Wednesday, March 27, 2013

Follow us on Twitter!

Spratt Financial is now on Twitter @SprattFinancial! Follow us and get updates on insurance, lending and investment.

Follow us on Twitter.


Monday, March 25, 2013

Our Unique Claims Service

If there is one aspect of our service we value above all else, it is getting our clients insurance claims through effectively, quickly and with the least stress possible.

Claim time, even when considered in the absence of the health or illness circumstances surrounding it, is an extremely stressful time. A time that is not helped by a panoply of forms, questions and going back and forth with insurance companies.


Whether you require pre-approval, a claim on your health insurance for a procedure, income protection after being rendered unable to work or in the worst case scenario, a claim for a critical illness or death, our professional team is there to help and support you. We have experience and a perfect record in getting the claims you need through and managing your claim for you during any crisis on an ongoing basis. We will arrange the necessary forms, get them to you, help you fill them out and then have them processed. We will then administer and take command of the claims process, always keeping you informed of what is happening.

Also, in our experience, clients can also be missing out on claims they could be receiving through a poor understanding on their own policies or the terminology of insurance providers. We can also help you with this, discerning for you precisely when you can claim and how much for.

If your claim is a single lump sum, our Head of Practise will personally visit you to assist with completing the forms and fully working through the claim with you, giving you personal expertise and one to one service to take the stress away. If you become one of our valued clients, we offer to you all the resources to help you at claim time and manage the difficulties in the easiest and most effective manner.



Thursday, March 21, 2013

Financial Services Council: Unexpected sickness could destroy families.

In a recent report, the Financial Services Council of New Zealand said Kiwis were under-insured for loss of income from sickness. 
Financial Services Council chief executive Peter Neilson said a two-year research project by the FSC showed just 15% of households had income protection insurance.
All were covered for the possibility of an accident by ACC, but they were more than twice as likely to suffer a serious illness.
Neilson said: “Each year 15,000 primary income earners fall seriously ill and are unable to work for six months or more. For a person on the M tax rate, the sickness benefit is $341.60 a week and this is means tested. If another person from the household is earning income, many families find they are too rich to get a household income tested sickness benefit, but too poor to pay the rent, mortgage or food bills.”
He said most Kiwi families would not be able to pay their mortgage or rent four weeks after using up their annual or sick leave.
For someone on the M tax rate, the sickness benefit is $341,60 a week, means tested.
Neilson said: “If another person from the household is earning income, many families find they are too rich to get a household income tested sickness benefit, but too poor to pay the rent, mortgage or food bills.

Taken from Good Returns article: 'Sickness could destroy families'

Comments: This article is definitely representative of our experience in speaking with members of the public and our own friends and families. It is definitely worth stating that simply put, out of the 85% who have no form of income protection, some simply cannot afford it. However, a good proportion can, and it is worrying that some Kiwis adopt a laissez faire attitude to the possibility of sickness and disablement. We have seen and dealt with many of those 15,000 primary income earners per year that fall seriously ill (including Justin, whose story can be found here). The majority of cases have wished that they had some form of protection in place when the disastrous circumstances of being unable to support a family and a way of life struck.

As Kiwis we can be very tough, self reliant, can do people, but often this can give rise to the mistaken feeling of invincibility, which the statistics show is simply unwarranted. Obviously there needs to be a middle ground between spending too much of the money you don't have on income protection and not having any at all and facing disaster in the event of severe illness.  However, the statistics from other western nations dwarf our percentage of 15% (for instance, 27% of American workers have income protection), suggesting the "she'll be right" attitude of New Zealanders may be getting in the way.

Securing insurance doesn't have to be a chore, or exceedingly expensive. Talk to our team of advisers and let them go to work for you. There is a great chance we can keep your costs down and make income protection cost effective and manageable, so that you don't have to face the trauma of facing illness and disablement without proper cover.




Monday, March 18, 2013

Insurance Selection Advice

When our team of advisers considers your insurance needs and acts to helps you secure an insurance package, we use a set of criteria that in our experience produces the best results in both the long and short term for you the client.

We list it here to give you a perspective on what our experience has found to be the most important factors in insurance, which can differ greatly from what the public expects when they try to go it alone. We hope it helps you when it comes time to manage your insurance plans.

