Demystifying Personal Insurance: Your Comprehensive Guide

Navigating the world of personal insurance can be daunting, with an array of options available. Choosing the right type of insurance is critical to safeguard your future. In this guide we’ll break down the different types of personal insurance and why they matter. Understanding these policies can be the key to your peace of mind and will make it much easier for you to understand when it comes time to decide on your insurance. 

Life Insurance

Life insurance serves as a financial safety net for your loved ones in case you pass away. In the event of your passing, your insurance provider will pay money, either as a lump sum or as a monthly payment. It ensures that your family (or beneficiaries) can maintain their lifestyle without financial strain. Our experienced Hawke’s Bay Insurance Advisers can help you select the right policy to suit your family’s needs.

Trauma Insurance 

Trauma insurance provides extra financial support when you face a serious illness, covering specific illnesses or injuries. Your provider will pay you a one-off lump sum which can help you cope with medical expenses not covered by public health services or other unexpected costs. 

Income Protection

Income Protection insurance keeps money flowing when you can’t work due to illness, ensuring you can pay your bills and maintain your lifestyle. It’s especially vital as most situations that lead to income loss result from illness rather than accidents. With regular monthly payments, you could use these to assist with ongoing costs such as household bills, mortgage or rent payments and other financial commitments. 

Medical Insurance

While New Zealand boasts a robust public health system, Medical Insurance provides peace of mind when public services face challenges. It offers quicker access to treatments, control over your healthcare, and coverage for extra treatments. 

But there’s another important aspect to consider. In New Zealand, there are certain treatments that are not funded by Pharmac. These medications can be life-saving, making the difference between life and death in critical situations.

Having Medical Insurance can significantly improve your chances of accessing these vital medications. It’s important to note that it’s not a guarantee, as each insurance provider will have specific criteria and conditions. Therefore, working with our experienced team is essential to understand the nuances of different insurance policies. 

Mortgage Protection

Mortgage Protection Insurance is essential for mortgage holders, safeguarding against loan defaults due to illness, job loss, or death. Typically, mortgage protection will cover your mortgage payments for a specified period of time and is there to ensure that your home remains secure, even in challenging times. Our advisers will help you understand policy features and navigate the selection process to ensure you’re well-informed and protected.

In the world of personal insurance, choices matter. Life is unpredictable, and these policies act as your financial safety net. We are here as your dedicated insurance advisers, ready to guide you on your insurance decisions. Don’t wait; secure your future today by selecting the right policies for your unique needs. 

For personalised insurance guidance, contact us today by calling 06 843 3899.

Photo by Yan Krukau.