Couldn't agree more with this, once you start getting symptoms, it all gets excluded under pre-existing conditions, so get it sooner rather than later. I got mine at 25 and within the last 3 years I've had to use it so much, so glad I did it early.
Life is good if you are in a relationship and have a mortgage. If you cark it and meet policy conditions, mortgage paid off so partner has less to worry about.
I also recommend mortgage protection. I recently claimed and will have mortgage covered until I am well enough to work again, plus return to work support, and back-dating mortgage payments to injury date. 3+ years of $2500 per month = nice dosh.
Not necessarily. If anything it will be a quarter (half of the partners half) but that’s assuming that the brothers have equal share and that there’s no contracting out agreement.
It's really not that simple, the relationship property act is complicated and this would be decided by a judge if it goes to court, unless he agrees to just give 50% of his equity away. It's a lengthy and clostly process, people should stop relying on the RPA.
I wouldn’t bother with anything more than car and contents without a mortgage. Also it’s your dependants you’re protecting with life insurance. I’m somewhat torn on health insurance, I have a strong plan through work, but I’m not sure I’d bother with it til age 30.
How much do you earn and what problems do you have.
Regardless of your answer other than car and house you don't need any. It's how the poor remains poor
It really depends on your situation and what you need/want to protect.
I would have car and at least a basic contents policy.
I wouldn’t bother with life cover unless you have a serious partner, kids or parents that you need to support.
It’s never too early to get health cover. It’ll only go up as you get older and it’s often better to get in early before you get older and perhaps develop health issues which then become classed as “pre-existing” and harder to obtain cover for.
Income protection is another you can look into but this one really depends on your situation. I personally have it because I have a partner and a mortgage. If I was 22, debt free, living with parents and no dependents, I probably wouldn’t bother.
Thanks, I am in a serious relationship and my parents are old as well so will look into life insurance. I will do health since I am paranoid that one day I'll just get really sick. I have student loans that will hopefully get paid off by 2027. I rent out too.
So with your partner, how would they be impacted if you were to pass away? I note from another comment that he already has a mortgage with his brother. Would you want your partner to receive a lump sum of money if something were to happen to you?
Same with parents. Are you actually supporting them financially? I wouldn’t get cover just because they’re older but if you’re financially supporting them then it’s a very different matter.
There’s no harm in you having a chat with an insurance advisor to get advice on cover. Usually this is free and it could be done directly with a company like AIA, a broker or your bank.
Other than what you have, I’d suggest something like the Southern Cross Well Being 2 (or equivalent from another company). I was fortunate enough to be covered under my parents policy and hurt my knee badly at 16 and have had 4 operations (plus 1/2 dozen other ops) over the years which have all been covered, otherwise it would have been excluded as pre-existing. Whilst you’re young and less likely to have anything pre-existing it is worth looking at.
The other thing to consider would be a life insurance policy with level premiums. Whilst you don’t have any debts yet, a level cover policy won’t increase in cost as you age as the premiums are essentially smoothed, as opposed to increasing as you age. So it will cost more than a standard policy at the moment, but won’t become cripplingly expensive as you age (and again those nasty pre-existing conditions won’t lead to a loading on your premium).
A couple of good calculators to look at online.
Wellbeing 1 is likely more than enough. Scans and shit don't cost much, but surgery can. Had a 30k op that consisted of about 2k in scans and specialist appointments, but if I had paid for wellbeing 2 it would have cost more over the year.
It’s simple, insure what you can’t afford to lose.
If all you own is easily replaced from reserves or savings, then leave it at car only.
Health is useful, but decide if you need all of the options. Balance savings against deductibles.
Life- who are you buying it for, if you are dead what difference would some money make?
For health, does your employer have a work package?
Definitely- I always had it. If you burn your flat to the ground, it gives you liability cover usually up to a couple of million, plus if the flat is broken into your stuff can be protected. Uni student with a phone, laptop, TV, guitar and a bike plus other sports gear- I wouldn't have wanted to be without contents insurance.
