Packaging insurance

As there are many facets to insurance it’s easy to get bewildered about what you need and don’t need and what’s even available out there. That’s where your licensed insurance adviser is qualified to provide the cut through you need.

Insights with Infinance by Brian Coogan

An analysis of your requirements paired to comparative software can produce just the right result you’re looking for.

With insurance coming in two main categories, one being GENERAL for anything that doesn’t have a heartbeat such as your house, contents and other property and the likes of vehicle, equipment and business insurances, the other being LIFE for the things that do have a heartbeat such as your personal life, income, mortgage protection and health, the focus of our column today.

While business insurances can include the likes of key person insurance and company healthcare plans, our individual requirements are what really matter in our own personal lives.

The efficient way to package insurance is by ‘bundling’ multiple policies from the one insurer attracting discounts for each additional policy and adding optional ‘rider’ benefits to customise to your own requirements, creating a package that covers you just the way you want it to.

This can be as simple as starting with a life policy with a ‘waiver of premium’ rider benefit, to a full options package spreading cover across a wide range of provisions. It can also mean adding the likes of trauma and disability policies with their own riders and / or income and mortgage protection as well as health insurance that has its own array of rider benefits. In short, you can customise to suit just what you want, then trim and tweak to suit your budget.

 In a nutshell, insurance can be tailored to suit your own individual requirements while bundling packages provides the most efficient results.

 You’ll have the same problems when I walk out, as you had when I walked in … unless you let me take your problems with me – Ben Feldman.

 Written by Brian Coogan, Licensed Financial Adviser and Director at Infinance – Taupo. Commentary is general in nature and not to be considered financial advice