Risk Management
Life, Income Protection, Trauma and Medical Insurances

Risk Management deals with the various insurances designed to cover the risks associated with living. It is important that you make a management decision based on how much risk you are prepared to take yourself versus how much risk you are prepared to pay someone else (an insurance company) to take on your behalf.

The three major risks are premature death, inability to work because of a long-term accident or illness, and the need to find large amounts of cash to fund medical care.

Did You Know!

Five out of every ten males aged 25 years old are likely to become disabled due to an illness or accident before they turn 65 that will prevent them from working for at least a month

Seven out of every ten females are likely to become disabled due to an illness or accident before they turn 65 that will prevent them from working at least a month.

Of these, nearly a third will still be on claim 12 months later.
Source: Davies Financial & Actuarial Limited

"Life insurance is like a parachute: If you don't have it when you need it, it's too late."
-            John W. French Sr., MDRT, Austin, Texas

Any risk to you achieving financial independence can and should be insured against

What is your most valuable asset?

Click here to calculate how much insurance you need

We have access to a wide range of insurers.  All quotes can be backed-up by independent research report.  We will prepare an insurance quotation, for example for income protection insurance and compare the premiums and policy conditions of several companies.

Click here to request a quote.  Please complete the information requested. 
Please note, this is only open to New Zealand residents and serious requests
(students please do not apply).

We will mail you the quotes, an analysis of the options and application forms required.   All information will be treated in strictest confidence.

Life Insurance
Life insurance is required for the following purposes:
        a. To cover a debt such as a mortgage;
        b. To provide for your dependents in the event of your death. If the proceeds of a life insurance policy are paid into the deceased estate, they could become subject to death duties if they were reintroduced. To ensure that money is not paid to the deceased's estate it is often best for the policy to be owned by a spouse, or perhaps a family trust, if you have one.
Term Insurance:  Use this to cover life insurance needs when you may only need cover for a limited period such as the next 10 years while your children are young and dependent, or to cover debt such as a mortgage.
Whole of Life Insurance: 
This is a combination of term insurance and investment.  Premiums do not increase with age unless the sum insured increases.  Premiums are higher than straight term insurance initially but over 10 years the total premiums paid is lower than holding term insurance.

Click here to calculate how much insurance you need 

Click here to request a quote.  Please complete the information requested. 

Income Protection Insurance

It is essential that you insure your single largest asset, namely your ability to generate an income. There is a 33% chance that you will be sick or disabled for six months or longer prior to age 60. Four out of five long-term illnesses and disabilities are not covered by ACC. The areas of greatest concern are heart attacks, cancer, strokes, kidney failures, organ transplants, etc.

How can you and your family survive if your income stops for six months or longer?

Picking the right income protection insurance policy is about getting three elements right:
     - the type of policy
     - the definitions used in the policy document including what is a total disability
     - what is a partial disability, the track record of the insurer and finally the premium.

NOTE: Income protection premiums (indemnity) are tax deductible.

Click here to request a quote.  Please complete the information requested. 

Medical Insurance

Private surgery costs can be crippling, yet often there is no option if you want to receive surgery when you need it rather than go onto a long hospital waiting list.

We believe today that private medical insurance is a necessity if you want to get non urgent treatment when it suits you and it can improve your standard of living.

It is important that you insure yourself for the things you cannot afford to have happen to you. You can probably afford to pay for the occasional doctor's visit or chemist prescription but you can not afford to pay for a major hospital or surgical bill. Consequently, we believe that you should have hospital/surgical cover only.

Does your medical insurance cover you for non Pharmac (NZ Government subsidised) approved drugs?  For example Herceptin used in HER2 breast cancer treatment is not subsidised, a one year course of treatment is $120,000 NZD!!
Click here to request a quote.  Please complete the information requested.

We recommend reading Alison Coping with Cancer.

Business Owners:
If you have more than 10 employees who take up medical insurance then the premium is worked out on the average age of the group.  A great way for business owners to get medical cover.  The premiums are subject to FBT.

Trauma, or Living Insurance

Trauma insurance, also known as Living insurance, or Critical Care insurance, provides a lump sum payment on survival of a Major Health Problem, or a Permanent Disability. Over 60% of cancer victims and 70% of people who suffer a stroke survive more than a year. Not all heart attacks are fatal but can leave the victim invalided for up to a year.

Living Insurance provides an agreed sum of money if the insured develops a variety of critical illnesses. The purpose is to provide the client with money at the greatest time of need rather than only at death.  It may also provide you with care you may need but cannot afford (refer to the section above on medical insurance and the cost of Herceptin).

Click here to request a quote.  Please complete the information requested. 

Summary of health versus insurance needs

What is your most valuable asset? 
If someone asked you what your most valuable asset is you 'd probably say it's your house.  But, unless you are retired or close to it, you 're almost certainly wrong.  The biggest asset that you have is your ability to earn an income.  What is your future earning capacity, look at this ...
What is your most important asset
You can protect your income through taking out Income Protection Insurance.  For the above person this could cost as little as $1 per day, and it is tax deductible.
Contact us now to discuss your situation. 

Business Succession Planning What happens if your business partner dies, is disabled, retires or simply had enough

Do you really want to be in business with their wife, their partner or even their new partner.  Where is the money going to come from to buy them out.  Contact Alison Renfrew LYFORDS business insurance specialist and she we will put together a comprehensive succession plan for your business.

For more detail on Business Succession planning click here