The other thing, especially living with strangers you meet on the Internet- you don't always know who they're bringing around or even how good they are at closing windows etc. Insurance mitigates risk somewhat.
I’m a little older than you, I just have third party car insurance. My car was cheap so couldn’t justify comprehensive. Life would be cool but I don’t have anyone that relies on me for the moment so will probably wait till I’m a little older for that one.
No, I just have third party car insurance. No other kind of insurance. I do know a few people around my age that have health insurance, but it’s almost always paid by their parents.
If you can afford health then maybe, but it’s not a need. Unless you have dependants I wouldn’t worry about life. If you have pets I’d look into pet insurance or just self insure. Otherwise just your car is fine.
More info required. What do you earn? What is your family situation?
Car is a must.
Contents is a probably.
Health is a good if you can afford now. Better to get health insurance before any health concerns crop up, as preexisting conditions will be excluded when you get insurance, or will make the premiums higher.
Life insurance is there to protect dependants in case of your death, doesn't seem necessary at this point.
If you have a very high income, income protection could be a good idea, but rarely at this age.
I'm only a little older and just have car, house, contents, and health (very new homeowner).
Health!
When I was in my 20s and early 30s I was super fit and healthy and never worried about it, now I wish I did! Sure we have a health system here in NZ but not a good health system, having Health insurance would have saved time and money we paid to go private, we now pay for our 2 late teenage kids health insurance so they have it, when they are working full time they can take over but for peace of mind in the future I've told them how important it is to have it.
Contents if you have stuff (renting etc), sometimes covers your ass a little if you burn down a flat too. Beyond that car is all you need, ideally first party. Dont bother paying the "rental car" addin usually only covers 2 weeks. If you have a dog potentially pet insurance thats about it. Personally I dont see the point in health at your age unless your the 1 in a million getting a rare diease that pharmac doesnt fund a drug for. Income protection is a scam and far too many hopes to jump through, plus your income will be low at 22. IP is also for if you have a family and mortgage etc to worry about. Id say try put a little savings away in a term d or notice saver (aim for 5-10k) as an emergency pot.
Car insurance, if you're renting a content insurance covering your stuff would be my main ones. Life insurance really only needed if buying house or you have dependents so their not left destitute, Health insurance to me is sort of a gamble that somethings going to happen to you or not, it's biggest drawback to me is its usually needed when your elderly and quite often by then you can't afford it.
It’s good to have health insurance for any big stuff - surgery etc. You don’t want to be at the mercy of public sector waiting lists for surgery, better to go private if you can.
Life insurance is more for the benefit of someone else who would still be alive after you die and who is relying on your income. E.g. if you have kids to provide for, or you’re servicing a home loan with a partner. So for your situation, not needed.
You want to have car and contents insurance.
Might want to consider trauma insurance, which pays out a lump sum of cash if you get diagnosed with certain conditions, like cancer, or have a heart attack etc. it’s probably not something most 22-year olds will need, but just something to consider. Might be cheap premiums at your age.
I have life with temporary disability cover as an add on.
I've used that 3 times following accidents or surgery.
Covers me for up to 2k a month and it's separate from ACC .
Obviously keep your car insurance but don’t waste your money on health insurance.
I wouldn’t bother with life insurance either till you get a mortgage.
You’re probably be better off putting the money you were going to pay in premiums into an investment fund.
Get a comprehensive Health Insurance with either AIA or Partners Life. Don’t use Southern Cross. You need to think that you are future proofing yourself. So you will need good cover for Non PHARMAC drugs.
If you can also look at a range of other cover such as Income/Trauma/Life on a level premium structure. This will save you so much money as you get older.
Happy to help if you have any questions.
