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As an insurance adviser, I often find myself explaining the various insurance options to clients. On the surface, this might seem pretty dry and unexciting. Insurance can feel like a chore and an expense—especially when there’s a government system to support us, right? For this reason, many Kiwis can be remiss in getting the right cover.
However, working in the industry, I see many situations where families do not have the right (or any) cover, and the consequences can be very sad—especially with the current state of the health system in NZ. On a more positive note, I also see many cases where families did have cover, and the outcomes were very good! As advisers, we do give ourselves a pat on the back in those situations if we were the ones who advised on that.
My job is to educate people, find just the right mix of cover to suit each client’s risk profile and budget, and alleviate their fears and worries. It is honestly a privilege to help families build those support structures around them and know they will be okay.
Even if they have to make a claim down the line, it is still a good feeling to know that they have the opportunity to access the money they need.
The reason I am writing this is because understanding what insurance is and why we insure is important for all our clients. So, let’s get started.
Insurance protects you or someone else if a specific event happens. We usually get insurance because we don’t have any other plan and rely on it to offset that risk. Emotionally, we want to know our loved ones will be safe and our future plans protected.
Most of us don’t have large stacks of cash for major life disruptions, so insurance helps meet those needs in a manageable and sustainable way.
Handled by my colleagues at Caveo (chat with them here), this covers “insurance of stuff”: business, home, contents, vehicles, etc.
Handled by financial advisers at Velocity, this covers “insurance of people”: health, income, life, etc.
In an ideal world, you’d have a mix of cover tailored to your situation. Think of it like pizza toppings—get the right mix and the base is covered!
Protects loved ones if you’re diagnosed with a terminal illness or pass away. Commonly used to cover mortgage debt and provide housing security for loved ones.
Covers around 40+ medical conditions like cancer, stroke, dementia, and more - this number is higher than most bank policies. Provides a lump sum to ease financial stress, cover medical costs, or pay off debt (as per your provider policy wording.)
Pays out if you’re permanently disabled and unable to work. Also applies if you can’t perform basic daily activities like bathing or feeding.
After a designated wait period, this can replace up to 75% of your income if you’re unable to work due to illness or injury. Helps cover everyday expenses like food, rent, and childcare.
Gives access to private healthcare when the public system is stretched. Crucial for fast diagnosis and treatment, especially for conditions like cancer.
Let’s look at a real-world example to understand how different types of cover work together.
A family of four: two parents in their late 30s, two children aged 6 and 10. Dad is the main earner; Mum works part-time as an ECE teacher. Mum is insured.
Mum is diagnosed with ovarian cancer and needs treatment. Key questions arise:
Thanks to her cover:
It’s heartbreaking to see people rely on ‘Givealittle’ for emergencies that could’ve been planned for. Insurance can be more affordable than expected, and there are plenty of options.
We hope for the best and prepare for the worst. A good adviser helps you do both. Talk to us about your options—even if you decide it’s not for you, at least you’ll know what you’re turning down.
About Giovana
Hola, I’m Giovana, a Client Services Manager and Financial Adviser at Velocity. With 12 years in the industry, I’m passionate about delivering excellent customer service and smooth processes. Outside work, I’m a mum of two girls and love dancing—especially Peruvian cultural dances.
Disclaimer
Giovana Paulin (FSP1007277) is a Financial Adviser with Velocity Financial (FSP95466). No financial decision should be made based on this blog alone. Please see our disclosure statement on our website.
Always Get Professional Advice
This post is a general guide. For important financial decisions, seek independent advice tailored to your situation. Talk to a financial adviser, lawyer, and accountant—they’ll help you find the best solution.
Visit our website for more on our advisory services and disclosures:👉 https://www.velocityfinancial.co.nz/disclosure-statement