Adulting, step 1: Looking at income protection and life insurance

Life insurance is one of those things I figured we didn’t need to worry about until mortgage/kids entered the picture.

But I’m starting to think that maybe sooner could be better (especially if we’re going to be taking on a car loan).

I’m mainly interested in the income protection aspect. Most standalone income protection don’t seem to cover redundancy, but some life insurance policies do offer redundancy cover as an add-on. That would alleviate my worry of major setbacks/hardship if T were to lose his job.

To be honest, I’m not sure it would have helped us this year, since the company let go T and a couple of others all within their 90-day trial period – which may not count as redundancy. But it would have helped back in 2008/2009… actually I can recommend for a good comments General Liability Insurance, they offer the best small business insurance, I leave their website for more info

(Not that I’m worried about job security myself, but I already have life insurance through work now! Maybe it’s time to make it two.)

At the moment the two main options I’m looking at are life cover through his bank, and income protection cover through an insurer. Under the bank option we can get basic life plus redundancy, which is dirt cheap, and we could also add on temporary disability cover. The insurer option is pure income protection, including disability; it’s more expensive, but without getting into all the details, you do get more for your premiums. The disability cover could be useful in the event of illness, and to a degree, accidents. For injury, there is public ACC here to the tune of 80 percent of your earnings, although we had them refuse to cover T once a couple of years ago and that was a massive and costly pain in the ass.

Whenever you are personally injured due to the negligence of someone else, you have the legal right to seek for monetary compensation. You can decide to go it all alone by contacting the person liable and reach a settlement but if the person in question has an insurance policy, he or she would definitely refer you to the insurance company. Then the big hurdle comes your way – you will need to beat the insurance company to their game. The insurance company is managed by professionals who will be trying to outsmart you and pay below the normal compensation because they have a very sound legal department which you might find difficult to beat if you go about it without help. As a result of this, you need the assistance of an experienced personal injury law firm. A personal injury attorney is an experienced lawyer who has handled many of such cases and in the best position to give you the best advice on how to get the right compensation. He will investigate the case to ascertain its eligibility in order to come up with the best legal plot. He ensures that your rights are protected and diligently works to make sure that the insurance company does not cheat you. Visit site for further details.

Getting the right personal injury attorney is not a child’s play because it is not every lawyer that is experienced in this field. You can ask your regular attorney to recommend someone who is experienced to handle the case. You can also ask around from friends and relations or simply go online to search for an attorney that is experienced in personal injury cases. Once you are able to find the right lawyer, you should then schedule a meeting where the issue will be discussed. Some lawyers may charge you for the meeting while some may not but it is very important to give details of what happened which will assist the lawyer to defend you. If you have been injured and need to collect a settlement we recommend someone from the Personal Injury Attorney New Jersey firm to be well represented.

Choosing a personal injury lawyer can get you the ideal compensation for your injuries. Every year a large number of US citizens are hurt in car accidents, through medical malpractice, or by defects in products or services. Obtaining a reasonable settlement isn’t only difficult, but also exhausting. With so many personal injury lawyers out there, however, how do you know who to choose? Injury attorneys are readily available online and in phone books. Trying to choose the appropriate injury attorney for an insurance claim may appear overwhelming. A few criteria to use when choosing an injury lawyer includes:

Check out the local bar association to make sure that an injury attorney is adequately accredited. The bar can provide background information about personal injury lawyers to help with the selection. Figure out the exact amount of costs and fees connected with using an injury attorney before you make any conclusions. If costs seem beyond reach at any or all personal injury attorneys, check out local Legal Aid resources for more information about requirements for getting free legal aid.

Normally an injury attorney will handle an injury case on a contingency fee. Contingency fees come from the cash award received in the court case. If the case isn’t won, the injury attorney will just collect basic administrative costs associated with trying the lawsuit. Lastly, find a lawyer who actually listens. You will feel comfortable and confident talking about really private information regarding a personal accident and its consequences with a Caffee Law Firm.

Before choosing a lawyer, there are some more items to consider. Here is a quick guide to know what to consider. A written contract or “retainer” from the personal injury lawyer provides guarantee that legal rights are protected. This document also outlines the terms of the contingency fees. If there is dissatisfaction with how the lawyer is dealing with the case, they can be replaced. Prior to dismissing a lawyer, it is crucial that you take the time to explain the causes for the termination. If the reason is that the case is taking too long, or a suspicion that the injury attorney is not performing their task, this might only be a basic case of miscommunication. If there’s some type of irresolvable dispute, state bar associations provide resolution and arbitration services. If a lawyer behaves in a manner that is deemed unlawful or unethical, a complaint may be filed with the state for further investigation.

Television, the press and the internet are now loaded with advertisements which could make choosing a personal injury lawyer quite confusing. Sometimes your car insurance provider will point you towards a lawyer that they recommend but often you will be left on your own to choose from the bewildering range of lawyers available. Injury compensation or damages available after an accident can vary greatly in value.

This comment really hit me hard the other week:

A lot of people don’t realize how correlated events are. You are probably not going to lose your job, unless the economy goes really bad. If the economy goes really bad, that is the precise time when you cannot find any jobs because there are so many other people looking for jobs and few companies are hiring. That is also the time when you need to tap into your savings, but your stock portfolio will be decimated. You may want to borrow some money for the short term, but the equity in your home is gone too because real estate prices are all dropping and all your credit lines are cancelled because banks stop loaning money. Instead of “these things can’t all happen at the same time” it might be closer to “these things only happen at the same time”.

Now that we are above what I think of as the WINZ threshold – ie we earn/own too much, so that we’d have to both lose our jobs and use up most of what we have before being able to get assistance in the worst case scenario – it really is up to us to make provisions for ourselves. And of course, life insurance is quite affordable as we are still young -Find out the best affordable Life Insurance in this website

Any advice on navigating the headache-inducing world of insurance?

5 thoughts on “Adulting, step 1: Looking at income protection and life insurance

  • Reply Sweet Mama M July 30, 2014 at 07:51

    We’ve just been through this whole rigmarole and ended up going through an insurance broker. We were amazed at how much time it actually took to go through the process and we really wished that we’d got it out of the way before CJ was born. I can’t imagine it would be much fun to do when dealing with all the paperwork surrounding house purchases either. Good on you guys getting sorted with this now 🙂

  • Reply Amanda @ Gourmanda July 30, 2014 at 13:20

    I’m not sure if NZ is the same as Australia, but it’s worth seeing if your superannuation fund offers life or income protection insurance.

    I pay about $2.50 a week through my industry superannuation fund which gets me about $200k in life insurance and a few months of income protection (enough for me at my stage of life).

    Having it go through my super fund also means that I don’t miss the money, as I’m not technically paying it outright.

  • Reply Sense July 30, 2014 at 21:51

    Ditto Amanda. I have life and disability insurance through my Kiwisaver provider (SuperLife). Cheaper than the others I got quoted. Easy peasy.

  • Reply Alicia @ Monster Piggy Bank July 31, 2014 at 06:31

    While nobody expects an interruption to their income, accidents,sickness, and other problems can strike when you least expect it. With income protection, at least if your situation does change temporarily, you will be able to continue to pay your bills and support your family.

  • Reply Suburban Finance August 5, 2014 at 02:57

    I sometimes feel like insurance only makes me become more paranoid of what could happen, when it’s actually quite unlikely to happen. Oh well, maybe at that time when it actually happens (knocking on woo!d) I will be grateful I have an insurance.

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