The Insurance Advice We Give

With over 30 years of experience in the insurance field, our team specialises in problem-solving to ensure your financial independence remains intact during unexpected events and especially during challenging health situations.

In partnership with professionals and your own personal insight, along with trusted Solicitors and Accountants, we can create secure financial structures around your assets, ensuring your long-term plans are safeguarded.

When facing the uncertainties of disablement due to medical conditions, your reliance on earned income can be severely threatened. Maintaining your financial independence and funding amidst health challenges is paramount for your goals and your future. Here are the key factors we focus on to establish and regain control when faced with the disablement process:

1. Swift Access to Medical Support: Private medical insurance ensures immediate access to necessary medical advice, treatment, and technology without delay, providing peace of mind during critical times.
   
   
2. Control Your Debt Arrangements: We can help you be able to continue to service your loans in the early stages of disablement, reducing them significantly if your health continues to deteriorate and finally eliminating all debts in the event of your untimely impending or actual departure. This is where monthly mortgage repayment cover fits, along with lumpsums that pay out when a critical illness/condition is diagnosed, or if your disability becomes permanent.
   
   
3. Securing Artificial Income: Your ability to access a source of income becomes invaluable when earning your own living becomes impossible. This is where income protection fits, providing a stable source of income, enabling you to support dependents, completing retirement savings, and covering daily living expenses, ensuring your long-term projects stay on track.
   
   

Navigating the disablement process can be unpredictable, and it needs a more thorough set of appropriate structures and advice than many people think. By establishing proper structures, seeking expert advice, and selecting suitable insurance options, you regain control. Once control is regained, the Consolidation Stage begins as life continues, allowing your life to be addressed, resourced and funded as it continues.

The truth is that a holistic approach to the disablement process is necessary because, in our experience, the process is never predictable and never unfolds as you might expect. With our long term structured approach and comprehensive claims management we can ensure that your debt payments are met, solvency is established and ongoing needs are provided for. This can involve a complex claims process with multiple steps, which our service helps navigate for you. We take into account every facet of your needs from the lens of experienced industry professionals and help provide you with what you actually need at claim time, with no mistaken assumptions.

We specialise in a personalized approach, tailored to your unique situation. Let's meet to assess your current situation, evaluate existing resources, and discuss tailored solutions. We can and will also review Allied Professional Advice, existing structures like wills, trusts and guardianships, ensuring you and your dependents are well-prepared for the future.

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The Benefits of Using an Insurance Broker

1. Insurance Mistakes Can be Costly.

While we can sometimes think of insurance as being a simple matter, it can no doubt be a complicated prospect and the costs of getting things wrong can be high. If you don't have the right amount of cover you could be left unable to service your debt if something goes wrong, or people who depend on you could end up in trouble or out of pocket. In our years of professional experience, we've come across people who've filled out forms incorrectly, chosen the wrong type of insurance entirely, or overlooked a crucial detail, leaving them in a much worse situation when they need their claims.

Nearly all of these mistakes could have been avoided by consulting with a professional adviser. Insurance brokers take the time to assess what you really need and guide you through the process, eliminating unneeded costs, getting you the right insurance, making sure your real needs are covered and getting those forms 100% correct every time.

2. Your Claims Processed Stress Free

If you need to make a claim on your insurance, chances are you are going through one of the most stressful times of your life. During this time, processing claims, filling out forms and making sure everything is squared away is a true hassle, and one that you really can't afford to get wrong. Our Insurance service includes full claims management and support, helping you fill out forms correctly, guiding you every step of the way and making sure you get your claim processed as you need it every single time.

You don't need any more stress in your life, and making the choice to use an insurance broker to source your cover will take this claims stress out of your hands.

3. The Insurance Marketplace Can Change

The insurance market in New Zealand is ever-changing. New products and providers come and go, and the best insurance for your situation one year could be very different to the best insurance for you the next year. An insurance broker will conduct regular reviews of your insurance to make sure that what you're getting is still the best deal for you. If it is found that it's not, you'll be able to change to continue to get the best cover at the lowest prices. The best way to keep on top of the market and always get the best is to have a professional insurance broker in your service.

4. Zero Cost and Zero Obligation.

All the service that an insurance broker provides for you, from giving advice to sourcing your insurance, to conducting reviews and providing ongoing support, is entirely 100% cost free. All you pay for is your insurance premiums. Your insurance broker is paid by the insurance companies themselves at no additional cost to you, so you have nothing to lose by consulting one.

5. Better Deals Than Going It Alone   

In many cases, a reputable insurance broker can leverage their solid relationships with New Zealand's insurance providers to secure you better terms and/or better rates than you could find by going it alone. A broker can also get you indirect savings in cutting out aspects or benefits that you don't need and setting your sums assured at the level you need and not too far in excess of it. When combined with all the other benefits, we believe that taking the time to consult with an insurance broker is a no-brainer.