Ranked from Most to Least Important


1. Claims Paying Experience and Performance.
To our mind, the most important part of any insurance policy is how it will operate at claim time. This is the time you really need flawless service to ease your financial burdens and thus claims performance is the most crucial part of what we look for when we secure you an insurance package. Typically, the events that necessitate a claim come with considerable financial and emotional stress for you and those close to you. We look at the efficiency, fairness and sensitivity with which the insurer carries out their work at these times and make sure you have the most efficient and stress free claims possible.


2. Underwriting Performance.
During your life, things will have gone wrong or begun to have gone wrong with your health and these are of concern to the insurer. We require them to look at these issues in the holistic perspective of your entire life and come up with reasonable solutions that are competitive, fair and accurate. The performance of underwriters is defined by the amount of research they do into your specific circumstances and just how much of a balanced perspective they are prepared to take.


3. Policy Specific Wordings and Definitions Relevant to You.
We focus on the individual person and their individual needs. We look for the issues you face, and what you need from your insurance in order to achieve your outcomes. This is our starting point, rather than a product focussed outcome. Insurance should be tailored to an individual, as catch all insurance solutions can more often than not be inadequate. This is something anyone trying to get the right insurance should take into account, and something we insist on. 


4. Long Term Price Stability.
Changes to your health over time may prevent you moving to another insurer should your current insurer’s premium rates become uncompetitively expensive. We actively avoid insurers who have shown long term instability of premium rates, and our experience gives us the edge to know in which areas certain insurers perform better than others.


5. Immediate Cost.
The best option for you is rarely the cheapest option (as detailed more extensively in our article here), but our priority is always to ensure your insurance is competitively priced among the panel of insurers that we do business with. The most important selection criterion is thus to get the best possible deal for your needs that we can in terms of immediate cost.

If you're having trouble with your insurance, feel free to get in contact and our experienced advisors will get you the best cover possible that meets your specific needs and will save you hassle at claim time.





Our brokers exciting new vehicle fleet

Rest assured that when you put a call in to us, you're getting the best possible service. In that regard, here is an example of our new fleet of vehicles, helping us zoom around town with 'people power'. As you can see, we spare no expense!


Thursday, March 7, 2013

New Facebook Page

Spratt Financial Services is now on Facebook! Check out our page and give us a like. Feel free to use our page to direct questions and comments to our team, who are always happy to hear from you.


Sunday, March 3, 2013

Critical Illness: What are the Chances?

One of the main things people want to know regarding insurance are the best researched facts and figures about what circumstances they are likely to face in life, and what they need to be ready for. For instance, if there is a high statistical risk of developing a critical illness that affects one's ability to work and make a living, people tend to seek out cover for themselves, their families or their business. In contrast, if there is a very low statistical risk, people tend to not choose to take on extra monthly cost, making an informed decision that if the chances are low it is best to save their hard earned money.When it comes to Trauma/Critical Illness cover (aka Living Assurance), luckily the statistics are clear and readily available.

  1. Between the ages of 30 and 64, one in five men (1/5) and one in seven women (1/7) will suffer a critical illness. This means that a working couple has a one in three chance (1/3) of having one of its members suffer a critical illness.
  2. In 2009, 20,875 new cases of cancer were registered in New Zealand.
  3. The advances in treatment and medicine mean that 52% of male cancer patients and 59% of female cancer patients will recover and be alive five years after diagnosis.
  4. The University of Auckland has revealed a 40% decline in the number of deaths after a stroke, however the surviving patients as a result suffer from an increased number of impaired level of consciousness and mobility following strokes.
  5. Only 6% of deaths in New Zealand annually are accidental or sudden. 94% come after a protracted disablement process, during which time it is highly likely that income and career trajectory will be affected.

Taking these facts into account, it becomes clear why it is necessary to have a plan and cover that is adaptable to the circumstances as they are. It is up to you whether or not you feel the risk is worth taking, however if you decide it is not and you want to be protected, there is one more thing to think about. Insurance can be complicated, and getting a simple plan together may not be comprehensive enough to protect from what has proven to go wrong with New Zealanders.

We know it is a daunting process and involves a lot of intensive research, so feel free to take advantage of our intensive knowledge base and ability to get the best deals from the insurance providers based on your specific needs and life circumstances. We can go to work for you and make sure you are covered.













Friday, March 1, 2013

Introduction to Our Investment Services

At Spratt Financial Services, we're not all about insurance. Our investment division is headed by Ross Wallace; an esteemed and accredited Authorised Financial Advisor (AFA), with over 30 years of experience in the Investment Industry. He is a member of the Institute of Financial Advisors (IFA) – New Zealand’s industry leading professional body for financial advice practitioners. 

