31: Part 2: Is Insurance a Waste of Time and Money?

Today on the podcast we're back for part two of our insurance series. If you haven't listened to part one, stop right now and go back to our previous episode. It's one not to miss. This podcast will also make a lot more sense after listening to the first one too! Insurance is one of those things that deep down, you know it's important to have but perhaps don't realise the value of it until it's too late. These days, it feels like there is an insurance policy for everything - income protection, life, health, contents, car, house, travel...the list goes on. So how do we decide which ones are most important to pay for? Should we have them all? Which ones do we actually need? Is it a waste of time and money? Let's dig in. In this episode we chat about: Where to start with insurance, and how to figure out which insurances you need Why trauma cover is the most expensive type of insurance The 101 of trauma cover, income protection and health insurance Questions to ask yourself to figure out whether you need life insurance Who life insurance is for, and why you would take a policy out Figuring out the sum to insure for with life insurance Total impermanent disability (TPD) and how this works with income protection insurance How to calculate how much of a lump sum to insure for with TPD insurance How income protection works when mental illness comes in The benefits of insurance advisers, and how fees come into play Whether it's necessary to get a will pre-marriage Join the conversation @itsnosecretnz Check out our website and show notes at www.itsnosecret.co.nz/31 If you enjoyed today's show, we'd LOVE for you to rate & review it on Apple Podcasts and share your favourite episode with a friend. SUBSCRIBE to It's No Secret, wherever you listen to podcasts and never miss an episode: Apple Podcasts - Spotify Follow us for fun chat & financial tidbits on IG: @itsnosecretnz Got questions? Get in touch: www.itsnosecret.co.nz Disclaimer: Investing involves risk including the possible loss of principal and there is no assurance that the investment will provide positive performance over any period of time. The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice. Any information we provide is general only and current at the time of writing. Kernel Wealth Limited is the manager and issuer of the Kernel KiwiSaver Plan and Kernel Funds scheme. The Product Disclosure Statements are available at www.kernelwealth.co.nz