Insurance tips that actually make a difference
Insurance is not something you want to discover after the fact isn’t quite right. That is why we take the time to review your cover with you, so you understand what is included, what is excluded, and what might need updating. If you have made a big purchase, had a life change, or just want peace of mind, here are some key steps to consider. Get in touch to book a review or ask us anything, no question is too small.
Health cover
- Check your health insurance limits if your circumstances have changed. New health conditions, family additions, or lifestyle changes can affect what you need. Some treatments or specialists may not be fully covered under older plans.
- Understand exclusions and waiting periods. Health policies often have restrictions for pre-existing conditions or specific treatments. Knowing these upfront avoids surprises later.
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Increasing your excess can reduce your premiums. By keeping your excess amount in a rainy-day fund, you have everything in place if you need to make a claim.
Life cover
- Review your life insurance after major life events such as marriage, children, or taking on a mortgage. The goal is to ensure your loved ones are financially secure if something happens to you.
- We often come across people who are overinsured. This can happen when debt is repaid or when children have grown and left home. Your needs change over time, so it is important to review your cover regularly.
Income protection
- Confirm your benefit amount and period to match your current earnings and expenses. If your income has increased or your financial commitments have changed, your cover may need adjusting.
- Know your waiting period, this is the time between when you stop working and when payments begin. Ideally, this should be covered by your rainy‑day fund.
- ACC provides up to 80% of your income if you can’t work due to accidental injury, but it does not cover illness. Most income protection policies reduce their payout by the ACC amount so your total benefit does not exceed your insured level. Some individuals can structure policies with lower ACC cover (via ACC’s CoverPlus Extra) to optimise both ACC and income protection benefits.
Trauma/critical Illness
- Have you taken on more debt or paid off your mortgage? Your payout amount should reflect your current financial commitments.
- Has your family situation changed? Marriage, children, or separation can affect how much cover you need and who should receive the benefit.
- Do you have updated beneficiary details? Make sure the payout goes to the right person.
Total and permanent disability
- Has your occupation changed? If your policy is based on your own occupation, a career change could affect your ability to claim.
- Have your living costs or debt levels changed? The payout amount should be enough for home modifications, debt
Property and contents
- Create a video walkthrough of your home, contents, or business premises. This simple step can make a big difference if you ever need to make a claim because it helps verify what you own and speeds up the process.
- If you have purchased something valuable, check whether it needs to be added to your contents policy. High-value items such as jewellery or technology may need to be specified separately. Review your sum insured regularly, especially after big purchases or renovations, to avoid being underinsured.
- Understand your exclusions. Policies often exclude wear and tear, corrosion, fines, or damage during renovations. Knowing what is not covered is just as important as knowing what is. Report incidents promptly because delays can complicate claims.
This information is of a general nature and is not intended as personalised financial advice. RIVAL Wealth is a Financial Advice Provider (FAP) licenced by the Financial Markets Authority to provide financial advice. Our disclosure document is located at rivalwealth.co.nz or a written copy is available on request