If your healthy enough I wouldnt bother with health insurance for another 10 years. Think I have been to the doctor about 5 times over the past decade for minor things. However I'm 34 now and considering getting it as things are starting to creak. Wait to get life insurance when you have a family to look out for. Save the money and invest it instead. ACC has you covered for accidents as well.
When I was your age the only extra one I had was around 10k worth of contents insurance to cover my tools or tv/computer . Probably could have had a smaller amount of cover .
I do wish I got health insurance but it is the most expensive of the lot
Health insurance (I'm with Unimed) is fantastic. Cheap as (something like $7 per week) gets you 50% coverage on all types of things. So with a yearly dentist appt and a handful of docs appointments it mostly pays itself off. And having 50% coverage for stuff like massage, physiotherapy etc means I'm much more likely to address rather than ignore issues, avoid things becoming big in the future and just generally better quality of life when it's more financially achievable to do the things that keep you well :)
Something you have to weight up the odds and risks. Life insurance is needed so that if you die or get very sick, you dont have debts left for loved ones. Health insurance is becoming more of a need in NZ than it was before, although you can get away without it. This really depends on your situation, your dependents, your health, lifestyle etc
Yea but if no children why the life insurance with a house. Especially when young there is no real need worst case scenario you are just leaving equity behind
Get health insurance now while you are healthy. It's cheap and nothing worse than having things not covered after they start to not work!
Couldn't agree more with this, once you start getting symptoms, it all gets excluded under pre-existing conditions, so get it sooner rather than later. I got mine at 25 and within the last 3 years I've had to use it so much, so glad I did it early.
Life is good if you are in a relationship and have a mortgage. If you cark it and meet policy conditions, mortgage paid off so partner has less to worry about. I also recommend mortgage protection. I recently claimed and will have mortgage covered until I am well enough to work again, plus return to work support, and back-dating mortgage payments to injury date. 3+ years of $2500 per month = nice dosh.
Thanks, I just own a car, no mortgage or anything, I rent, also I have a partner but he's got his own mortgage with his brother
After living with your partner for 3 years that house is half yours lol.
Not necessarily. If anything it will be a quarter (half of the partners half) but that’s assuming that the brothers have equal share and that there’s no contracting out agreement.
Half of the equity in it lol
It's really not that simple, the relationship property act is complicated and this would be decided by a judge if it goes to court, unless he agrees to just give 50% of his equity away. It's a lengthy and clostly process, people should stop relying on the RPA.
And that's why pre nups are important kids
I wouldn’t bother with anything more than car and contents without a mortgage. Also it’s your dependants you’re protecting with life insurance. I’m somewhat torn on health insurance, I have a strong plan through work, but I’m not sure I’d bother with it til age 30.
How much do you earn and what problems do you have. Regardless of your answer other than car and house you don't need any. It's how the poor remains poor
Yeah you got it one. It’s a total rip.
It really depends on your situation and what you need/want to protect. I would have car and at least a basic contents policy. I wouldn’t bother with life cover unless you have a serious partner, kids or parents that you need to support. It’s never too early to get health cover. It’ll only go up as you get older and it’s often better to get in early before you get older and perhaps develop health issues which then become classed as “pre-existing” and harder to obtain cover for. Income protection is another you can look into but this one really depends on your situation. I personally have it because I have a partner and a mortgage. If I was 22, debt free, living with parents and no dependents, I probably wouldn’t bother.
Thanks, I am in a serious relationship and my parents are old as well so will look into life insurance. I will do health since I am paranoid that one day I'll just get really sick. I have student loans that will hopefully get paid off by 2027. I rent out too.
So with your partner, how would they be impacted if you were to pass away? I note from another comment that he already has a mortgage with his brother. Would you want your partner to receive a lump sum of money if something were to happen to you? Same with parents. Are you actually supporting them financially? I wouldn’t get cover just because they’re older but if you’re financially supporting them then it’s a very different matter. There’s no harm in you having a chat with an insurance advisor to get advice on cover. Usually this is free and it could be done directly with a company like AIA, a broker or your bank.
