Helping you make the right choice 
Helping you make the right choice
SHARE Advisers offer specialist advice that is tailored for individuals, families and businesses. They will also support you and your family through the claim process.
You've worked hard to build a solid financial footing for you and your family, so you want to be sure that everything is protected. Accidents and disasters can and do happen, and if you aren't adequately insured, it could leave you in financial ruin. You need insurance to protect your life, your ability to earn income, and to keep a roof over your head.
You can insure almost anything under the sun, but certain things absolutely need to be properly insured. This typically includes your life, your health, and your property.
While you want to ensure that you're adequately protected, there are a lot of insurance policies that are unnecessary for most people. Purchasing the wrong insurance, or simply spending too much on insurance can do more harm than good. The question is: which insurance policy will cater for your needs?
Our SHARE advisers have experienced nearly every scenario imaginable. Collectively, we have a wealth of knowledge and it is this knowledge and experience we share with you, so you don't end up paying for a policy you don't need.
Life insurance in New Zealand can be divided into two basic classes: temporary (or term) and permanent insurance.
Term assurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term insurance is generally considered “pure” insurance, where the premium buys protection in the event of death and nothing else.
Annual (or yearly) renewable term is a one-year policy, but the insurance company guarantees it will renew the policy on each anniversary up until an agreed age, regardless of the health of the insured person, and with a premium set for the applicant's age at that time.
Another common type of term insurance is mortgage life insurance, which usually involves a level-premium policy, with the cover declining in line with the amount owing on the mortgage, such that any outstanding amount on the applicant's mortgage will be paid should the applicant die.
Permanent life insurance remains active until the policy matures, unless the owner fails to pay the premium when due. The policy cannot be cancelled by the insurer for any reason except fraudulent application or unpaid premiums. A permanent insurance policy accumulates a cash value, meaning the owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value (This type of product is no longer available for new customers in New Zealand).
If you, your business partner or another key person in your business died or was unable to work for an extended period of time as a result of illness of injury, it could have a significant financial impact. Small Business risk insurance can make sure that your business remains afloat no matter what happens. It can include cover to repay external debt or cover loss of profit, ongoing business overheads and even loss of personal income.
Most businesses in New Zealand have three areas of vulnerability that need to be covered:
Debt Repayment - Business loans are often secured by the personal guarantees of the principals and their families. If you were to die or suffer a serious illness, the cash flow required to service any business loan may be affected. If creditors are not prepared to roll the loan over and instead they call it in, your personal assets and those of your family may have to be sold to repay it. Business insurance nz can make money available to the small business at the time it needs it the most.
Business Continuity - If you or your key employees were unable to work for an extended period of time due to illness or injury, the financial impact could be huge. Again, a business continuity insurance policy can make money available at a critical time to ensure the small business can keep functioning during the absence of key employees.
Ownership Continuity - If a director or shareholder dies, the estate usually has the right to demand immediate repayment. In situations where there are two or more partners or co-shareholders in a business, significant problems may arise if one dies or suffers a major illness.
You and the surviving partner or co-shareholders could face the following issues:
Thankfully, protecting your small business from the loss of a director or shareholder is actually quite simple. It's about thinking ahead, seeking advice and making a plan by putting an appropriate small business insurance package in place. And that's where your SHARE adviser can help.
The healthcare system in New Zealand has undergone significant changes throughout the past several decades. From an essentially fully public system in the early 20th century, reforms have introduced market and health insurance elements primarily in the last three decades, creating a mixed public-private system for delivering healthcare.
The Accident Compensation Corporation (ACC) covers the costs of treatment for cases deemed 'accidents', including medical misadventure, for all people legally in New Zealand, with the costs recovered via levies on employers, employees and some other sources such as car registration.
The relatively extensive and high-quality system of public hospitals treats citizens or permanent residents free of charge, however costly, difficult or elective surgery often requires long waiting list delays unless the treatment is medically urgent. Because of this health insurance providers in New Zealand fund operations and treatments for their members privately.
Health insurance enables you to avoid the waiting times often associated with the public system meaning you can avoid a reduced quality of life and deteriorating health while waiting for treatment. What's more it means you can get back to earning an income as soon as possible, allowing you to continue to support your family and pay your bills.
If you or a member of your family became ill, perhaps seriously, wouldn't you want access to expert care, when and where it suits you? Only private health insurance in NZ can give you that assurance.
Buying a home is a big responsibility. And it's commitment that affects not only you, but also your family. The last thing you'll want to see is your home slip out of your hands if for some reason you can't meet your repayments.
What would happen if you were unable to work for a period of time or worse still, were no longer around? Would you have the resources to keep paying off your home loan, and safeguard your family's future? Mortgage insurance can give you peace of mind in situations such as these.
