Blog Post

10 reasons To Get Life Insurance...And Hold On To It

  • By John Miller
  • •
  • 11 Dec, 2016
  • •

People insure their car, furniture, luggage and even their pets - but often neglect to insure their hard-earned lifestyle. Left uninsured, which would be the greatest loss?

Purse strings may be tight today, but you'll still want to keep your long-term financial goals on track. We all like to think “it’s never going to happen to me”, but accidents and illness can happen. And some of us die too soon. Life can be unpredictable, which is why many of us decide to protect ourselves with some form of life insurance and disability.

Here's why a combination of life, disability and critical illness cover could be your best protection:

1. At some point, there’s a good chance you’ll be too sick to work over an extended period of time. 

Two out of five people could be unable to work for six months or more because of sickness or accident.

2. ACC can’t always help you. Contrary to popular belief, you can’t rely on accident compensation in all situations.

And you’re more likely to be disabled by illness than by accident – 40% of disabilities are due to disease or illness while only 34% are due to accident or injury. Insurance for illness and injury can help when ACC isn’t able to.

3. Sickness is more likely to leave you with a long-term disability.

Of disabilities lasting six months or more, only one in 20 is related to accidental causes. Insurance can help keep your household running while you recover. It can also fund rehabilitation and retraining to speed your return to work.

4. Many people die before the age of 65.

 Most of us think we’ll live to a ripe old age, but one in six males and one in nine females over the age of 30 will die before they reach 65. Life Cover pays a lump sum if you die, to look after the people you leave behind.

5. You’re a key income earner for your family.

 How long could your family survive without the income you generate? Insurance, such as a monthly benefit, provides an ongoing monthly income.

6. You have a mortgage. 

Who would pay the mortgage if your income stopped, and how long could they keep it up? An insurance claim could be used to clear or reduce an existing mortgage.

7. Recovery is faster without financial stress. 

Worrying about money doesn’t help recovery after an illness or injury. Insurance eases your concerns, so that you can relax and get better.

8. Of cancer patients, 52% of males and 59% of females will still be alive five years later.

  Treatment for cancer often makes it hard or impossible for people to work. Trauma Insurance protects your lifestyle while you recover.

9. If you have a stroke, survival could mean ongoing disability.

 A study of the population of Auckland reveals that while the number of deaths after stroke has declined, there has been a significant increase in the number of people with an impaired level of consciousness and mobility following stroke.  A lump-sum payment from Total Permanent Disablement insurance is a huge help if this happens.

10. Raising a family as a solo parent is hard work.

 If you died suddenly, your partner or spouse would have the task of raising the children without your help. Life Cover can take care of your family financially, making it easier to maintain the lifestyle they’re used to.
1. ACC BERL Report, November, 1996
2. New Zealand Health Information Service, 2001, Mortality and Demographic
3. Date 1998
4. Statistics New Zealand, 2001
5. Statistics New Zealand, 2004, NZ Life Tables, 2000-02
6. South Australian Cancer Registry, 2003
7. Health, in collaboration with Auckland City Hospital.

Maintaining financial health during times of illness and disability.

It's a fact of life that we all get sick, sometimes seriously. The cost of recovery from critical illness or a major accident can have a huge impact on family life.

Want to know more?

If you would like to review your personal insurance protection, talk to your adviser or call Quadrant Today on 

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For example, what if you were to suffer a stroke, heart attack or cancer, and survive - but not be able to work ever again?

Quadrant has a whole range of insurance products designed to alleviate the financial stress on you and your family. We all need to reconsider our insurance needs from time to time, especially at pivotal times in our lives, such as marriage, starting a family, buying a house or becoming self-employed.

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Life Cover pays out in the event of your death – either as a lump sum or as a monthly benefit. This type of cover can support the loved ones you leave behind, and if you're a business owner or shareholder, it can also secure the business' long-term survival.
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