Most people think that their main asset is their home or vehicle and the like, but in reality, your main asset is your ability to earn an income! “Things” are reasonably easy to replace but your health can have a major impact on your lifestyle and can take a considerable amount of time to recover.
Why You Should Have Health and Life Insurance
In New Zealand, we’re lucky to have access to a public healthcare system that covers many medical costs. However, there are still plenty of situations where health and life insurance can give you the peace of mind and financial security you need. Here’s why having these types of insurance is a smart move for Kiwis:
1. Covering the Gaps in Public Healthcare
While New Zealand’s public health system covers a lot, it doesn’t cover everything. There can be long waiting times for non-urgent procedures, and certain treatments or medications might not be fully funded. Having private health insurance means you can skip the queues, get faster treatment, and access a wider range of services—helping you stay healthy and avoid unnecessary stress.
2. Protecting Your Family’s Future
Life insurance is all about making sure your loved ones are taken care of if something were to happen to you. It can help cover living expenses, pay off the mortgage, or support your children’s education if you’re no longer around. Whether you’re a parent, partner, or sole income earner, life insurance ensures your family doesn’t face financial hardship when they’re already dealing with emotional loss.
3. Peace of Mind for the Unexpected
Accidents, illnesses, and other unexpected events can happen at any time. If you’re seriously injured or fall ill, having health insurance can protect you from hefty medical bills. Even with ACC (the Accident Compensation Corporation) covering work-related injuries and accidents, health insurance can help with things like physiotherapy, specialist consultations, and surgery costs that might not be fully covered.
4. Tax Benefits
In New Zealand, some health insurance premiums are tax-deductible, and the death benefit from life insurance is usually paid out tax-free. This can help you save on taxes and make your insurance even more affordable.
Conclusion:
While New Zealand’s public healthcare system is great, having health and life insurance can make sure you’re covered when the unexpected happens. Whether it’s getting faster access to healthcare, protecting your family’s future, or saving for the long term, these insurance policies offer the peace of mind that you’re doing everything you can to secure your and your loved ones’ financial well-being. It’s about being prepared for life’s uncertainties—so you can focus on enjoying the good times.
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