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The Six Universal Rules of Life and Health Insurance

Drawing from UProtectNZ’s extensive experience, here are six “rules” that we have identified which apply to personal life and health insurances.

1. Insurance packages: One size does NOT fit all!

Insurance needs are influenced by age and stage in life, dependants (especially children), financial obligations (mortgage debt, personal and business loans), and whether you are in business (self-employed, partnership or company shareholder-employee). Protection plans need to be tailored for individual, family and business needs.

2. Insurance policies are NOT created equal!

There is often substantial variation in the quality of cover and cost, so work with an adviser who has access to and knows the products and policy wordings available across the market.

3.  All insurers have their specific “sweet spots”

All insurance companies have their specific “sweet spots” – it’s your insurance adviser’s role to find the best “sweet spot” for you, in terms of the type, quality and amount of insurance cover, as well as ensuring the cost is competitive and manageable.

4. Periodically review your insurances!

Over time, your personal situation, risk exposures and protection needs can change.  It’s essential to undertake a periodic “warrant of fitness” insurance review to identify changed requirements and make appropriate adjustments.  This is done via a free, no-obligation review.

5. Be wary of insurances offered by banks!

Buying insurance through a bank means you get a choice of one (tied) insurance provider, one size fits all, and dealing with multiple people rather than one dedicated adviser.  Who would you want to manage your claim – your trusted adviser or a random bank employee?

6. Once you’ve decided on your protection plan put it into effect promptly!

Don’t dither. Don’t tempt fate!  A health or life insurance plan is useless unless it’s in force.

Follow these 6 rules of insurance and you can expect to have a sound insurance plan in place.