In the heart of every Kiwi family is the desire to provide and protect. Yet, amid the relentless squeeze of the current cost of living crisis, insurance often slips down the list of priorities. This oversight, however, carries a weight far heavier than the financial strain it aims to avoid.
Imagine the impact on a family when the breadwinner can no longer contribute financially due to an unforeseen illness or accident. The stark reality is that only a small fraction of New Zealanders have taken steps to secure income protection, total and permanent disability, or trauma/critical illness insurance. This lack of preparedness means that, in the event of the unthinkable, families are left grappling with not only the emotional toll, but also financial distress.
The consequences of underinsurance extend beyond the immediate family. With almost seven in 10 Kiwis lacking health insurance, many are forced to rely on an already overwhelmed public health system, facing increasing wait times and uncertainty.
The cost of living crisis, coupled with recent economic pressures, has seen many Kiwis prioritising immediate needs over long-term security, leading to decisions like cancelling essential life and health insurance coverage. This short-term approach to financial management overlooks the critical safety net insurance provides, not just for the individual, but for the entire family.
This serves as a poignant reminder of the true value of insurance: it’s not solely about the individual but about safeguarding the well-being of our loved ones. Insurance is an expression of care and foresight, ensuring that in times of crisis, our families can maintain stability and dignity.
The alarming statistic that two in five people would struggle to access $5000 in an emergency underscores the precarious position many find themselves in. Without insurance, the financial impact of an unexpected event can ripple through families, leaving them in a vulnerable state.
At insuranceBASE, we’re here to help Kiwis reevaluate their approach to insurance. By engaging in open conversations and exploring all available options, families can find a balance that allows them to protect their loved ones without compromising their daily needs.
As we navigate these challenging times, let’s remember that being adequately insured is an act of love and responsibility. It’s about ensuring that, even in our absence, our families are cared for and protected.
If you want help better understanding your insurance policies, get in touch with one of our helpful advisers.