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How a leading insurer manages income protection insurance claims [Sovereign]

This article is from a Sovereign adviser newsletter.  At Moneyworks, one of our clients has greatly benefited from being a Sovereign client at time of income protection insurance claim.  Check out her story here.  Adriennes story. We thought you might be interested in the Sovereign approach to claims.   ...

What is your number? - How long will you live for?

When are you going to die?  Sometimes I think it would be nice to know that, other times I just have no interest in knowing - a long time away I hope!!! But, as a core part of our financial planning, we need to make some assumptions about how long we are going to live.  That is so that we can work out how much needs to be saved to provide enough money to live on.  The goal of financial planning is to make sure that you have enough money to achieve all your goals. ...

New rules for borrowing money to buy a house - what does it mean?

Do you own your own home (well, in conjunction with the bank)? Or are you waiting to get on the property ladder?  Or are your children or friends waiting to purchase their first home?  As New Zealanders, owning our own home has historically been considered almost as a 'right'.  But with soaring house prices in the main centres, the dream seems to be getting more and more out of the ordinary kiwi's reach. ...

What is your number - KiwiSaver?

Have you participated in the 'What is your number' campaign to see if you can get your Electricity cheaper?  If not, check it out at What is My Number?  ...

KiwiSaver - More help for first home buyers - but only if you can get together a 10% deposit

The Government today announced changes to the criteria for first home buyers to use their KiwiSaver for the purchase of their first home. ...

How do you use your jellybeans? [video]

What if each year of your life was a jellybean?  How would you use your jellybeans?  What would you do in those spare years? This video gives you a tangible and visual method of thinking about your life planning, your goals and objectives.  When you have watched it, let us know on our Facebook page what you would do with your extra time.   Facebook Moneyworks page If you have any thoughts or opinions that you would like to share, visit us at our Twitter, Facebook or Linked In pages, and c...

Divorce a major blip on financial radar [Martin Hawes - SST]

This is a topic that we don't really like to talk about, but it is happening all around us.  Divorce - or as we often refer to it 'Wealth Division'. There are enough emotions and stress associated with the process of Divorce, without having to start dealing with the financial aspects.  I read this excellent column in the Sunday Star Times today by Martin Hawes.  Frankly, there is not much to add to it, so I have given you the information and the link here.  Martin Hawes gives you excellent ...

Fidelity Life completes purchase of Tower insurance business

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KiwiSaver Performance - Morningstar Survey June Quarter 2013

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How long will you survive if your income dries up? 3 months?

Are you a 'normal' kiwi, or are you in dire straits if you lose your income? This research from Mastercard show that 26% of kiwis can't survive a month without their regular pay. But, on the hand most New Zealander's can access 3 months income if their income stops. So, what are the main three ways that your income would dry up? 1. If you are injured or unwell and unable to work.  After your sick leave and annual leave ends, what are you going to live on?  ACC will kick in for a while if you...

NZ Superannuation age 67 or higher? - well yes...

At present in NZ, all eligible people (NZ Residents who meet the criteria), are entitled to receive a universal income from the age of 65.  This is regardless of whether they are male or female, how much they have earned during their lives, whether they still earn an income, whether they have millions of dollars of assets or nothing. The income is adjusted each year on the 1st April and rises with the increase in the average wage.  There is a different rate if you are single and living alone,...

How life insurance works - Nick's story [video]

Life insurance does work.  This story is from Nick about how the life insurance cover from Sovereign,on ...

$112 million - going going.... Is any of it yours?

Every couple of years, the IRD contacts the media and they run a story like the one below. ...

Student Allowances and First home buyer subsidy- the rules

The ability to withdraw yours and your employers contributions from your KiwiSaver, for the deposit on your first home is a valuable feature of KiwiSaver.  There are not many limitations on this feature of KiwiSaver. ...

First Home Buyer Subsidy - KiwiSaver

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First Home Buyer Withdrawal - KiwiSaver

An important feature of KiwiSaver is the ability to withdraw your contributions from KiwiSaver to purchase a first home. ...

Understanding the Global Financial Crisis (GFC) - a humorous look

Since the second half of 2007 in New Zealand and then for the rest of the world in 2008, our economies, investment markets and the general environment has been through a tough time.  At times it was hard to laugh. But thanks to John Clarke (of Fred Dagg fame), spend 2 1/2 minutes laughing at what happened. Sadly a lot of it is true (even though it is tongue in cheek.)  Check out the YouTube Clarke and Dawe channel for more like this. http://www.youtube.com/watch?v=QJYWyTwhxo0&list=SPDB223...

Bringing your Aussie Super back to NZ - into your KiwiSaver

Well - its' finally here.  With a few hiccups... But you should now be able to start the process to bring your Australian ...

How do you get 'free money' from KiwiSaver? - [video]

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Dumb Ways to Die - [video and poll]

None of us want to die, or to think about dying, but if we have to die, wouldn't it be cool to die in some weird way? Check out these new and interesting 'dumb ways to die' in this promotional video clip.  This was made by Melbourne Metro Transit to warn people about the dangers of the rail system. When you've watched it, go to our Facebook Page and vote in our poll - about your favourite dumb way to die. ...

I am under 18 and enrolled in KiwiSaver. Do I have to make employee contributions?

YES. If you're under 18 and enrolled in a KiwiSaver scheme. As part of the Government 2012 Budget, the tax credit for children was repealed from 1 April 2012 and the entitlement to claim it was withdrawn in May 2012. This tax credit covered the tax on your first $2,340 of income from employment, so your employer may not have deducted PAYE or reduced the amount of PAYE deducted from your pay. This means if you: are under the age of 18; receive salary or wages, and are an existing KiwiSaver membe...

The Christchurch earthquakes have made more people think about taking out income protection insurance, according to a new survey.

The survey, by AC Nielson, says that 1 in 4 New Zealanders are more likely to take out income protection cover now than they were before the Christchurch earthquakes took place. Of the 700 New Zealanders surveyed, 25% said they are now more likely to take out insurance to protect their income following the earthquakes. The biggest change has been in the likelihood of under 25 year olds to take out cover (35%). Asteron Life, which commissioned the survey, says this is a very positive sign for th...

Cancer Insurance definitions on Trauma Insurance policies

Not all insurance policies are made equal.  There is a wide range of conditions that different insurers cover, and there is a huge variation on WHEN the insurance policy will pay out. This is particularly so for Cancer definitions on Trauma insurance policies.  Claims and payments for Cancer are the leading payment on Trauma insurance policies.  But you want to be sure that your policy will pay out if you are diagnosed with cancer. How do you make sure?  Firstly, make sure that you have dec...

Portability of KiwiSaver to Australia and of Australian Superannuation back to New Zealand.

The legislation to enable the transfer of superannuation savings between Australia and New Zealand has finally been passed in the Australian Parliament. As a result, from 1st July 2013 there will be ‘portability’ of superannuation between Australia and New Zealand.  The Bill outlines the taxation implications of transfers to Australia from New Zealand, which we will look at in a future post. The transferred savings to your New Zealand KiwiSaver must be identifiable as separate funds within...

Rays Story - Motor Neuron Disease - Case Study - [video]

With thanks to Ray, his family and Sovereign, this excellent short video shows how insurance cover works.  Ray was a Dentist in Dunedin, very active, running long distances, when he was diagnosed with Motor Neuron Disease. Although he had always seen his Life Insurance and Income Protection Insurance as a 'necessary evil' they made a real difference to being able to deal with his illness, and for his family, with his death.  They gave him dignity. http://www.youtube.com/watch?v=l9IUC2DNDq8 To...