Insurance

The three major risks to a family's financial security are premature death, inability to work because of a long-term accident or illness, and the need to find large amounts of cash to fund medical care.

Five out of ten males aged 25 years old are likely to become disabled due to an illness or accident that will prevent them from working for at least a month before they turn 65.

Seven out of ten females are likely to become disabled due to an illness or accident that will prevent them from working for at least a month before they turn 65.

Nearly a third of people unable to work for a month due to an accident or illness will be unable to work 12 months later.
Source: Davies Financial & Actuarial Limited

There is a 33% chance that you will be sick or disabled for six months or longer prior to age 60.

Four out of five long-term illnesses and disabilities are not covered by ACC. The areas of greatest concern are heart attacks, strokes, cancer and kidney failures.

How could you and your family survive financially if your income stopped for six months or longer? If you used your hard earned savings to pay for operations, medication not approved by Pharmac but which could save your life and to replace your earned income what impact will this have you on your retirement income?

Insurance lessens the financial impact of catastrophic events.

If I had my way, I would write the word 'insure' over every door of every cottage and upon the blotting pad of every public man, because I am convinced that, for a sacrifice that is conceivably small, families can be secured against catastrophes which otherwise would smash them forever.- Winston Churchill
 

What insurance do I take out first?

At Lyfords we recommend you set up your insurance in the following order:

Life insurance

Read more about why and how much to have >

Income Protection Insurance

Read more about what value it can add to your life style in the event of an accident that is not covered by ACC or an illness>

Trauma/Living Insurance

Read more what this insurance is and the benefits it can provide>
This is the story of Alison Renfrew’s kidnapping by a disease called cancer.

Medical Insurance

Why have medical insurance? >

Total and Permanent Disability insurance

What happens if you are totally and permanently disabled? >
 

The importance of Research

Lyfords purchases independent research on personal insurance to assist us with selecting a product to suit your needs.

• Quotemonster compares insurance premiums with all the major companies so that you can see on one page if your insurance is good value compared to other companies.
• QPR (Quality Product Research) analyses the policy wordings of insurance products.
• IRESS Research analyses the policy wordings of insurance products 

The job of an insurance adviser at Lyfords is to guide you to choose the right policy and to provide you with the information you need in order to make the right decisions.  For example; It’s not good enough to be told you are covered for cancer.  That is too vague.  If you are terminally ill with a brain tumour can you expect to be paid a trauma benefit?  Maybe.  If your policy covers you for benign brain tumours yes, if not no.  Would you have known this without talking with an experienced adviser?