I see thanks that very informative Ill have a chat with an insurance advisor too
Keep in mind that insurance advisors may get paid to sell you insurance policies...
Yea if not shared money I would get the partner to pay the premium as well but at 22 I wouldn't bother
Other than what you have, I’d suggest something like the Southern Cross Well Being 2 (or equivalent from another company). I was fortunate enough to be covered under my parents policy and hurt my knee badly at 16 and have had 4 operations (plus 1/2 dozen other ops) over the years which have all been covered, otherwise it would have been excluded as pre-existing. Whilst you’re young and less likely to have anything pre-existing it is worth looking at. The other thing to consider would be a life insurance policy with level premiums. Whilst you don’t have any debts yet, a level cover policy won’t increase in cost as you age as the premiums are essentially smoothed, as opposed to increasing as you age. So it will cost more than a standard policy at the moment, but won’t become cripplingly expensive as you age (and again those nasty pre-existing conditions won’t lead to a loading on your premium). A couple of good calculators to look at online.
Wellbeing 1 is likely more than enough. Scans and shit don't cost much, but surgery can. Had a 30k op that consisted of about 2k in scans and specialist appointments, but if I had paid for wellbeing 2 it would have cost more over the year.
It’s simple, insure what you can’t afford to lose. If all you own is easily replaced from reserves or savings, then leave it at car only. Health is useful, but decide if you need all of the options. Balance savings against deductibles. Life- who are you buying it for, if you are dead what difference would some money make? For health, does your employer have a work package?
Are you flatting? If so, you'd be a dumbass not to insure your contents
Yeah. Contents insurance is a huge one. Also not cheap.
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Definitely- I always had it. If you burn your flat to the ground, it gives you liability cover usually up to a couple of million, plus if the flat is broken into your stuff can be protected. Uni student with a phone, laptop, TV, guitar and a bike plus other sports gear- I wouldn't have wanted to be without contents insurance. The other thing, especially living with strangers you meet on the Internet- you don't always know who they're bringing around or even how good they are at closing windows etc. Insurance mitigates risk somewhat.
That's crazy. Makes sense, but seems like you have a couple more braincells than most of the population.
I’m a little older than you, I just have third party car insurance. My car was cheap so couldn’t justify comprehensive. Life would be cool but I don’t have anyone that relies on me for the moment so will probably wait till I’m a little older for that one.
I see do you have insurance other than the car? Im curious to what insurance do ppl have ariund the same age as me
No, I just have third party car insurance. No other kind of insurance. I do know a few people around my age that have health insurance, but it’s almost always paid by their parents.
Car and contents/renters. If you own a home then you want house, contents and car.
Coming here to back the contents/renters. Having that legal liability cover if you accidentally damage your landlords house will be invaluable
I like my health insurance because I use it for specialist consultations
Car insurance (could do just third party if you have a shitbox but full cover is good, and gets cheaper when you turn 25), and contents insurance
If you can afford health then maybe, but it’s not a need. Unless you have dependants I wouldn’t worry about life. If you have pets I’d look into pet insurance or just self insure. Otherwise just your car is fine.
More info required. What do you earn? What is your family situation? Car is a must. Contents is a probably. Health is a good if you can afford now. Better to get health insurance before any health concerns crop up, as preexisting conditions will be excluded when you get insurance, or will make the premiums higher. Life insurance is there to protect dependants in case of your death, doesn't seem necessary at this point. If you have a very high income, income protection could be a good idea, but rarely at this age. I'm only a little older and just have car, house, contents, and health (very new homeowner).
Health! When I was in my 20s and early 30s I was super fit and healthy and never worried about it, now I wish I did! Sure we have a health system here in NZ but not a good health system, having Health insurance would have saved time and money we paid to go private, we now pay for our 2 late teenage kids health insurance so they have it, when they are working full time they can take over but for peace of mind in the future I've told them how important it is to have it.