Life Cover - Provides a lump-sum payment if you die, which can allow your family to repay the mortgage in full, depending on the level of cover.
Trauma Insurance - Pays a lump sum if you are diagnosed with a defined critical illness, such as heart attack or cancer, giving you the option to pay off some or all of the mortgage and maintain your lifestyle.
Redundancy Cover is available on certain policies and provides cover for your monthly mortgage repayments for a fixed period of time if you are made redundant.
If you have a mortgage in New Zealand, it's a good idea to protect yourself against all eventualities with mortgage protection insurance. SHARE advisers can offer a number of ways to ensure your home stays in your hands.
Buying a home is a big responsibility. And it's commitment that affects not only you, but also your family. The last thing you'll want to see is your home slip out of your hands if for some reason you can't meet your repayments.
What would happen if you were unable to work for a period of time or worse still, were no longer around? Would you have the resources to keep paying off your home loan, and safeguard your family's future? Mortgage insurance can give you peace of mind in situations such as these.
Life Cover - Provides a lump-sum payment if you die, which can allow your family to repay the mortgage in full, depending on the level of cover.
Trauma Insurance - Pays a lump sum if you are diagnosed with a defined critical illness, such as heart attack or cancer, giving you the option to pay off some or all of the mortgage and maintain your lifestyle.
Redundancy Cover is available on certain policies and provides cover for your monthly mortgage repayments for a fixed period of time if you are made redundant.
If you have a mortgage in New Zealand, it's a good idea to protect yourself against all eventualities with mortgage protection insurance. SHARE advisers can offer a number of ways to ensure your home stays in your hands.
Many clients come to SHARE to make sure their debts are cleared if they die - the mortgage on the family home, credit cards, personal loans, overdrafts and any other financial encumbrance. This is important because it means your family can maintain their lifestyle even if you aren't around.
Sometimes life throws unexpected events our way which make us wish we didnt have to worry about finances. Like a serious illness for example. When you are battling a serious illness, you need to focus on getting better and keeping your family close. Its not the time to be worrying about how you will meet next month's mortgage payment or where you will find the money to pay the credit card bill.
Trauma Insurance and Total Permanent Disablement Insurance can provide a lump sum when you are diagnosed with a serious illness or become permanently incapacitated. You can use these funds to clear your debts and focus on your recovery.Life Insurance, Trauma Insurance and Total Permanent Disablement Insurance are options that can help you clear debt if the unexpected happens. Your SHARE adviser can help you decide which of these options would benefit you and your family.
Its hard to know what your health will be like in the future.
Unfortunately, its unlikely that treatment for all of your family's health issues will be available through the public health care system. This means you have no control over when or where you receive treatment. It also means you might have to pay for it.
Waiting lists for specialists, diagnostic testing and surgery are common place and if your treatment is urgently required you would have no choice but to fund it from your own pocket.
Health Insurance is the answer.
Health Insurance means you choose your specialist, surgeon, hospital, treatment provider and timing of your procedure knowing that all or most of the cost will be covered by your insurance company.
Not all Health Insurance policies cover the same health issues or provide the same benefit levels. Your SHARE adviser can guide you through a variety of Health Insurance covers so your policy meets your needs.
During your working life it is highly likely that you will need time off for an accident, illness or short term injury.
Sick leave, ACC and your emergency savings account might provide some income for a little while, but what happens when these run out and you are not yet well enough to return to the workplace?
Being unable to work and not having a financial safety net spells disaster for many New Zealand families. Bills pile up, mortgage payments are missed - the burden of financial worries while you are recovering creates extra stress and may delay your return to work further.
It doesn't have to be this way if you have Income Protection.
Income Protection pays a regular amount (usually up to 75% of your income) until you are well enough to return to work or until your selected benefit period ends. Some Income Protection policies will also help you out with extras such as home help, rehabilitation assistance and retraining allowances.
Speak to your SHARE adviser about your own Income Protection requirements.
Ilnesses can be life threatening or non life threatening, long term or short term. Either way, if you are unwell and receiving treatment for weeks, months or years - where is the money coming from to ensure you and your family cope?
If you are diagnosed with a serious illness (eg Cancer), you may not be able to access health care immediately. You might have to stop work and you might have debts or other financial commitments that need your attention. If you are diagnosed with a non serious illness but one which means you need some time off work (eg Mental Illness), the situation is no different. Having financial worries is the last thing you need when you are trying to focus on getting better.
Trauma Insurance and Income Protection are two ways to make life easier when you are either seriously unwell or need some time off work through ill health. They pay different amounts and for different things but together they can make a big difference to your recovery and to your family's lifestyle.If you think Trauma Insurance and Income Protection could make a difference to your family, have a chat to your SHARE adviser today.
A serious illness can take away your ability to work again just as a serious accident can render you permanently disabled. The outcome is the same: you are unable to earn an income for the rest of your life.
