+ HOW EVOLVE PARTNERS WITH YOU.

Evolve will work with you first, to understand your needs. We'll then go away and consider what is the best option for you and your family.

We will factor in the level of cover you need, the type of insurance you need and any other concerns you have, i.e. premiums, before presenting you with a recommendation for personal insurance.

We will work with the insurance providers on your behalf, to ensure we are able to get you the best outcome.

Together we will work through the details so that you are fully aware of what you are purchasing and more importantly, how what you're purchasing will work for you when you need it.

+ WHAT SHOULD YOU THINK ABOUT WHEN IT COMES TO INSURANCE?

UNDERSTANDING YOUR PRODUCTS IS THE KEY TO GETTING THE MOST OUT OF THEM.

At Evolve we understand that you like to get things done yourself. We're the same. We understand that you would like to consider your options first, before making an enquiry.

Therefore, we've put together some general advice around personal insurance below. Things to consider when you're making the decision to purchase. It should get you thinking.

+ What is Life Insurance?

Life Insurance is the most straightforward of the personal insurance products. If you die or are diagnosed with a terminal illness (less than 12 months to live), the amount you are insured for is paid to you as a lump sum.

What do I need to think about?

• Funeral costs – Unfortunately the cost of funerals, and for the final administration of your estate (i.e. legal costs) can be considerable. Adequate life insurance cover will make sure your family is not left with additional expense.

• Repayment of debt - How much debt do you have? Ideally, your life insurance would take care of any debts, such as your mortgage, so they are not left to your family, friends, or business to repay.

• On-going income – Without your normal earnings, how would your family continue to support themselves? Consider making sure that your cover includes a sum that can be used to assist your family with day-to-day living.

• Children – If you have children, you’ll want to consider how your plans for their future would be affected. Would their preferred schooling still be possible without your regular earnings? Your life insurance cover could include an amount to ensure their education costs are taken care of.

• Emotional support – People grieve in different ways, and sometimes being able to take a short holiday or make some changes to the house can assist in the healing process. Your insurance cover could include a sum for your family to spend some important time together.

There are other things you can consider when calculating your life insurance sum insured. You may also wish to factor in your retirement plan, investment opportunities or donations to charities.

Because this is a lump-sum cash payment, it’s important your plan is simple to execute and suits your needs.

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+ What is Income Protection?

Income Protection has a range of options, and the key to choosing the right one is to get the right advice, and to understand how your policy works for you.

In a nutshell, if you can’t work due to illness, injury, and (in some cases) redundancy, Income Protection is designed to pay a weekly, fortnightly or monthly sum insured, like an income. Your cover starts after the nominated stand-down period and continues for a set period of time.

There are a lot of factors to consider when it comes to Income Protection... So, rather than read a novel on it, why not contact us to have a chat about it!

What do I need to think about?

• Lifestyle – How would your lifestyle change if you were unable to earn an income? Would you be checking into Auckland Airport, going away on that fancy holiday? Or what would your Instagram posts look like..... Income protection can help you maintain your current lifestyle.

• Budget – Working out how much you’d need to live on is key to making sure you have the right level of cover. What do you spend each week? Would you be able to go without a few luxuries? Make sure you insure for a comfortable standard of living but don’t forget that tightening your belt a little will reduce your premium payments.

• Leave provisions and savings – If you are in paid employment, what are your leave entitlements? Have you accumulated a whole lot of sick leave that carries over every year? Do you have annual leave that you aren’t planning to use for a vacation? Would you want to dig into your savings to help pay the bills?

• Family – Consider how the loss of your income may affect your family, i.e. how important is your income? Can your spouse’s income support the family alone?

There’s a myriad of options available with Income Protection insurance, so it’s probably the most important product to get expert advice on.

Because of what it can cover, it is often more expensive than other kinds of insurance, so careful planning is important to choose the right cover for you.

Click here for our Income Protection blog

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+ What is Trauma Insurance?

Trauma Insurance will pay out a lump sum amount, just like Life Insurance, in the event you were to suffer from one of the listed conditions. These are serious conditions, such as cancer, heart attacks and strokes. The key to receiving effective Trauma Insurance cover is understanding how a claim is qualified and ensuring that you follow the correct steps when you apply for it.

When working out how much cover you need you can apply the same methodology as Life Insurance; however there are a few other points you should consider.

What do I need to think about?

• Medical costs – Do you have adequate health insurance to cover your treatment? If not, would you wait for the public health system to help you or will you prefer a lump sum amount to fund private health care or alternative treatment?

• Loss of income – Consider how your ability to work will be affected by your illness or injury. If you don’t have Income Protection insurance, think about how much money you would need to replace your income for a period of time.

• Home alterations – There may be a need to make alterations to your home to cater for your injury or illness.

You can use your Trauma Insurance payout for anything you like. You can even use it to take a vacation to assist with your recovery.

Therefore, working out your sum insured is simple, and just needs to be in line with your immediate needs.

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+ What is Total Permanent Disability Insurance?

As the name suggests, this insurance provides you with a lump sum payment you if you are left permanently disabled. It doesn’t matter if this occurs through sickness or injury - as long as your condition meets the definitions in the policy document, you will be eligible for a claim.

There are a couple of things to consider when getting this cover, particularly as there are a few options that can make your premiums either high or low, as well as make your claim easier or harder – get in touch for a more detailed explanation!

What do I need to think about?

• Long term loss of income – What would be the financial implications for your family if you couldn’t do your usual job anymore? Think about how many years’ income you would want to replace in order to maintain your lifestyle if this were to happen to you.

• Home alterations – You might need to make some changes to your home to accommodate your illness or injury, such as adding ramps, or widening doorways.

• Ongoing medical supervision – You might need to hire some personal assistance during the day if your spouse is working. Of course, if your cover factored in a loss of income, they may not need to work full time.

Becoming permanently disabled is a life-changing experience and can often have a similar financial impact as a death.

When taking out Total Permanent Disablement insurance, it’s important to think about the effect that losing your ability to earn would have on your lifestyle.

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