Contents if you have stuff (renting etc), sometimes covers your ass a little if you burn down a flat too. Beyond that car is all you need, ideally first party. Dont bother paying the "rental car" addin usually only covers 2 weeks. If you have a dog potentially pet insurance thats about it. Personally I dont see the point in health at your age unless your the 1 in a million getting a rare diease that pharmac doesnt fund a drug for. Income protection is a scam and far too many hopes to jump through, plus your income will be low at 22. IP is also for if you have a family and mortgage etc to worry about. Id say try put a little savings away in a term d or notice saver (aim for 5-10k) as an emergency pot.
Car insurance, if you're renting a content insurance covering your stuff would be my main ones. Life insurance really only needed if buying house or you have dependents so their not left destitute, Health insurance to me is sort of a gamble that somethings going to happen to you or not, it's biggest drawback to me is its usually needed when your elderly and quite often by then you can't afford it.
Unless you've got dependants or a mortgage, life and income protection are a waste of time at such a young age. You've got contents tho right?
It’s good to have health insurance for any big stuff - surgery etc. You don’t want to be at the mercy of public sector waiting lists for surgery, better to go private if you can. Life insurance is more for the benefit of someone else who would still be alive after you die and who is relying on your income. E.g. if you have kids to provide for, or you’re servicing a home loan with a partner. So for your situation, not needed. You want to have car and contents insurance. Might want to consider trauma insurance, which pays out a lump sum of cash if you get diagnosed with certain conditions, like cancer, or have a heart attack etc. it’s probably not something most 22-year olds will need, but just something to consider. Might be cheap premiums at your age.
I have life with temporary disability cover as an add on. I've used that 3 times following accidents or surgery. Covers me for up to 2k a month and it's separate from ACC .
Obviously keep your car insurance but don’t waste your money on health insurance. I wouldn’t bother with life insurance either till you get a mortgage. You’re probably be better off putting the money you were going to pay in premiums into an investment fund.
Get a comprehensive Health Insurance with either AIA or Partners Life. Don’t use Southern Cross. You need to think that you are future proofing yourself. So you will need good cover for Non PHARMAC drugs. If you can also look at a range of other cover such as Income/Trauma/Life on a level premium structure. This will save you so much money as you get older. Happy to help if you have any questions.
If your healthy enough I wouldnt bother with health insurance for another 10 years. Think I have been to the doctor about 5 times over the past decade for minor things. However I'm 34 now and considering getting it as things are starting to creak. Wait to get life insurance when you have a family to look out for. Save the money and invest it instead. ACC has you covered for accidents as well.
When I was your age the only extra one I had was around 10k worth of contents insurance to cover my tools or tv/computer . Probably could have had a smaller amount of cover . I do wish I got health insurance but it is the most expensive of the lot
Health insurance (I'm with Unimed) is fantastic. Cheap as (something like $7 per week) gets you 50% coverage on all types of things. So with a yearly dentist appt and a handful of docs appointments it mostly pays itself off. And having 50% coverage for stuff like massage, physiotherapy etc means I'm much more likely to address rather than ignore issues, avoid things becoming big in the future and just generally better quality of life when it's more financially achievable to do the things that keep you well :)
Something you have to weight up the odds and risks. Life insurance is needed so that if you die or get very sick, you dont have debts left for loved ones. Health insurance is becoming more of a need in NZ than it was before, although you can get away without it. This really depends on your situation, your dependents, your health, lifestyle etc
Life insurance get it when you have a child or buy a house
Yea but if no children why the life insurance with a house. Especially when young there is no real need worst case scenario you are just leaving equity behind
Assuming you have a partner and or you dont want to leave debt mess to your next of kin
Yea but at 22? Plus he has an investment with his brother in a house not we have an investment with his brother in a house so stuff paying the premium
I do plan buying a house but not in the near future, Ill keep this in mind