Be prepared for when the going gets tough


It’s important to be aware of the curveballs that life can throw at you from time to time. The pandemic has brought these kinds of issues to the front of people’s minds – not only from a personal perspective, but from a business one too. It’s proving to be a catalyst for many to think about what’s truly important to them, how they can live their best life, and what they can do to financially plan ahead.

While it’s impossible to know exactly what your future might be, being prepared with a plan to mitigate risks is important.  Having the right insurance in place as part of your plan lets you get on with things and feel confident that you’ll have a suitable safety net in place, should you need it.


Ways you can stay protected

Cover for your assets
Should your assets such as vehicle, house, or belongings need replacing through accident of theft, having the right cover in place will minimise any disruption caused. Another ‘asset’ that is sometimes overlooked is your own ability to earn an income, so having insurance in case you’re unable to work could help reduce stress at a difficult time.

Looking after your wellbeing
Getting back to normal life as fast as possible is generally the goal when something unexpected crops up health wise. It’s reassuring to know you can get medical help when you need it, and with disability and trauma/critical illness insurance that will provide the funding to enable you to seek private medical services, assist with lifestyle adjustments and take the time needed for recovery.

Financial protection for you and your family
Insurance gives you the reassurance that your family would be financially protected should something happen to you. You can get protection to help reduce or clear debts, or to help you and your family to meet ongoing living expenses and ensure your lifestyle remains the same. Income protection will ensure that should you be unable to work, your income will continue, and so allow you to meet your ongoing obligations and lifestyle expenses.

Keep your business running
There are many risks that businesses face, but luckily a lot can be reduced with the right insurance in place. Safeguarding the business’ assets and key personal can protect you from major losses should something happen such as an accident or serious illness.  And it’s also worth considering having some cover in place if you have shared ownership of a business, as unforeseen events to owners can cause major disruption.


There’s no one-size-fits-all insurance plan

It’s important to have a plan that fits your current stage of life with the flexibility to adapt to future changes, so you can make sure your lifestyle and loved ones are protected. It’s also important to make sure your insurance provider has a good reputation and provides a diverse range of insurance products, so you’re covered, no matter what life throws at you.

If you’d like to talk to us about insurance protection, contact your Private Banker.


Any views expressed in this article are the personal views the author and do not necessarily represent the views of BNZ, or its related entities. This  article  is solely for information purposes and is not intended to be financial advice. If you need help, please contact BNZ or your financial adviser.

Neither Bank of New Zealand nor any person involved in this article accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any, information, representation or omission, whether negligent or otherwise, contained in this article.