serious ailments.  

You can cross off hospital  bills from your list of worries with insurance and focus on just healing and spending time with loved ones! 

An appropriate health insurance policy can protect you or a loved one from costly medical procedures. The public health services system is already burdened and can make you wait for long before any treatment is provided.   

You will get the required medical attention on time with an insurance policy in place.  

Public healthcare covers New Zealanders but there is a growing trend for private health and life insurance policy purchases. An increasing number of people want to have an assurance that they will be protected in case of medical emergencies. 

The average of past 7 quarters in terms of Life Insurance claims paid was $361.3 million as at 30th June 2021.  

Insurance will relieve any compliance worries 

The professional liability, compliance and litigation environment is expanding fast. Business insurance policies were introduced to keep up and help your business prosper. 

It is not unlikely that you and/or your firm get caught up in an unexpected incident that causes loss to your or someone else’s business.  

If the business is not insured or underinsured, a huge sum in liability payout may put you out of business. This is harmful for livelihoods of your employees and your dependents.  

However, insurance covers for a wide range of specific risks are available in the market. You can consult your insurance adviser for which policies are suitable for your business.  

Give us a chance to help you  

Now that you know why insurance matters, the next step is to get an appropriate policy.  

But it is confusing to start on this journey. You need an adviser who will understand your dreams and goals. 

At Fundmaster we have an experienced and qualified team of professionals who will simplify the overwhelming volume of information on various policies in the market. 

We will take a holistic approach to find the best policy for you. Our approach assesses your medical history, lifestyle and income so the policy we find is suited to your needs.  

Call us today and discuss your long-term goals to safeguard the wellbeing of you and your loved ones.  

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