Have you been considering speaking to a financial adviser, but are wondering what to expect and how the insurance advice process works?

We have broken it down into 5 simple steps to help you make the most out of the advice process: 1. Getting to know you

What are your priorities? Your financial adviser will sit down with you to discuss your current situation, goals, and what makes you tick. What are your most valued assets? Who should your insurance benefits or pay-out go to? Are your family and/or business protected? What plans have you got in place?2. Planning and research

Your adviser will go away and do their homework - putting together a proposal that best aligns with your values and future vision, whilst comparing products and providers, and negotiating rates to get you the best deal possible.3. The "nitty gritty"

Your adviser will explain your personalised plan and answer your questions in a "jargon-free zone", so you feel confident and fully-informed of your options.4. Applications and negotiations

To take the hassle out of dealing with insurance and home loan providers directly, your adviser will assist in getting your paperwork sorted, and even negotiate terms and conditions with providers on your behalf.5. We're with you for the long haul

As your situation changes over time, it's important to ensure your cover moves with you. Your financial adviser will regularly check in with you and review and update your needs as appropriate. Whether it's changes to your circumstances or the event of a claim, you can have peace of mind knowing your trusted financial adviser will take care of the boring stuff, allowing you to get back to what really matters. For a free, no obligation chat with a Priority adviser, today. An Adviser Disclosure Statement is available free and upon request.

Obviously, our health is not something we should penny-pinch on. But having said that, value for money definitely counts when you’re looking for a new health insurance policy or reviewing an existing one.

Here are some helpful tips on how to make the most from the money you spend on health insurance.

The value comparison

There is a plethora of choice in the health insurance market - a large range of benefits and pricing. It can be tricky to compare apples-with-apples, and more importantly, how policies, benefits and pricing stack up against what you personally want your insurance to cover.

As your insurance adviser, we have access to a range of providers and products in the market and can help you shortlist a range of suitable products, based on your specific requirements and budget needs.

Getting the excess right

Selecting the highest excess you can afford to pay can be - depending on your circumstances - a good way to reduce your premiums. But if you choose this approach, it’s important to remember that having a large excess could mean that you miss out on being reimbursed for lower-cost procedures - in other words, the cost of accessing your insurance (your excess), may outweigh the cost of the treatment.

Focus on the extraordinary as opposed to general care

One option is to take out ‘hospital-only’ or ‘hospital and specialist’ cover rather than comprehensive coverage for general medical costs (e.g. visits to the doctor). It all depends on how you want your cover to work - but this approach can mean that you can assign more budget to higher-cost risks (the often unforeseen medical events that life can throw our way), instead of spreading it across health services that the household budget can stretch to (again, for example, a visit to the doctor).

Know your no-claims-bonus threshold

Some insurers reward their customers by offering a low-claim bonus. To be eligible, customers need to remain below a specific threshold over a certain period of time. Needless to say, this certainly does not mean that you should avoid filing a claim when you need to. But it is good to know what your insurer’s no-claims bonus threshold is (if they offer it) so that you can weigh up the benefit of claiming against being eligible for a bonus.

Don’t forget direct debit

Setting up a direct debit is another easy way to save a few dollars. Don’t expect a huge sum (we’re talking about shaving 2.5 percent off your premiums), but as they say, even small amounts over time can amount to significant savings.

Check the extras

As optional extras usually increase the overall cost of health insurance premiums, it’s important to check that you’re not adding unnecessary coverage to the mix. Once again, we can work with you to help identify what you need and remove any unnecessary add-ons.

If you would like to learn more or would like to review your policy, we’re here and happy to help.

Click here to contact us.

An Adviser Disclosure Statement is available free and on request

Buying or renting? It’s an age-old debate. People typically view rent as ‘dead money’, as opposed to the cash invested in buying property. But with house prices still at an all-time high in many parts of the country, the answer to this question might not be as straightforward as it was a few years ago.

The bottom line is, there are pros to both options. So, before you choose one side or the other, take the necessary time to understand how these relate to your needs and long-term goals.

Pros of buying

The final payment gets closer

The first and foremost reason why people choose to buy property is to have a place to call their own, and every mortgage payment gets you one step closer to this goal.

You can turn your house into profit

Whether it’s the house you live in or an investment property, you can always turn your home into a source of income. If you want to create an income immediately, you can rent it out, partially or wholly; you can also take in short-term renters, via AirBnb for example. And of course, you can sell it, hopefully at a profit.

A sense of security and belonging

It’s nice to have the security of a roof over our head, especially - but not exclusively - for families with kids. You may also start to feel a sense of belonging and community, as you’re likely to stay in your home for longer than if you were renting.

You can be more creative

Suppose you want to repaint, decorate or remodel your house: homeownership allow you to make every upgrade and improvement you wish. Plus, you don’t have to worry about ‘no pets allowed’ restrictions: your house, your rules.

