Questions about your KiwiSaver or Insurance cover?
All of the insurers that we work with and that our clients have insurance in place with (Life, Trauma, Income Protection/Mortgage Repayment and Health/Medical insurance) have confirmed to us that there are NO EXCLUSIONS for existing policies if you become unwell from Covid-19.
This is a different situation to the travel insurance, where most of the policies DO exclude any claims relating to pandemics.
If you are in a situation where you have severely reduced income, some of the insurers have made the facility available to put your policy or premium on hold for a short period of time. This varies from insurer to insurer.
As you will be aware, your KiwiSaver balance will have fallen due to the uncertainty about what the future begins. This is uncertainty about which companies will still be profitable and growing when this all ends. This can be particularly difficult if you are watching your KiwiSaver balance on your phone app.
For all the KiwiSaver fund managers that Moneyworks has recommended to our clients (ANZ OneAnswer, Fisher, Booster, Generate and Milford), these fund managers are active managers and are very busy buying and selling investments to do their best for you, their investor.
We know that investment markets will recover, and over time you will see your KiwiSaver balance increase again. We don't know when or how quickly, but with over 35 years experience and having seen and experienced over 5 major traumatic events and what happens with investment markets, we do know that the investments will recover.
Now is NOT the time to moving your KiwiSaver risk profile to cash or to a more conservative risk profile - unless you need the money for a deposit on your first home (ideally you will have already moved your risk profile well in advance of the deposit being required).
Some of our clients are aware that this might be a good time to change your risk profile to a more aggressive risk profile - which you may be able to do online. Please make sure that you are going to be able to sleep at night with any major fluctuations in values before you make this change.
If your KiwiSaver or Insurance is arranged through Moneyworks and you have any questions, please do not hesitate to contact us on firstname.lastname@example.org.