Some of our Frequently Asked Questions here at Acorn Insurance NZ:
What insurance do I need in NZ?
Here in New Zealand we have numerous insurance options are available, but a few stand out significantly in terms of their importance. Having the right insurance coverage is essential to protect yourself, your loved ones, and your assets from unexpected events and financial hardships. These are life insurance, disability and trauma insurance, health insurance and income protection. Of course there is also property insurance, but you’ll need to speak to a General Insurance broker for help with this. You can find out more about some of these here:
What insurance do I need for a mortgage?
When you have a mortgage in New Zealand, it’s essential to have property insurance, also known as home and contents insurance. Most lenders require borrowers to have this insurance to protect the property and their investment. Property insurance covers your home and its contents against damages caused by unforeseen events such as fire, storms, burglaries, and natural disasters. However, to safeguard your property investment and provide financial security for you and your loved ones, it’s also essential to secure mortgage insurance. This offers comprehensive coverage to ensure you won’t lose your property in the event you cannot repay your mortgage payments, for example when you’re sick or injured or dead.
Why is insurance necessary?
Insurance is important because it provides financial protection against unexpected events and risks. As we all know, but sometimes forget, life is unpredictable! Accidents, illnesses, natural disasters and other unfortunate incidents can occur at any time. Insurance offers a safety net that helps us reduce or even completely the remove the financial impact of such events. Even if you’re young with no debts or dependents, a small amount of life insurance is essential to pay for your funeral if disaster happens. It ensures you, or your family, are not burdened with overwhelming expenses, not to mention it eases anxieties about such events, making it an essential tool for your financial security and peace of mind.
Which insurance company is best in NZ?
We all want the best deal, an easy company to work with and the best insurance coverage. However, determining the ‘best’ insurance company in New Zealand depends on various factors. This includes your individual needs, your preferences, and the type of insurance you’re after. Here at Acorn Insurance NZ, our principle is to satisfy the insurance and investment needs of our customers with the best products and service possible, and we do this by using industry research tools to identify the best products and prices to meet our clients’ needs. Unlike other companies, we won’t be trying to sell you more insurance than you want or need!
Are insurance brokers worth it?
Insurance brokers can be valuable for those wanting to save money, time and potential frustrations, however here at Acorn Insurance, our commitment to offering the best products and services sets us apart from brokers. We leverage industry research tools to identify the most suitable products and prices to meet the unique needs of each our clients. As a Financial Advice Provider with agencies tied to major insurance companies in New Zealand, we have the freedom to select products and companies that precisely align with our clients’ needs, ensuring bespoke solutions that work best for you. Acorn Insurance is driven by a philosophy of delivering optimal insurance solutions at the best price for what you need, taking the stress out of insurance for you and your family.
Why do I need life insurance?
Life insurance is essential because it provides financial protection and support to your loved ones in the event of your passing. It ensures that your beneficiaries (for example your husband or wife, and/or your children or other dependant relatives) receive a lump sum or regular payments (depending on your policy). This financial assistance can be used to cover funeral expenses, pay off debts, replace lost income or support your family’s future needs. Life insurance offers peace of mind, knowing that your loved ones will be financially secure and free of stressful financial burdens even when you’re no longer there to provide for them.
Why do I need health insurance in NZ?
While New Zealand has a public healthcare system, having private health insurance offers several advantages. Health insurance provides faster access to private medical services, elective surgeries, and specialists, reducing waiting times (which can often be months or years) for medical treatments. It also covers services not included in the public system, with premium services at private facilities (rather than public hospitals) and paying for the newest ‘Non-Pharmac Drugs’ for your treatment that the NZ government won’t provide. Having health insurance in NZ ensures that you and your family receive prompt and quality healthcare, allowing you to focus on recovery without financial worries, or concerns about deteriorating health due to delayed care and treatment.
What is disability insurance, and do I need it in NZ?
Disability insurance, also known as Total and Permanent Disablement Insurance, offers a tax-free lump sum benefit for permanent disabilities. We often don’t think about an accident or event happening that will leave us disabled, but it’s a very real possibility for everyone and can happen in an instant. This type of insurance is like having a safety net for life’s unexpected twists and turns. If you ever face a situation where an illness or injury leaves you permanently disabled, disability insurance provides a tax-free lump sum benefit to help you navigate through those tough times, whether or not you’re employed, and regardless of any other benefits you may be entitled to. It ensures financial peace of mind and allows you to focus on your well-being and recovery without worrying about finances.
Why do I need mortgage protection insurance?
Mortgage protection insurance is a vital safeguard for homeowners seeking financial security and peace of mind. This type of insurance provides a safety net that ensures your mortgage payments are covered in unforeseen circumstances, such as disability, critical illness, or even death. In times of crisis, the burden of mortgage payments can be overwhelming for your family. Mortgage protection insurance helps protect your loved ones from the risk of losing their home or facing financial strain in the event of an unexpected hardship. By providing a safety net for your most significant financial commitment, mortgage protection insurance ensures that your family’s home remains secure, allowing them to focus on rebuilding their lives without worrying about mortgage obligations.
Ready to take the first step towards securing your future and protecting your loved ones? If you have any further questions or would like to find out more about our insurance solutions, don’t hesitate to get in touch with us here.