Generally speaking Kiwis are seen as easy-going with a positive outlook on life. Living in such a beautiful part of the world, it’s easy for us to feel ‘lucky’. Major life events and occasions also give us something to look forward to, and create lifelong memories.
Newshub spoke to Amy Cavanaugh, Pinnacle Life General Manager Operations - who shares some timely advice about the significant milestones in our life, and how best to prepare and plan ahead for them.
1. Having a baby
In 2018 there were around 60,000 births in New Zealand. Having a baby changes your focus. It can make you aware of your own mortality and the enormity of caring for another person, especially someone who can’t care for themselves and is totally dependent on you.
New parents should ask themselves "What if I was not here to look after you? Who would help? How would they afford it? What would they need so that my baby could have the life I want for it?" Life Insurance can help with a lot of those things.
On average there are around 20,000 marriages a year in New Zealand. Getting married is a ‘big life’ decision. You feel like a grown up and grownups should be able to talk finances.
Marriage might also be the time when you combine your finances and have joint accounts. You’ve also committed to spending your life with this person, don’t you want to know they’ll be ok if something was to happen to you? When you’re talking finance, make sure you also talk about your insurances, why you have them, what they are for, who they help and include Life insurance in the conversation.
3. Buying a home/mortgage
The average first home buyer has a $400k mortgage according to KPMG's quarterly Financial Institutions Performance Survey.
Buying a house is a big decision that will be with you for a long time, as will your mortgage. If you are relying on two incomes to pay the mortgage, think about what would happen if there was only one income? How would you afford it? Would you really be happy to move? And if so where to? Having Life Insurance, just in case, is a small price to pay to keep your family home if the worst happens.
4. Avoiding or surviving a major natural disaster
New Zealanders are generally aware of risks that might impact them, we know there is a high likelihood of earthquakes, floods or volcanoes when you live in NZ.
We usually insure our car, house and contents but we are less likely to protect ourselves financially with life insurance, even though the impact of a death can be way greater than damage to our car.
5. Realising your own mortality and living your best life
Many of us know someone who has died way too young and left behind a grieving family with small children.
"Having a Life Insurance pay out in those circumstances won’t stop the grieving but it could help with giving you more choices at such a dreadful time. Who will put the rubbish out? Who will take the kids to school every day? Who will bring in the shopping? Money can help to fix some of these problems or make them go away."
Kiwis tend to avoid confronting conversations required to make sure the right things are in place, should they pass away unexpectedly. But we should be having these conversations with those we love, sooner rather than later.
As part of a bold campaign Pinnacle Life is asking Kiwis to think about what makes them feel lucky and the consequences of what happens when they’re no longer there to help protect those they love.
Pinnacle Life is an independent New Zealand owned and operated life insurance provider. Their goal is to make life insurance more accessible and to provide every Kiwi family with the choice of protecting themselves in a way that is as easy and stress-free as possible. They provide life insurance designed by Kiwis, for Kiwis.
This article is created for Pinnacle Life.