Pros of renting

Having more cash available

Monthly rent payments are usually cheaper than mortgage payments. So, by renting, you’d likely have more funds available to invest elsewhere - for example, in your own business or another form of investment.

More flexibility

Renting doesn’t entail a long-term commitment. If a sudden change occurs, such as a job relocation, you can easily and quickly move out, without going through the lengthy process of finding someone to take over the lease.

More freedom to choose the right location

The rental market doesn’t fluctuate as much as the homeownership market. Regardless of the rising costs of renting, the cost of getting on the rental ladder is substantially cheaper than buying a property. In other words, you may still find a place to rent in suburbs that have become unaffordable to buy. But of course, it would be smart to balance this flexibility with an alternate wealth development strategy.

Maintenance is not your concern

All home maintenance and upkeep costs usually fall on your landlord to handle. Knowing that you’re not responsible for maintaining the appliances, repairs and physical appearance of the house is one of the pros of renting.

As you may have realised, the choice between buying and renting hinges on your unique circumstances. Don’t forget we’re here to help you assess them, and feel free tocontact us at any time if you’d like to discuss your options.

An Adviser Disclosure Statement is available free and upon request.

It’s no wonder that we invest in insurance to protect our homes. We put a lot of time and energy into making them comfortable, and we invest a lot of love in making them ours. A home is so much more than the walls that surround it and the furniture that fills it.

Of course homes are worth a lot too - both in the money we pay for them and the money we owe on them. So it stands to reason that using insurance to protect our important asset – the home - is a priority.

But there is one valuable item in our home that we often overlook when it comes to insurance. In fact, it’s one of the most underinsured items that there is. This item is crucial to our earnings, our family’s happiness and future. The most underinsured item in your home is you.

Protect yourself - you’re worth insuring

Life is not something we can easily put a price on. Perhaps that is why we find it so hard to insure ourselves. It’s also difficult - not to mention pretty unpleasant - to think through the scenarios that could lead to an insurance claim. But unfortunately life can dish up some nasty experiences, which are only made harder if you have to deal with financial stress at the same time.

If you’ve decided that it’s time to look into insurance for what is actually your most important asset – you – here’s a quick summary of the different types of cover and what they are designed to do.

Disability Income

Also known as Income Protection Cover. This insurance provides you with continuity of income for a set amount of time should you suffer from a long term illness or injury and be unable to work. The policy usually pays out a percentage of your income after a qualifying period.

Health Insurance

As with most types of personal insurance the name is pretty self-explanatory. Health Insurance covers the cost of Private Medical Treatment, such as surgical and non-surgical procedures and specialist consultations, so you have the choice to use the Public or Private health services. Different policies offer different levels of cover, from the cost of doctor’s appointments through to operations and consultations with specialists.

Trauma Insurance

Also known as Critical Illness Insurance/Crisis Insurance/Major Illness Insurance/Critical Condition Insurance. The names are a giveaway when it comes to the purpose of this insurance. If you develop one of an extensive range of medical conditions for the first time (the conditions are specified within the policy) you receive a lump sum benefit to help with your finances while you are out of work.

Total Permanent Disability Insurance

This type of insurance pays a lump sum if you become permanently disabled due to accident or illness. As with all policies, make sure you read the small print and understand what you’re signing up for - some policies require you to be unable to do any job before you receive a payment, while others may specify just the job type you are currently in.

Life Insurance

Life insurance covers your life. It pays out a sum of money in the event of your death to whoever you choose to benefit from the policy. You choose the size of the lump sum. Generally speaking, you will find the higher the policy’s value, the higher the premium you will pay.

Get some advice, before you go further

Remember, the trick to getting the right insurance for your needs is prioritising what’s important to you. Before you speak to anyone, take some time to consider the level of financial support you – and yours - would need in the event that something happened.

Of course, there are plenty of options and loads of jargon to wade through, so you might like to talk to an insurance adviser – they have the experience and know-how to help you determine the appropriate types and levels of cover for your needs.

A Disclosure Statement is available free and upon request.

Would you like to review your options? Click here to contact us.

Are you a job-hopper or a long-termer?

In the past, floating from job to job used to be a black mark on a resume, as employers often saw it as a sign of ‘disloyalty’.

Things have changed over the years, with Millennials job-hopping more frequently than previous generations. But while it is common these days, keep in mind that switching jobs too often may impact your ability to achieve certain financial goals… Like getting a good deal on your mortgage, for example.

We’ll come to this in just a moment, but first, a little bit of context is necessary.

A ‘job-hopping country’?

In 2011, Statistics NZ found that the most common amount of time New Zealanders spent in a job was one to three months, especially among 15- to 24-year-old workers. But young employees are not the only ones switching jobs at a rapid pace. According to a survey conducted in 2012 by online recruiter Seek, 51% of all Kiwis surveyed had started their role less than two years before, and 43% were planning to transfer to a new job within a year.