6. The Knowledge and Experience You Need

Our insurance team has over 100 years of combined experience in the insurance field. That's over a century's worth of knowledge and experience that they bring to help clients get the best and deal with anything that could arise. That knowledge is simply invaluable in crafting your insurance policy, maintaining it and making sure that it works the way it needs to and only the way it needs to. Alone, you could be at risk but with 100 years of experience behind you, you will be secure.

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How to save money on your insurance.

BEFORE YOU GET INSURANCE:

1. Think about your sum assured.

The sum assured of your insurance policy is the amount that the insurers will pay you when you have to make a claim. As the sum assured of your insurance increases, so will the premiums that you pay. Take the time to do some research and think about what circumstances in your life could arise. Plot out a set of possible costs and ask the right questions (for instance, 'If I were to be diagnosed with cancer, how much money would I need to keep my family going and support them?). When you have come up a figure as best you can, add to the figure a bit and take that as your ideal sum assured. Rather than just assuming costs and selecting a round figure such as $200,000 which could be too high, taking the time to plan could end up saving money on your insurance. For a deeper insight, you could always consult a financial adviser who can plan out exactly what you need your insurance cover to be.

2. Scour the marketplace or get a quote from several brokers.

Every insurance provider is different, with different waits, different conditions and different policies. It is crucial that you take the time to go out into the marketplace and find the best deal possible. Jumping at the first offer could leave you paying premiums you don't have to. If you wish to go it alone, compare the major insurance providers plans and offers. An insurance broker can help you complete this process with even better results, as reputable brokers generally have deals in place with major insurers and can get you even better rates. Get quotes for your insurance from several brokers to compare and then select the one that offers you the best deal to save money. Also take into consideration the ongoing service they offer as well as the quality of the cover they are offering.

3. Think about adding an excess.

If you are looking at a medical or fire and general insurance policy (such as home, contents or vehicle insurance) adding an excess can reduce premiums significantly. Adding a $500 excess for example, means that the first $500 of any incurred medical or damage costs is agreed to be paid by you, with the insurer covering the rest in their claim. Having an excess can be inconvenient, but if you claim rarely, it can more than pay for itself with the savings in premiums.

4. Extend your wait period - Income/Mortgage Protection/Redundancy Cover.

In an income protection or mortgage insurance policy, the wait period is the amount of time you agree to wait after your claim is accepted for insurance payments to begin. For instance, with a 13 week wait, you will begin receiving your income protection payments 13 weeks after your claim is accepted. The longer your wait period, the cheaper the premiums you will pay become. If you are part of a working couple who can sustain themselves on one income for a period of time or if you have savings set aside for a rainy day, this could be ideal in saving you money.

5. Select the right optional benefits.

Many policies can include optional benefits or extras. Medical policies for instance can be more basic or comprehensive, including such things as hospital cover and GP costs. Think about the benefits you are truly likely to need and which ones are not required. An adviser can help with this process, setting out all the benefits against your current personal financial situation.

AFTER YOU HAVE INSURANCE:

1. Review your insurance regularly.

We review our clients insurance annually, and the reason for this is that things change, both in life and in the insurance marketplace. A new product may have come on the market, your life circumstances may have changed or better deals may now be available. If you have your own personal insurances that are not through an insurance broker, be sure to take the time to review your cover on a regular basis. Ask yourself how well it is working for you, if anything has changed in your life that may allow you to reduce your cover and search for new deals that are out there. If you are with us, we can do all this for you. A regular review can save you money in the long run.

2. Are you a smoker?

Keep in mind that if you were a smoker at the time of taking out your insurance policy, you can save a considerable amount of money on your premiums by quitting. Several of our clients in the past have neglected to inform us that they quit smoking years ago when their policy was continuing under an assumption of smoking. Once you have quit for a certain period of time, your policy can be changed to non smoker, and you will be shocked at how much money each month you are saving.

3. Think about the cheaper, more specific covers.

If you really need to save money on your insurance, you can think about replacing some of your insurance with their more specific, less expensive versions. Income protection can be more costly when compared to both Mortgage Insurance and Redundancy Cover. So, if you are mainly worried about covering your mortgage payments or maintaining an income in the face of redundancy, these cheaper policies can be better than a full on Income Protection policy. Discuss your options with a professional and make an informed decision.

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Want a free, no obligation review of your insurance needs? Email enquiry@sprattfinancial.co.nz or call 09 307 8200 today.

Why use an Insurance Broker?

