Intangible Assets
Kiwi women are good at taking responsibility; we are equally adept at managing family and finances. But for all our juggling skills, there is a ball many of us haven’t even realised we’re dropping. AIA New Zealand’s Chief Administration Officer Nadine Tereora reveals how to ensure you and your loved ones are protected, come what may.
As a woman in business, I understand the financial responsibilities faced by many Kiwi women. My husband recently started his own business and we have two girls, aged three and five, so my income and my ability to work are critical to my family’s welfare. I am very focused on protecting my assets and have ensured that I have the right insurance in place to do so.
Society is trending towards women taking on more financial responsibility as the typical family structure is changing, with many women now doing everything from earning the money to paying the bills and looking after the financial future of their families. However one thing that is commonly overlooked by both men and women is the ability to provide for their families in the event they cannot work because of illness, accident or even death.
It’s not ignorance or carelessness, it’s a Kiwi thing. We think we’re invincible, but the truth is, you never know what’s going to happen.
Think of the Canterbury earthquakes and Queensland floods: if something disastrous and beyond your control affected your business, and that business supports you and your family, what measures are in place to protect your business and your family?
There are also enlightening statistics as to the probability of death among business owners: for three partners in business with an average age of 35, the probability of at least one partner dying before age 65 is 41%. For four partners in business, it’s 51%.
It does make you think doesn’t it?
Many people protect their possessions but fail to protect their own lives and livelihood, an oversight that poses one of the biggest challenges facing those who are starting businesses – understanding what their risks are. Risk assessment is critical. Without this, getting the right insurance is guesswork at best.
The good news is, it’s a lot less complex than it sounds. A good insurance adviser will work with you to understand your risks and develop an effective insurance plan that will suit both you and your business.
If you go with an AIA Insurance Adviser, you’ll be taken through the AIA Business Lifestyle Check, an effective tool developed by AIA that helps you understand what your business and lifestyle needs are and the different types of cover you may require. And the bonus is, the service is totally free of charge.
A good insurance adviser will also ensure you fully understand your plan and policies, offer you ongoing support, and check in with you regularly to make sure your cover is updated and reflects your changing needs. An insurance plan should be revisited every 12 months. If you need to make a claim, your adviser will act on your behalf with the insurance company.
The right financial protection can be the difference between the protection of your dream or its loss. Take control – it’s all in your hands.
1Source: Mortality: NZ Life Tables.
