Insurance Claims: The Importance of having a Will.

Throughout our 30 years of experience in the Insurance marketplace, there are a few key things that we always advise our clients to look into regarding their insurance. One of the most important of those things is having a will in place that is complete and current.

If you have insurance cover on your life for instance, without a current will in place specifying your wishes your crucial claims money could be delayed or misdirected in ways you did not intend. Your Life Insurance policy will pay out at the time of your death and you can use your will to specifically detail how the Life insurance payout should be used.

Fortunately, these days getting a will in place and certified is not a labour intensive or expensive process, and it is a crucial step to take. It is equally as important to ensure that if you do have a will, that you make sure it is current and check it each year at the same time as your Insurance Policy Review. Make sure that your specified dependants that your estate will be distributed to is exactly who you wish for it to be, and make any necessary changes so that in the event that a life insurance or critical illness claim needs to be made, the intended recipients can get the claims payout with as little stress or delay as possible.

The Public Trust of New Zealand offers services that will allow you to create your will online for as little as $69. This is a small price to pay when compared to the possibilities of your entire life claim being delayed by unnecessary days, weeks or more. For more information on the process and to visit the Public Trust’s Will Service you can click here, or contact any of our team for any help that you may you need.

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Request a free, no obligation insurance quote today.

Attraction and Retention - Solving An Employer Challenge for 2022

Small and Medium Sized Businesses (SME’s) are the lifeblood of the New Zealand economy, with over 470,000 SME’s employing over 584,000 staff. Much has been made recently of the staff shortages NZ businesses are experiencing,  and the predicted “great resignation’’ once the borders open after prolonged closure. In a tight labour market, employers are always looking for new ways to attract and retain talent. A recent global wellbeing survey indicated that 82% of organisations believe wellbeing is important within their company. However, 'wellbeing' can have can have different meanings to different people.

Two meanings that are universally accepted in relation to it are Health Wellbeing, and Financial  Wellbeing.  Employers can provide this wellbeing via “Employee" insurance programs that provide staff with Health insurance benefits so they can getter better, and back to work faster, and insurance benefits that pay cash to staff should they suffer a major illness or disability, relieving financial worry and stress. 

Employee or “Group” insurance places value on employees’ wellbeing and shows that their employers genuinely care about them. If you are an employer with at least 5 employees, it’s a fantastic gesture to build loyalty, retain staff and reward them for their hard work. These plans also have the valuable advantage of providing a higher level of coverage, and at a much lower premium cost than an individual employee could access themselves.
 
A recent report by the Financial Services Council of New Zealand shows that “Group" insurance for employees is one of the fastest growing sectors of the insurance industry. This is because more and more employers realise the value it holds for employees from internationally mobile staff through to blue collar workers, and what great value it represents on ROI per dollar spent (cost is usually well below 1% of remuneration expenditure). Group medical insurance schemes are also available and are generally an exceptional and cost-effective option that gives your employees medical cover at lower costs than they could access themselves.
 
To find out more, or to receive a free no obligation consultation or quote you can contact our resident expert,  Peter Wilkening of Spratt Corporate Employee Benefits for a chat.

Read More about Employee Group Schemes here.
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