Investment planning can be a crucial part of securing financial prosperity, and the benefits of sound investment can be huge. At Spratt Financial Services, we provide sound, well researched investment information for individuals, family trusts and businesses. Whether you are in need of a short term or long term solution, our team of professionals is ready to help.
 
You may be taking the first steps towards managing retirement funds. You may require the accumulation of funds towards a specific goal. You may have a lump sum you wish to invest for greater gains. Whatever your unique circumstances may be, we have fully qualified advisors to assist you in making the right investment choices. We specialize in tailoring solutions which are exclusive to you, and our investment solutions are fully researched and monitored by an independent research house, ensuring you the best and most up to date information with which to make your investment decisions.


Our services include information relating to:

  • Regular savings programmes.
  • Investment of lump sum amounts.
  • Full pre and post retirement investment modelling.
  • KiwiSaver.
  • UK Pension Transfers.  

We will always offer to you the best possible combination of investment strategies. We will work with you to determine whether your strategy suits one of our model portfolios or whether we need to tailor make a portfolio specifically for you. At Spratt Financial Services, we have adopted a disciplined six step process to ensure your reccommended investment solution has an optimal allocation of assets.


Monday, February 25, 2013

Study: New Zealanders heavily under insured.

 "A two-year Massey University study has shown New Zealanders are under-insured by $650 billion.

Lives were under-insured by $195.609 billion, permanent disability protection was lacking by $351.827 billion and income protection was under insured by $2.966 billion per month.

About 2000 respondents filled out an online survey that asked questions about their insurance cover, perceived needs and their reasons for not having more insurance.The research found most New Zealand families had high levels of vulnerability to medium or long-term disability as a result of underinsurance. 

FSC chief executive Peter Neilson said the research highlighted serious financial risks
More than half the respondents said they were suspicious of insurance companies and 43% found insurance jargon difficult. About 60% thought finding personal risk insurance was too hard.

Particularly among younger respondents, there was a view that it was too difficult to know what level of insurance was needed.

Others thought Government assistance would cover them in the event of an accident or illness that kept them off work.

But almost half said having the right level of cover was important to them."

- Taken from an article by Susan Edmunds (Original Article Here)

This article made the news quite a bit last week, and for good reason. The numbers themselves ($650 billion in total! That is nine times the entire national debt as of 25/2/2013!) reflect a profound disconnect between New Zealanders and their insurance needs. The survey itself shows that a lack of knowledge and the demands of finding insurance is a critical factor in so many New Zealanders being under insured.

We are glad this issue is getting some national exposure, because it highlights what we have been seeing internally for some time; that when things go wrong, the real financial needs of people are not managed due to inadequate cover and they find themselves in dire straits that could have been avoided.

Our business specialises in taking the difficulty out of securing insurance that actually meets your real life needs and doesn't leave you under insured or bearing unreasonable costs. If you are one of those 60% who are finding insurance difficult to attain, we have the experience to take the stress out of your hands and make sure you are not one of these unfortunate statistics, and that you have financial peace of mind if tragedy strikes.







Introduction to Our Lending Services

One of the key components of our business is the array of lending services we offer. If there's a project or a goal of yours that you require funding for, why not come to us? Our advisors have a wealth of experience from senior positions in the banking industry; specialising in both residential and commercial lending.

Our technical knowledge, coupled with our negotiating expertise, will always ensure the most beneficial conditions for our clients. You can depend on us to source and structure your loan on the most favourable possible terms to you, taking much of the legwork out of your hands.

Residential & Commercial Mortgages
Whether you’re purchasing a new property or refinancing existing assets, we can offer you competitive fees, the lowest possible interest rates and best possible loan to value ratios. When it comes time to invest in property, we can take some of the stress out of your hands and help secure the best possible deal for you.


Asset Funding
Asset funding is a type of financing where assets are converted into cash in exchange for a security interest in those assets. Spratt Financial Services provides a comprehensive array of private equity services tailored to your specific needs. Our products and services have been specifically crafted to ensure clients get the maximum possible benefit from the skills of leading investment managers.


Debt Restructuring
The debt advisory services we offer help clients to determine the best debt management strategy, select the right products and providers and do business on the best terms. Our method is to work in close partnership with clients to develop a comprehensive set of the best possible financing solutions for your debt. We then work with you to assess each option thoroughly, choosing the right option for you and then implementing the preferred resolution.


 Other services we can offer include:
  • Nominee, Private & Company Funding.
  • Investment Property Funding.



 

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