The financial impact of never working again is felt immediately and can have sustained impacts well into your future. While there are some welfare benefits available, these typically require a rigorous claim process and may only cover your day to day living expenses.
Disablement brings other financial needs besides basic living expenses. Modifying your home, taking a break with your family, clearing debts, setting up a retirement fund. If you can't meet these financial needs its hard to stay positive about your future.
Total and Permanent Disablement Insurance provides a lump sum if you are permanently disabled through an illness or accident. You can use these funds for any purpose including debt reduction, ongoing income or helping to modify your lifestyle.
Your SHARE adviser can show you just how affordable this type of cover can be and how it can be used to safeguard your financial future.
When one of your key people is taken out of your business unexpectedly, the financial impacts are large and may affect your business in the long term. They may even jeopardise its future viability.
There's more than just a drop in productivity when one of your key people becomes ill or passes away unexpectedly. Consider some of these impacts on your business:
There are a variety of ways to mitigate these impacts. Key Person Insurance pays a regular benefit to soften the financial blow for an agreed period of time. Total and Permanent Disablement Insurance and Life Insurance can provide lump sums enabling you and your business partners to take more decisive steps and make changes to your business.
You might instinctively know who your key people are and what they are worth but it pays to get some good advice. Your SHARE adviser is trained to uncover the hidden costs of losing key personnel and can help you put some protection in place to keep your business on track if something unexpected happens.
How do you feel about ending up in business with your deceased partner's widow's second husband's lawyer?
If one of your business partners or shareholders became seriously disabled or died, its essential that you have some certainty over the future control and ownership of your business. Its equally as important that your estate receives a fair price for your share or business interests if you become seriously disabled or die.
Business succession planning can provide predictable outcomes for both situations. By providing the right amount of money to the right parties, it provides you, your estate and your business partners with choices.
Life Insurance, Trauma Insurance and Total Permament Disablement Insurance are just three solutions you might use but there are many other non-insurance solutions too. Its a complex area that requires the specialist knowledge of your SHARE adviser.
Your SHARE adviser is specially trained to advise small and medium sized businesses on business succession planning. So give them a call today to start the ball rolling.
Leases, staff salaries, taxes, suppliers bills - if your company can't meet its debts as they fall due, your days in business are numbered.
Nothing makes bills mount up more than a drop in productivity caused by the death or serious illness of one a business owner / director. And its not just the business in the firing line - sometimes your personal assets, your family's assets, your minority shareholder's assets are also at risk.
No matter how big or small your business may be, its important to put in place a backstop to make sure your business' bills are paid should something unexpected occur. You might arrange this by keeping a large cash reserve or having access to funding. Another option may be insurance.
Life Insurance, Trauma Insurance and Total Permanent Disablement Insurance provide lump sum payments to help your business clear debt and focus on the future. Some businesses need large sums available, others not so much, but you need to speak to a specialist in this area to make sure your bases are covered.
Your SHARE adviser can help you determine what sort of cover you need, how much you need and how to avoid paying too much for your cover.
Your people are your business' biggest asset. Have you protected them?
There are lots of ways you can differentiate your business in the market and give good candidates a reason to apply for jobs at your organisation and remain loyal staff members. The benefits that stem from taking care of your people are also very valuable, benefits like:
Employee Benefits make a difference. You can tailor your Employee Benefits packages to different levels in your organisation and reward different staff for different things. Your team will get a clear message that they are valued and that your business is a great place to work.
To customise an Employee Benefits programme to your organisation, speak to your SHARE adviser.
Running a successful business requires insight and planning for the future.
There's lots of business events that can be planned for - big purchases, employing a key person, arranging succession plans - but there are some things, like poor health, that cannot be predicted.
Self employed people and business owners need to make sure the running costs of their business can be maintained even if they aren't managing the business hands on. After all, its important that you actually have a business to return to!
Business Expenses Insurance provides a monthly benefit which covers up to 100% your eligible business costs if you are unable to work for any reason.
Your SHARE adviser can give you more detail about which business expenses are eligible for cover, and how you can combine Business Expenses with Income Protection Insurance to make sure you are fully protected.
Your farm income is vital…so what would happen if it stopped?
If you suffer an illness or injury which stops you working on your farm, an Income Protection policy might pay you a regular benefit. If its a standard Income Protection policy you may need to show a reduction in profits which can be directly attributed to your not working. For some farmers, this is very difficult to prove.
Farmers Income Protection Insurance is designed to meet the needs of farm owners. Generally, it looks at your turnover rather than profits so you can demonstrate how your time off has impacted your farm's finances.
As with all Income Protection Insurance solutions, there are a few other things to think about (especially ACC) so make a time to review your Income Protection with a SHARE adviser and ask them about Famers Income Protection Insurance.
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