Insurance

Are you protecting your most valuable asset?

3 MIN READ March 5, 2025
For most of us, our ability to earn an income is our greatest asset. It pays the bills, supports our families, and helps us enjoy life. But what would happen if illness or injury took that ability away?

 

The reality is that many New Zealanders are not prepared for such a scenario. According to the Money & You Report by the Financial Services Council NZ, half of Kiwis are not financially prepared if the main income earner were to lose their income. This leaves a significant portion of New Zealand families vulnerable in the face of illness or injury making a horrible situation even worse

What’s more, 39% of respondents didn’t realise that ACC doesn’t cover income loss caused by illnesses such as cancer, heart attacks, or strokes, or other conditions unrelated to accidents, like worn-out backs, shoulders, and knees. This gap in cover leaves many exposed to risks they may not even be aware of.

How personal insurance can help

This is where personal insurance can provide support. At Haven, we work with a number of providers to help you protect your income if you’re unable to work due to illness or injury. Here are some covers you might consider: 

  • Income protection: Provides monthly payments if you’re unable to work due to illness or injury to help cover expenses like bills, rent, or mortgage payments. Most policies have a waiting period (typically several weeks to months) before payments begin.
  • Total & Permanent Disability Insurance: Offers a lump sum payment if you become permanently unable to work due to illness or injury. Can help cover ongoing expenses, family needs, or necessary modifications to your home or lifestyle.
  • Trauma insurance: Pays a lump sum if you’re diagnosed with a specified illness or injury, such as cancer, stroke, or a heart attack. Gives you the freedom to use the payment as needed, whether it’s for medical bills, recovery, or lifestyle adjustments.

Why does it matter? 

In the past year alone, Haven has supported clients with over 130 claims, totalling more than $3 million across income protection, disability insurance, and trauma insurance. These claims have helped cover living costs, medical expenses, and recovery support for individuals facing unexpected health challenges.

Your income is likely your biggest financial asset. Whether you’re part of a dual-income household or the sole earner, losing that income could be financially devastating. Having the right insurance in place provides peace of mind, knowing you have a safety net to support you during recovery from unexpected events.

If you want to ensure your greatest asset is protected, speak to a Haven Financial Adviser. They’ll review your situation and recommend options to help secure your income and your future. Get in touch today to book a review.


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