Money Week 2020 wrapped up earlier this month, and at the same time, New Zealand experienced its second outbreak of COVID-19 in the community - something financial adviser and insurance expert Peter Leitch says has once again demonstrated the importance of having protection, and of making good financial decisions.
With Auckland back in Alert Level 3, Leitch says this fresh outbreak has reminded everyone that unexpected events can happen overnight, and have potentially significant consequences. Partnering with Financial Advice New Zealand for Money Week, he urged consumers to inform themselves about different types of insurance, what they protect against and the claims process, and he also emphasised the value of having an adviser guiding them along the way.
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“Recent events have shown us that things can happen unexpectedly, and we’re hoping for the best with the developing situation here in New Zealand,” Leitch commented. “We’re always cleverer in hindsight, and we always wish we may have done something prior to an event occurring.”
Leitch says the public should be aware of different types of policies that can help offer financial protection, including life, income and mortgage protection and medical insurance. He also emphasised the importance of honest disclosure, and of fully understanding the policy inclusions and exclusions.
“Insurers do pay almost all claims that are made to them,” he explained. “They want to pay genuine, good claims. Tell your insurer early, because support is available - and tell your adviser as well. We are experienced at helping people at a time when they are vulnerable and just don’t know what to do, so if you’re feeling unwell or have been told something by your doctor, call your adviser because they’ve probably been here before.”
“It’s important that the cover you have is specific to you and your circumstances, and those change over time,” he added. “Advisers can help you get your insurance issued, and they’ll provide an ongoing relationship with you so that you feel comfortable ringing them and saying: ‘I’ve taken on more debt, my circumstances have changed, etc. What impact do you think this has on my insurance?’ You should be able to have confidence around insurance, and feel that you have control with the insurance policies that you have.”