5 of the most common insurance myths | Haven Accountants and Financial Advisers
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There are plenty of myths floating around about insurance. ‘I’m young, so I don’t need it.’ ‘Insurance never pays out anyway.’ Sound familiar?
We’re busting some of the most common insurance myths to help you understand why making sure you’ve got the right insurance in place is so important.
In New Zealand, insurance is actually pretty affordable for the average person. Obviously it depends on factors like your age and your health history, but if you get it sorted sooner rather than later, it’s likely to be more affordable. In fact, life insurance often costs less per week than the price of a coffee.
Myth #2: I already have a policy in place from years ago so I’m all sorted
This might not be the case – your life has probably changed a lot since you last took out your policy and it may not be relevant for what you need now. The last thing you’d want is to try to make a claim on a policy that doesn’t cover you for your present situation. You may also end up paying more for things you no longer need, so it’s a good idea to update your policy regularly.
Myth #3: If anything happens, ACC will just cover it
It’s really not a good idea to rely on ACC or the public health system. Our current health system is under a lot of pressure already and there are consistently long wait times for treatment. Not to mention that ACC only covers accidents and not serious illnesses or sickness. Medical insurance can provide you with that all-important access to any medication you need urgently and will mean a much smoother process should anything happen to affect your health.
Myth #4: My insurer won’t pay out anyway
Because of negative media attention, the insurance industry has a poor reputation for not paying claims. – but that wouldn’t make the news, right? Often the reason that some claims may not be paid out is due to non-disclosure or your policy not covering what you thought it did. This is exactly why it pays to get the professionals in to help make sure you’re covered where you need to be, and to support you if you need to make a claim.
Myth #5: I have health conditions so I can’t get cover
If you have existing medical conditions, that doesn’t automatically disqualify you from getting insurance. Depending on the health condition and the insurer, you can still be covered, there may just be some limits or exclusions. Again, have a chat to a financial adviser as they’ll be able to work with the insurer to get the best cover for you and your situation.
If you’re thinking you need a policy refresh or you want to look into insurance a little bit further, get in touch with one of our expert advisers. We offer independent and quality advice that can help you make the best decision to ensure you’ve got it all covered!