Would you ever attempt to insure your home after it had already burnt down? Of course not. Insuring property after the loss has occurred serves no purpose. Insurance exists to protect individuals, families and businesses from the financial impact of unforeseen future events.
Personal insurance—life, health, critical illness and disability cover—works exactly the same way. The best time to secure these covers is when you are fit and healthy. Why? Because if you are in good health, you are most likely to be accepted at standard premium rates, with no exclusions for pre-existing conditions and without costly loadings.
Delaying, or never, putting in place appropriate cover exposes you, your family and your business to significant financial risk. An unexpected diagnosis (such as cancer or stroke) or a serious accident can affect your insurability. In some cases, you may become uninsurable. Even if cover can still be arranged, it may come with exclusions, premium loadings, or both — resulting in reduced protection and/or considerably higher costs.
Who needs personal insurance?
If you run your own business—whether on your own or with partners—insurance is vital, particularly in the early years of a new venture. Personal “life events” are also ideal moments to put a protection plan in place if you don’t have one already. These events may include:
- getting engaged or married
- expecting or welcoming a child
- purchasing a home or investment property
- taking out (or increasing) a mortgage
Even challenging events such as divorce or separation provide a natural point to reassess your existing protection.
Regular reviews matter
Putting a plan in place is only the first step. Insurance should never be “set and forget.” Regular reviews ensure your protection remains aligned with your changing circumstances and needs.
Ultimately, the aim is to maintain a protection plan that safeguards you, your home and your business—at a cost that is both realistic and sustainable.
Ask us how we can help
Insurance should never be “set and forget”.
It’s what we do.
“Come as a client, leave as a friend.”
Theo Simeonidis
UProtectNZ Insurance Services