When it comes to insurance cover, there is no one-size-fits-all solution.
A combination of policies that provides the perfect fit for one person might not cater to the needs of another.
Tailoring insurance to your personal circumstances makes all the difference.
Here’s what you need to know.
Assessing your risk
A key part of making insurance work for you is to identify the financial risks that you want to cover. These won’t be the same for everyone.
Where are you most financially vulnerable? What financial goals do you have that you need to protect?
Maybe you are a young couple starting out and you want to make sure that if something were to happen to one of you, the other could cope with your new home loan and other financial obligations.
Maybe you have a growing family relying on your income and want to make sure that’s safe. Perhaps you’re near retirement and worried about a health event disrupting your ability to get to your investment goals.
Everyone is different, but most people want or need to protect their financial lives in some way.
How insurance can be tailored to individuals
There are a range of different types of personal insurance, such as life cover, income protection, trauma protection, mortgage and rent cover and health insurance.
In lots of cases, the right sort of protection might include a bit of each but weighted according to a person’s specific needs and circumstances. In other cases, you might not need the full spectrum and just hone in on a couple of types of protection that are particularly important for you.
As advisers we can help you work out how the different types of cover might fit together, and how you can get the most appropriate protection for the budget you have available.
Add-ons for comprehensive protection
Depending on your needs, you can further tailor your insurance cover with optional add-ons.
We can help you work through what’s available because there are a lot of options.
Some people may want to include things such as health insurance add-ons that cover everyday treatments, inflation adjustment on income protection policies, add-ons for non-Pharmac drugs, the ability to increase sums insured without further underwriting if specified events happen, and cover for specialist and diagnostic tests. What you choose will depend on what you most value.
Policy terms
Each policy can be slightly different, even from the same insurer. As advisers, we can help you to understand the terms of any policies you’re taking out and how you might expect them to respond to a claim.
Professional advice makes a difference
You can obtain more comprehensive, appropriate cover by tailoring your insurance cover specifically to your needs and circumstances. As professional advisers, we are here to help you do just that, by working through what is available, what might suit you and how all the pieces fit together. If you’d like to check in on the cover you have, or put in place some new protection, get in touch with us.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.