This time we look at the most common insurance myths that may have stopped you from sorting it out in the past.
Have you ever heard or believed any of these?
Myth #1: Insurance is expensive
In New Zealand, insurance is actually pretty affordable for the average person. Obviously it depends on factors like your age and your health history, but if you get it sorted sooner rather than later, it’s likely to be more affordable. Most people currently spend more on their morning coffees and takeaway dinners than they do on protecting themselves and their families – would you sacrifice these luxuries to know that your loved ones would be safe if anything happened to you?
Myth #2: I can just do it myself
Many people believe that if they put money aside for any unexpected circumstances, they’ve got things totally sorted. Whilst it may be tempting to do this, it comes with its own risks and warnings. If you needed medical attention, would you self-diagnose and pay for a medicine you thought was right without consulting a medical professional? It’s important to let the experts help you out here to avoid any unfortunate mishaps or unnecessary extra spending.
Myth #3: I already have a policy in place from years ago so I’m all sorted
This isn’t true – your life has probably changed since you last sorted your policy and it may not be relevant for what you need now. The last thing you’d want is to try to make a claim on a policy that doesn’t cover you for your present situation. You may also end up paying more for things you no longer need, so it’s a good idea to update your policy every few years or when you have a major life change like getting married or having children.
Myth #4: If anything happens, ACC will just cover it
It’s really not a good idea to rely on ACC or the public health system. Our current health system is under a lot of pressure already and there are consistently long wait times for treatment. Not to mention that ACC only covers accidents and not serious illnesses or sickness. Medical insurance can provide you with that all-important access to any medication you need urgently and will mean a much smoother process should anything happen to affect your health.
Myth #5: Nothing will happen to me
Although this is quite a foolhardy way of thinking, it’s actually quite a common misconception. No matter how risk-averse you are, you never know what could happen (the old adage of the piano falling from a tall building springs to mind here). People also often believe that insurance is pointless because they will never get their money’s worth. Fact: if you never have to claim your money back on your insurance, this is a good thing because it means your life is going pretty well!
If you’re thinking you need a policy refresh or you want to look into insurance a little bit further, get in touch with one of our expert advisers. We offer independent and quality advice that can help you make the best decision to ensure you’ve got it all covered!
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