Protecting Your Income: Beyond Redundancy

What happens when the safety net you think you have suddenly disappears? This eye-opening conversation with insurance expert Rebecca reveals the dangerous misconceptions that could leave you financially exposed when disaster strikes.

Many New Zealanders believe their income protection will cover them if they're made redundant – a potentially devastating mistake. Rebecca clarifies that standard income protection only covers illness and injury, not job loss. We explore why redundancy cover is becoming increasingly difficult to obtain, especially for government workers, and why the protection it offers might be less valuable than you think.

The confusion between income protection and mortgage protection is another critical area we address. Most people need both types of coverage working together – one ensuring you keep a roof over your head, the other covering essential living expenses. We walk through practical examples using case studies like single 25-year-old John and couple Lucy and Matt to demonstrate how different life situations require tailored protection strategies.

Perhaps most compelling are the real-life stories of clients who declined coverage only to face catastrophic consequences. From the cancer patient forced to sell an investment property during treatment to the young homeowner now at risk of losing everything after an injury, these cautionary tales highlight the true cost of inadequate protection. We also debunk the common belief that ACC, body corporate insurance, or KiwiSaver hardship withdrawals provide adequate safety nets.

Want to learn more about protecting your financial future? Comment or message us to register for our upcoming insurance webinar in early September where we'll dive deeper into these crucial topics.

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