How Insurance/Investment can help your child complete their education.

When we think about our financial commitments and our debts, sometimes our child's education can slip by under the radar. Everyone knows about their mortgage, their utility bills and their credit cards, but how much its really going to cost to guide your child or grandchild through their education is often not figured into the equation. 

Private school or university fees can range from $5,000 - $25,000 per year, which is a substantial financial commitment and something worth thinking about. So if your child is starting or continuing their secondary or tertiary education in the New Year, here's what it might pay to take into consideration in your financial plan.

1. You May Qualify For Special Events Increases

In some insurance policies, special events clauses allow you to make changes to your insurance free and with no additional forms, checks or processes required. Having a child begin their secondary or tertiary education counts as one of these events under certain providers. This means that you can increase your sum assured or make changes to your plan quickly, easily and without stress. If you are a primary income earner who supports your child or grandchild as they go through their education, you can make sure that their education costs will be covered by taking the time to review and taking advantage of these clauses. 

We highly recommend taking the time to check with us if you qualify, or to review your insurance plan to make sure this new debt/liability will be taken care of and your child will be able to complete their education no matter what happens.

2. Review Your Existing Insurance Plan

If your child is starting or continuing their education it may be a prudent plan to conduct a review of your existing insurance factoring in these new financial commitments. We may find that some changes need to be made or may even be able to save you money, whilst still providing for your debts and making sure your child or grandchild has a safe, assured pathway through their education and into their chosen career. All our insurance reviews are completely free and no obligation, so you have nothing to lose.

3. The Benefits of Your Child Being Insured Early

In addition to thinking about your own insurance as your child/grandchildren start their education, its worth giving a thought to theirs as well. Getting a health and/or critical illness insurance policy in place for them has numerous practical benefits that can help make sure they and the family can overcome the financial obstacles illness or injury could present to their education and beyond.

Securing insurance cover young can mean:

• Securing insurance cover young means cheaper and cost effective premiums.
• Any conditions developed later on in life will be covered. Getting in young means less time for pre-existing conditions to develop which could mean possible savings of thousands or even tens of thousands in the long run. It meant exactly that for our team member who was diagnosed with Crohn's at the age of 20.
• No exclusions, conditions or additional loading expenses in your policy.

4. Consider an Education Investment Fund

Our professional investment services can offer managed funds without a minimum starting amount - perfect for an education fund that can grow and prosper over time, eventually helping your child or grandchild finish their education successfully, without the burden of too much debt on their life. Backed by the most cutting edge research, we can consult with you and find the best option for your unique financial situation. If you want to get started or make an enquiry, just contact us today and ask a question or request a free, no obligation consultation.

How medical insurance spared me from disaster.

This is a story from my own life, about how having medical insurance saved my financial situation during my time of need. I must admit that before this came up, I balked a little at having to pay monthly premiums for something that I at the time was apparently getting no benefit from. Now I know better, and I hope my story can help convince you to get protected too to spare you from the financial hardship that almost befell me.

I am a 27 year old male, living on the North Shore of Auckland. During my years at university, studying for my Honours degree in 2009, I was diagnosed with Crohn's disease. Before this, the only real experience I had with ill health was a moderately severe case asthma during my formative years, and so the shock of dealing with a severe incurable auto immune disorder all of a sudden was intensely disheartening and almost impossible for my young self to have predicted. Within the span of two months, I lost 20 kg due to malabsorption, had severe iron deficiency due to blood loss and I spiralled down to around 55kg at my worst (I am 6 foot 1, so this was scarily thin). I was forced to put my degree on hold whilst I underwent several tests, procedures and eventually surgeries.

Only working a part time job while I studied, through which I was attempting to save to repay my student loan, if I had been forced to pay for my procedures, tests and specialist visits myself, I would have found myself broke very quickly and unable to afford the treatment. In total, in the four years since I have been diagnosed, the medical insurance my mother insisted on me having (Yes, Mums always do know best) has covered the medical bills, MRi costs and surgical procedures, paying out more than $20,000 to help maintain my treatment. Just think about taking that on yourself, and the meagre monthly premiums I complained about will immediately pale into insignificance.

Since then I have regained the weight, remedied the iron deficiency and even though symptoms remain which continually make life challenging, I am considerably better than my darkest days. I don't think this would have been possible without the insurance cover which meant I could get every treatment and exhaust every avenue my specialist reccomended. Thanks to my health improvement, I got my degree and was able to use my savings to repay my student loan, starting off my post university life debt free - a tremendous blessing and relief in today's environment. Before all this happened, I had the regrettable mindset I see a lot. The mindset that I'm healthy and fine and nothing serious medically was on my horizon. Looking back now, my disease was extremely rapid in its onset and I literally went from a normal life to bed ridden, energy sapped, underweight and unable to go about my life within weeks.

When I think about where I might have been without it, I'm passionate about making sure that people know what sort of risk they could be taking by not being covered. I am a single male with no dependants or family, but having one, or people who depend on you financially makes this even more necessary. I hope you don't take the gamble, it's definitely not worth it.

More information on Crohn's Disease.
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