In-Touch with Keystone : July 2022
Welcome to the the July edition of In-Touch
I know a lot of us are finding this winter tough, what with seasonal illnesses, wet weather, and rising prices. I hope that you and your family are keeping well and managing to administer some self-care.
If you are feeling the financial pinch and would like to find ways to make your insurance more affordable, please get in touch - I'll be happy to help.
This issue of In-Touch focuses on income protection cover. Please take some time to read it while you enjoy a hot cuppa and a few quiet minutes.
This month's spotlight is on income protection
This month, we're looking at income protection and how it can help you and your family if you are unable to work for a while.
You may have taken out insurance to protect your most valuable assets - a car, personal and household items, or your house. But did you realise that one of your biggest assets is your ability to earn? Without it, you might struggle to pay your mortgage or keep up with your other financial commitments.
That's where income protection cover comes in. You can apply for it if you work at least 25 hours a week, and it provides continuity of income if you suffer a prolonged injury or illness. Not all income protection covers are the same, and there are various options you can choose to create a level of cover that suits you best. There are, however, three things we recommend you avoid:
The DIY approach: It's a good idea to have someone to help you navigate all the options. Some policies offer lower quality cover. Some may offer more cover than you need. Having someone to help you identify the most appropriate income protection policy for your situation is key.
Leaving out important disclosure information: Providing full and accurate disclosure is vital when you complete an income protection application. We recommend you have a trusted financial adviser assist you through this process. Failure to disclose something important may result in future claims not being paid.
Automatically choosing the cheapest option: Sometimes the cheapest option might be right for you, but often it won't. There are many variables to income protection policies, like how long the insurer will continue to pay you, or how long you will need to wait for your first payment after you lodge a claim. And there are many special features available that can add some real value.
You might be wondering, "What about ACC?" ACC is fantastic, but it usually does not cover degenerative conditions and absolutely does not cover illness. While there are government benefits that can help if you become too unwell to work, whether you would qualify for them, and whether you would receive enough to make ends meet, is hard to determine. With income protection, your cover is based on what you currently earn.
If you'd like to see an example of the conditions you can claim for with income protection cover, take a look at these statistics from New Zealand insurer Asteron Life.
It's important to note that some occupations do not qualify for income protection. However, we have other solutions that can help in this situation.
If you'd like to find out more about income protection, please get in touch.
Why do you need income protection cover?
This short explainer video shows what income protection cover is and how it can help you.
Recipe of the month
Cauliflower contains a wide range of nutrients, is high in fibre, and is a rich source of antioxidants. Here's a delicious way to incorporate it into a warming winter meal.
Try this great recipe for cottage pie with cheesy cauliflower mash.
Health and wellbeing events
Awareness is the key to disease prevention and an important factor in raising money for research into major conditions. If you're keen to improve your wellbeing or participate in a good cause, here are some health-focused events coming up over the next couple of months.
Augst 1st - 7th is World Breastfeeding Week, a campaign to raise public awareness of the benefits of breastfeeding. This year's objectives are Inform, Anchor, Engage, and Galvanise.
The Cancer Society's annual Daffodil Day appeal is on August 26th. If you'd like to participate, you can donate to a fundraiser or directly to the Cancer Society on their website, or you could run your own fundraiser.
September 1st is Random Acts of Kindness Day. Become a RAKtivist and spread some kindness in your community. If you're short on ideas, here's agreat list of prompts.
September is also Cervical Screening Awareness Month. Cervical screening is a vital tool in the early detection of cervical cancer, which is highly treatable if caught in time. The campaign aims to prompt all women who are overdue for their smear to get one done.
Step up this September and help Kiwis breathe easier. The Asthma and Respiratory Foundation's Breathe Better September campaign is raising funds to help the 700,000 New Zealanders living with a respiratory disease.
Thanks for reading!
Thanks for reading this issue of In-Touch, and I wish you all the very best for the coming months. If you have any questions about something you've read or you'd like some advice on personal insurance, feel free to contact Keystone using the details below.