Personal insurance is all about protecting you and your family from the financial setbacks resulting from death, serious illness or disability. We provide our clients with comprehensive insurance planning services, by helping them to:

• Identify the main financial risks that they face;
• Quantify those risks; and
• Put the appropriate amount and type of insurance protection in place.

The most common financial setbacks that people face are as follows:

Where major elective surgery is required, the best option for most people is to use medical insurance. This means prompt treatment and a faster recovery rather than experiencing the stress and likely loss of income involved if you have to spend months or even years on a hospital waiting list.

There’s a world of difference, and cost, between major surgical/hospitalisation policies and those that include GP visits, dental and even optical benefits. It also pays to read the fine print, and compare different medical insurance plans before making your selection.

Through our association with New Zealand’s major health insurers we can tailor a health insurance plan to suit your particular circumstances. Contact us now for a quotation on any of the packages available through The Terrace Financial Group.

For most people, their ability to earn an income is the key to maintaining the lifestyle that they have worked hard to establish. If you experience an illness or injury that extends beyond your sick leave entitlements and there is no other source of income to depend on then your lifestyle may have to change dramatically.

Loss of income may be temporary or permanent. For complete peace of mind, income insurance, which pays you a monthly inflation-linked benefit, prospectively for the remainder of your working life, is the best option.

More and more people are becoming concerned about the impact of a major health trauma—not only loss of mobility, health and dignity, but also the loss of income or unexpected extra costs.  When a major health trauma occurs then lifestyle changes are often needed, most of which cost money.

As with any of these potential financial setbacks, the impact on your family can be equally severe irrespective of who suffers the major health trauma. If it’s the principal income earner, then the implications are obvious, but the stay-at-home partner plays a vital role too, and losing his or her unpaid contribution to the running of the household can be nothing short of disastrous.

Depending on the particular illness or injury, a person who has experienced a major health trauma may make a full recovery or it is entirely possible that they may never be able to return to work. If that happens, the financial impact is likely to be severe.

It may put beyond reach any long-term financial goals such as paying off the mortgage, saving for retirement and providing for the children's education. Other lifestyle changes could include the need for home modifications, and a spouse giving up work to look after the disabled person.

Protecting your family financially in the event of your premature death usually involves a two-pronged strategy: firstly, clearing any outstanding debts and meeting final expenses; and secondly providing an income stream for your family to allow time to adjust to new circumstances.

Life insurance is a cost-effective way of creating a fund which is sufficient to achieve all of these objectives. It also makes sense to make some provision for an emergency fund of up to 25% of net annual household income.

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