31: Part 2: Is Insurance a Waste of Time and Money?

12/06/21 • 38 min

Today on the podcast we're back for part two of our insurance series. If you haven't listened to part one, stop right now and go back to our previous episode. It's one not to miss. This podcast will also make a lot more sense after listening to the first one too!
Insurance is one of those things that deep down, you know it's important to have but perhaps don't realise the value of it until it's too late. These days, it feels like there is an insurance policy for everything - income protection, life, health, contents, car, house, travel...the list goes on.

So how do we decide which ones are most important to pay for? Should we have them all? Which ones do we actually need? Is it a waste of time and money? Let's dig in.
In this episode we chat about:

Where to start with insurance, and how to figure out which insurances you need
Why trauma cover is the most expensive type of insurance
The 101 of trauma cover, income protection and health insurance
Questions to ask yourself to figure out whether you need life insurance
Who life insurance is for, and why you would take a policy out
Figuring out the sum to insure for with life insurance
Total impermanent disability (TPD) and how this works with income protection insurance
How to calculate how much of a lump sum to insure for with TPD insurance
How income protection works when mental illness comes in
The benefits of insurance advisers, and how fees come into play
Whether it's necessary to get a will pre-marriage

Join the conversation @itsnosecretnz
Check out our website and show notes at www.itsnosecret.co.nz/31

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The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.

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So how do we decide which ones are most important to pay for? Should we have them all? Which ones do we actually need? Is it a waste of time and money? Let's dig in.
In this episode we chat about:

Where to start with insurance, and how to figure out which insurances you need
Why trauma cover is the most expensive type of insurance
The 101 of trauma cover, income protection and health insurance
Questions to ask yourself to figure out whether you need life insurance
Who life insurance is for, and why you would take a policy out
Figuring out the sum to insure for with life insurance
Total impermanent disability (TPD) and how this works with income protection insurance
How to calculate how much of a lump sum to insure for with TPD insurance
How income protection works when mental illness comes in
The benefits of insurance advisers, and how fees come into play
Whether it's necessary to get a will pre-marriage

Join the conversation @itsnosecretnz
Check out our website and show notes at www.itsnosecret.co.nz/31

The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.

Previous Episode

30. Part 1: Is Insurance a Waste of Time and Money?

Insurance is one of those things that deep down, you know it's important to have but perhaps don't realise the value of it until it's too late. These days, it feels like there is an insurance policy for everything - income protection, life, health, contents, car, house, travel...the list goes on.

So how do we decide which ones are most important to pay for? Should we have them all? Which ones do we actually need? Is it a waste of time and money? Let's dig in.
In this episode, we chat about:

What is income protection insurance and why do we need it?
The data that suggests Kiwis cover their car, content and house above and beyond life insurance
Why relying on ACC has made us (Kiwis) complacent when it comes to taking out income protection or health insurance
Why your life stage dictates which insurance(s) you’ll need
Why Cat is so passionate about income protection and trauma insurance
And similarly, why Christine is so passionate about health insurance
How income protection works when mental illness comes in
Why loyalty tax doesn’t apply to swapping insurance companies
Which insurances both Cat and Christine have and why

This is just part one of a two-part series (who knew we loved insurance so much!), so be sure to listen to the second episode to round out our insurance chat.
Check out our website and show notes at www.itsnosecret.co.nz/30

The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.

Next Episode

32. Part 1: How to Do Your 2021 Financial Review

Today on the podcast we take a look back at 2021; how we went financially, whether our personal net worth values have changed and by how much, and why. A financial check-in heading into 2022, if you will.
As the wild and wonderful year that has been comes to an end, we round out our season with a two-episode reflection series which you can take away and apply to your own financial situation.
Whilst this is the last live weekly podcast episode for 2021, we will be running a summer series with a few shorter retrospective episodes over the first few weeks of January 2022. Stay tuned for those!
But before we move onto that, here's what we talked about in today's podcast episode:

Our 2021 financial goals! How we went and are feeling about them rounding out the year
Any challenges we came up against moving towards them - both positive and not-so positive
How various events throughout 2021 (hello lockdown and low-interest rates) have impacted our ability to meet our goals
Any and all adjustments we have made throughout the year to move us closer to #financialfreedom

...plus lots more in part two of this episode. Stay tuned for more!
Check out our website and show notes at www.itsnosecret.co.nz/32

The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.