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If you’ve been scanning your bank statements looking for something to cut – I feel you. Times are tough, particularly in Wellington right now, and the cost of living doesn’t seem to be improving any time soon.
There is some good news, interest rates have reduced ever so slightly, and the stock market has done well in 2024 which is boosting your KiwiSaver at the very least, but Mother Hubbard’s cupboard is still looking pretty bare in a lot of houses this year.
For a lot of our clients their insurance premium is an early casualty of these cost slashing exercises. While most people would never cancel their house insurance because that it feels too risky, they will often cancel their personal insurances.
This is concerning because roughly 40% of kiwis will get cancer in their lifetime, 50-80% will have mental health challenges in their lifetime and 25% of kiwis suffer from multiple chronic conditions and most of us don’t have the financial resources to cope with being out of work when we’re sick – that’s why we have the insurances to start with.
So – before you cancel that vitally important insurance, I want to tell you about all the free benefits you probably have without even knowing it! We work with a whole range of providers and roughly three quarters of them offer support to your wellbeing that you can access without making a claim.
Women take on average 2-5 years longer than men to be diagnosed with the same condition, so having access to specialists is hugely important. If you have insurance with either Accuro (now officially UniMed) or Asteron Life (recently acquired by Resolution Life) you will have access to a second medical opinion from a global expert in your field at no cost. Without making a claim or altering the terms of your policy, you can reach out for that second opinion and get an appropriate diagnosis or treatment plan sooner.
We know that mental health services in NZ are overwhelmed and accessing help can be challenging, especially if you’re not at crisis point. We also know that NZ’s postpartum depression rates are particularly high, around 10-20% of mums experiencing it in some form. Accuro (Unimed) and Asteron (Resolution Life) also gives you access to a 1 hour virtual session with a psychologist followed by a comprehensive report to help you with your next steps. You don’t need to have a mental health condition, or wait till things are really bad, you can reach out at any point and access this support for free.
If you’ve considered speaking with a nutritionist but put it in the ‘too hard’ basket because you’re focusing on everyone else, knowing that you have free or heavily discounted access to a 1-hour session with a dietician might be the nudge you need to get some support around your nutrition this winter. If you have Asteron or AIA insurance you’ve got this at your fingertips!
If you have an AIA policy, you may have heard about the Vitality programme. Designed to help you know your health and then improve it, Vitality offers a range of discounts (Garmin & Samsung devices, Les Mills membership, Endota spa treatments) as well as encouraging you to be active and healthy by rewarding you with Countdown vouchers or Airpoints. The benefits are wide ranging, and you can earn points for activities like getting your vitals checked at the pharmacy or getting a Flu jab – you don’t have to be heading to the gym to benefit from the programme.
Lastly, if you have insurance with Chubb (formerly Cigna) and you have a life event happen (such as a separation or job loss) you are able to access up to $1,000 towards:
Insurance companies get a bad reputation, but the truth is they’ve realised people don’t love paying for something they hope will never happen. It’s an anti-lottery where you pay and hope your number isn’t called. That’s why they have been bringing in support for their clients to stay healthy, stay in work, stay well in all aspects.
Knowing what you have available, knowing how and when to access it and getting support along the way is where we come in.
So please – before you slash anything, take a look at how you can squeeze the most from your insurance and reach out for some help if you’re struggling to find out what’s available for you.
When times are tough use whatever resources are available – including your friendly neighbourhood adviser!
Elizabeth.
I see my role as a Financial Adviser not just to advise on individual aspects of your finances, and certainly not to simply transact on your behalf. My role is as a guide, to help chart the course, provide scaffolding and support as you progress and redirect you if you’re getting lost in the weeds. Most of our regrets, I have found, come from not having started sooner. So, let’s start today.
About Elizabeth
Hi, I'm Elizabeth, one of the Financial Advisers here at Velocity Financial. Day-to-day, this involves engaging in conversations with clients about their lives, families, aspirations, and, of course, financial goals. In a big picture sense, though, I'm driven by my perpetual desire to improve outcomes for individuals and, eventually, communities. At Velocity we aim to bolster the financial literacy of Kiwis, helping to alleviate financial anxieties, and opening up the possibilities of what can be achieved. We empower our clients to formulate a plan for the future. I'm particularly passionate about assisting women in reaching their financial goals and feeling confident in managing their money. To aid in this, I write a monthly blog on topics that affect women and maintain an Instagram page @what_would_she_do.vf. This platform provides financial content for those who might not be prepared to consult with an adviser yet but still require and deserve sound advice. In my past life, I was a nurse, so helping people is essentially my modus operandi (I'm also quite resilient and not easily grossed out!). During my spare time, I'm likely attempting to keep up with my energetic kids. If I do manage to find some time for myself, you'll find me curled up with a coffee and a book.
Elizabeth is the author of the monthly blog What Would She Do? A column for women, by women.
Follow What Would She Do on Instagram
Disclaimer: Elizabeth Moloney-Geany (FSP693611) is a Financial Adviser with Velocity Financial (FSP95466). No investment decision should be taken based on the information in this blog alone. Please see Elizabeth’s disclosure statement on our website.
Always get professional advice
The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation. As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures https://www.velocityfinancial.co.nz/disclosure-statement.