In a self reliant, DIY sort of country as New Zealand, people can wonder why they would need the services of an insurance broker to secure their insurance instead of just going it alone. There are options available that do seem quick and easy, such as buying direct from a bank or straight from one of the big insurers. Why would you need to add someone else to this process when you can just do it all yourself?

Unfortunately, with insurance, going it alone is akin to throwing darts at a target blindfolded. If you hit the bullseye, you just got very lucky! An insurance broker is like a professional darts player, standing beside you when you can't see, with a full view of the target and all the skills necessary to get it there.

Insurance - a lot of things to consider for those who go it alone.

Firstly, everybody is different and everyone requires different things from their insurance. For some, cost is the primary factor, whilst some want the highest sum assured possible, the shortest waiting period or the most reliable cover that they know they'll be able to claim on when the time comes. Some need the best deal for a group medical plan for their family, whilst some need to insure their business and its key staff. Each of these desires requires a thorough search of the marketplace to find the best source that can fulfill those unique requirements. Most people end up settling for poor options that don't fully cover them or they end up paying more than they have to.

A broker is a professional with a unique knowledge of the marketplace and connections within the insurance industry that let them know the best options for you. They also have working relationships with the major insurance providers which lets them get deals for you that you won't be able to get yourself. If you have a broker going to work for you, your insurance could be a cost effective Ferrari instead of an over priced clunker.

Do you want your insurance to perform like this?

Or like this? 

Better yet, if you're dealing with a really good broker, you get an even broader range of service at your disposal. Not only will the broker and their admin team deal with securing you the best insurance deals, they'll also be on hand to manage your insurance, answer your questions and stay on the lookout as to whether better deals come available for you on the marketplace. The broker and their team will also personally manage your claims, taking most of the burden of forms and paperwork out of your hands during your most stressful times.

We hope you consider using a broker when you decide you need insurance. Trust us, it makes everything a lot easier!

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Defining Insurance Terms

A lot of the jargon and terminology surrounding insurance can be difficult for people not familiar with the industry to understand. Worse, many insurance companies or brokers use these terms expecting full knowledge. Here is the definition of some of the most important terms you might come across when dealing with insurance.

1. Policy 

An insurance policy is a contract between yourself and the insurer. The policy provides conditions that once you fulfill, you will receive payment from the insurer in the amount agreed to when the policy is taken out. For example, a life insurance policy is an agreement between you and the insurer to pay a certain amount (called the sum assured) in the event of death. A Total Permanent Disablement Policy will provide payment once you fulfill the conditions of being unable to work due to illness or disablement for longer than a specified period of time. And so on and so forth. An insurance policy is what you pay premiums for as well as what you make a claim upon.

2. Premiums 

The price you pay to keep a policy in force. Most premiums are paid monthly, and the amount depends upon the type of insurance, the sum assured and other factors such as your age, your health or the amount of people covered by the policy.

3. Claims 

A claim is the action you take when you have fulfilled the conditions of your policy and wish to be paid out the sum assured.

4. Pre-Existing Conditions 

A pre-existing condition is a physical health or mental health condition which were already present at the time of taking out the policy. Pre-existing conditions can be excluded from your insurance coverage or can cause your premiums to be higher, as the insurance company is taking on a higher risk by insuring you.

5. Exclusions

Events or conditions that are not covered by your insurance policy. For example, in many life insurance policies there is a suicide exclusions whereby death by suicide will not result in the insurance paying out ie. it is 'excluded' from your cover.

6. Insurance Broker

An insurance broker is different from an insurance company in that a broker does not sell insurance to you directly. A broker searches the marketplace on your behalf, taking your needs and your individual circumstances into account to secure the best possible deals on the insurance policies you are looking to take out. A broker's job is to work for the client and work for their interests and not the interests of the insurance companies. Our company, Spratt Financial Services is a team of insurance brokers, operating under this definition.

7. Waiting Period 

The waiting period is the amount of time (agreed upon at the time of taking out the policy) which must pass after an event before you can collect your insurance benefit. For example, in an income protection policy with a waiting period of 4 weeks would mean that you will receive your agreed upon benefit from the policy 4 weeks after being rendered unable to work by illness or disability.

8. Living Benefits 

This is a feature that can be included in life insurance policies that allows you to receive payment on your life insurance before you die under certain circumstances. Usually, these involve diagnosis of terminal illness such as cancer or the need for specialised care.

9. Waiver of Premium

A feature that can be added to an insurance policy that will ensure that your insurance remains in place and active if you fail to make premium payments due to illness or disability. The waiver of premium will usually remain in effect for as long as you are disabled and unable to make premium payments. This feature will cost an additional premium.

10. Qualifying Event

An occurrence that triggers your insurance payout or claim. For instance, a death in the case of life insurance or a surgical procedure in medical insurance.

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