30. Part 1: Is Insurance a Waste of Time and Money?

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: 

• What is income protection insurance and why do we need it? 
• The data that suggests Kiwis cover their car, content and house above and beyond life insurance
• Why relying on ACC has made us (Kiwis) complacent when it comes to taking out income protection or health insurance 
• Why your life stage dictates which insurance(s) you’ll need 
• Why Cat is so passionate about income protection and trauma insurance
• And similarly, why Christine is so passionate about health insurance
• How income protection works when mental illness comes in
• Why loyalty tax doesn’t apply to swapping insurance companies
• Which insurances both Cat and Christine have and why 

This is just part one of a two-part series (who knew we loved insurance so much!), so be sure to listen to the second episode to round out our insurance chat.

Check out our website and show notes at www.itsnosecret.co.nz/30

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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