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My family

“How can you help me protect my family and my assets?”

Young FamilyClient: I am the main income earner, so if I died or could never work again, how would my family pay the mortgage and send the kids to Uni?

Ernie Small - Auckland Financial AdvisorErnie: We hate to say it, but dying is the easy part! Life insurance can pay your mortgage off and provide money to replace your lost income and pay for Uni. The really devastating situation is that you are still alive but can never work again! 

Client: What happens then? I won’t get my life insurance, so what do I do?

Ernie Small - Auckland Financial AdvisorErnie: There are several options, all with slightly different purposes. From replacing your monthly income or mortgage payment, to paying you a lump sum of money to pay off your house, pay for medical bills or just tick off some things from your bucket list!

Client: Friends of ours had a 6 year old child who came down with leukaemia, it was so tragic for them to have to suffer through that. Jane, the mother, had to take a year off work to be with her wee one through all the treatments and hospital stays. Thankfully little Lachlan has recovered but it’s really hurt them financially, they’ve had to sell their house and are now renting and starting from scratch again really. Surely there’s nothing we can do to protect against that?

Mike Small - Financial AdvisorMike: Having a child get ill can be devastating, both emotionally and financially. But there are lots of things you can do to protect your family. First we can look at Private Health insurance which would give you access to the best treatments without having to wait. But there is also a thing called Child’s Trauma insurance, which can pay you a lump sum if your child is diagnosed with a major illness. You can use this money for anything you want, including taking time off work if you need to.

Financial Planning for FamiliesClient: I’m worried about having enough to retire on, the government super just isn’t going to cut it!

Mario - Financial Advisor for FamiliesMario: Easy, that’s a no brainer, get into KiwiSaver now, don’t wait! And make sure you pick an investment that fits your needs. Just the difference between having your money in a default conservative fund vs having the same money in a growth fund can make a huge difference to the bottom line when you ready to retire and need your money!