If you’re a job-hopper, you’re certainly not alone, as the above stats clearly show. Nonetheless, bear in mind that this might affect your mortgage application, and here’s how…

Your job history matters

When assessing your home loan application, your job history is one of the elements that lenders take into account, particularly the stability of your employment.

Lenders view your steady income as a plus, proof that you’re able to keep up with payments, whereas frequent job changes may indicate that you’re a ‘riskier applicant’ and reduce your chances of getting a good deal.

Job-hopping might also affect your credit score, but the extent of its impact depends on your situation. Sometimes, changing jobs is simply ‘unavoidable’ - for example, when the company you’re working for goes out of business, or if an unmissable opportunity presents itself. These circumstances shouldn’t hurt your credit score too much. However, as a general rule of thumb, keep in mind that the longer you commit to the same job, the more your credit score will improve.

The importance of having a good plan

In a nutshell, when making the decision to change careers frequently, it’s important to balance the pros and cons. Obviously, job-hopping can - and should - be the key to improving your skills and getting a salary boost. As long as you’re clear about your priorities and what you’re hoping to gain, the long-term benefits can be considerable. Having an appropriate level of planning will help you make sure you’re not getting caught in the ‘job-hopping cycle’.

Would you like to discuss your mortgage options? Click here to contact us.

Making your insurance work for you isn’t just about signing on the dotted line. It can be all too easy to ‘set-and-forget’ your insurance unless something happens and you need to claim. But if there is one thing you take out of this quick read, let it be this: make your insurances part of a regular ‘financial health check’.

Understand your policy (really understand it)

The ‘set-and-forget’ approach to insurance (which is, by the way, completely understandable), has a couple of key downsides. First, it can mean that you forget about certain benefits of your policy and potentially miss out on a valid claim. And second, without reviewing your cover on a regular basis as your life and situation change, you can unwittingly expose yourself to the risk of being under-insured or having an outdated policy.

The good news is that with us in your corner you don’t need to wade through policy wording for a refresher on the benefits your insurance offers (and what you can claim on). All you have to do is pick up the phone or send us an email and we’ll happily talk through the detail with you. And of course, we’ll remind you when it’s time to check-in on whether your insurance needs a tweak or two, which brings us to the next point…

Make the most of the review process

As you know, your insurance policy renews annually. A year may not seem like a long time, but when you sit down and talk through where you are at today, it can be amazing how much has changed. And it’s that change that we, as your adviser, need to know about so that we can assess whether your insurance is still in line with your life and needs. Think of it as an opportunity to take stock and move forward with confidence that you have the right protection in place (even if no change to your insurance is needed).

Put us to work at claim time

Perhaps an obvious one, but never hesitate to contact us if: (1) you want to know whether you can claim on your insurance, or (2) you know you can claim and need to lodge it with the insurer. We’ll help you understand what you can claim on, work through the claim documentation with you and facilitate the claim process with your insurer. As we said – put us to work at claim time; we’re in your corner.

We look forward to seeing you at your next insurance review. As always, if you have any queries in the meantime, we welcome you to get in touch.

An Adviser Disclosure Statement is available free and upon request.

It goes without saying that nobody likes to be locked into a mortgage for longer than they need to be. If you’ve been thinking about what you’d rather do with your mortgage repayments, it might be time to build a strategy to say goodbye to your home loan sooner. Here’s some food for thought as a starting point…

Extra repayments: early and often

Additional repayments can significantly reduce the term of your loan and the total cost of interest, and the earlier you start, the greater the potential savings. There are few ways you can go about it, for example - increasing the frequency of your repayments; using the bonus from work (or other windfalls) to make a lump sum payment; and of course, you might be able to increase your regular repayment amount. Not sure where to start? Give us a call and we can talk through your options and help you understand what the impact of additional repayments would be on your mortgage.

Give your home loan a regular health-check

It’s not always a good idea to switch lenders based on interest rate – break costs, fees and other factors need to be weighed up as part of the equation. But it is always a good idea to keep your mortgage top-of-mind and give it a regular ‘health-check’. If you think it’s time to go back to your lender and see what they can offer for your continued business, get in touch for a complimentary home loan health-check and conversation about your options.

It’s not just interest rate that counts

Break fees, establishment fees, ongoing fees - home loans come with costs other than interest rate and it’s important to know what these are. Like interest rates, fees are negotiable, so if you’re looking at ways to pay your mortgage off faster, but are unsure about the associated fees, give us a call.

A pinch of wisdom

Of course, one of the simplest ways to say goodbye to your mortgage faster is applying a sound savings / spending mentality to everyday life. Even the small things count: that morning coffee, the extra magazine at the check-out, can all add up to a sizeable amount which can be redirected into your home loan. It may seem like a drop in the ocean, but every little bit counts.

Use the experts in your corner

We’re here to help. If you’ve decided that you’d like to say goodbye to your home loan sooner, let’s get together and talk about the different approaches and options for your personal circumstances and goals.

An Adviser Disclosure Statement is available free and upon request.