Holidays are just around the corner, New Year celebrations and New Year resolutions, setting new goals for business and personal outcomes; so it’s a prosperous, productive and dynamic 2025.
The team at Tourelle Life Brokers would like to highlight some risk protection issues facing New Zealanders that you should be aware of:
Some of the New Zealand’s medical insurers have increased client’s medical premiums by between 20% to 30% in 2024. There is a growing gap between what is provided for in our public heath system and the private health system. The public system is still very adequate to provide care for acute conditions such as suffering a heart attack. However, need a triple by-pass surgery, you could be waiting up to six months in the public system versus less than a month if you have private health cover.
The Government has kept their pre-election promise about covering more serious cancer conditions with our Pharmac agency. There are still other medications not covered by Pharmac which require private funding if you need treatment.
At Tourelle Life Brokers we promote private medical cover that has comprehensive non-Pharmac benefits that are not limited to cancer drugs. With the cost of private health premiums going up in 2025, we advise our clients to self-insure the smaller claims by taking a higher policy excess and not covering yourself if you need to see a specialist.
Remember with Medical Assurance it is better to have medical cover and not need it. Rather than not have medical cover and have to self-fund expensive medical treatment or pay personally for non-funded, non-Pharmac cover.
WILLS – it still surprises us how many New Zealanders with young families do not have a valid and legal Will. Statistically 51% of Kiwis do not have a Will. If you are in this category of not having a Will, make a promise to your family to get this sorted in 2025. Contact your Lawyer and get this drafted and finalised in 2025.
If the cost of this prevents you from having a Will with a Lawyer you can do this privately. You can list your assets (including any life cover) and liabilities. Make a list of your beneficiaries and draft up your Will – a stationary store will have a Will kit you can buy for approximately $30 to help with this.
To make this a valid and legal Will you need your Will to be signed by yourself and witnessed by a local “Justic of the Peace”.
The number one rule as Life Brokers we believe is to be fair and reasonable to all your closest family members and friends.
ACC – has two different plans for weekly compensation for self employed individuals. If you can qualify, we recommend all individuals to be on ACC CoverPlus Extra. This is an agreed amount of weekly compensation agreed to at application time and creates certainty at claim time, that you will receive weekly compensation for an injury claim.
The other ACC accident weekly compensation plan is CoverPlus and you are not always guaranteed weekly compensation with ACC under this plan.
88% of New Zealanders are hospitalised due to an illness with only 12% hospitalised due to an accident.
Protecting self-employed individuals comprehensively and adequately is a specialist role at Tourelle Life Brokers. We are extremely proud of the number of claims that our self-employed have been compensated comprehensively for at claim time.
CLAIMS – Leading on to claims we are extremely proud of our commitment to be available 100% for our clients at claim time. With over sixty combined industry years Karen and Andre drop everything to be there for our clients at claim time.
We employ Mrs Diane Crisp as our claims specialist who helps our clients at their most vulnerable stage. Diane is an asset for Tourelle Life Brokers, showing her empathy and commitment to claim payments for our clients.
Our youngest claimant is only ten years old, with the families comprehensive risk covers, the insurance payout has at least taken away some of the financial pressure the family is facing now and in the future.
REVIEW, REVIEW and REVIEW – What was purchased ten years ago may still be adequate for your financial risk needs now. However, with inflation being at it’s highest rate over the last couple of years your current plan may not.
Cost of life and medical insurance increases as we age, also what you needed five years ago may not be so great now.
So, if in doubt review your existing plans. Here at Tourelle Life Brokers we place your needs first and foremost and will place your insurance where best suits you.
Uncertain where you are presently at financially – phone Andre 021 874 298 or Karen 0274 874 298 or 0800 865 855, to help you assess the financial risks for your family.
Wishing you a Merry Xmas and a Happy New Year with family and friends from Tourelle Life Brokers – Andre, Karen and Diane.
Remember to set a few realistic New Year resolutions, but most of all have a safe and enjoyable 2025 with family and friends.
