Insurance – the power of options

She’ll be right mate (but will she though?)

Without the power of options that come from the right insurance cover, the outcomes are often a roll of the dice. We can no longer hide behind the kiwi “she’ll be right mate” mantra. The reality is simple.  Life-changing illnesses and injuries no longer happen to “other people”. They happen to us. To you and me and those we love,  every, single, day.

And that’s why one of our own has bravely decided to share her personal journey over the last year, in the hope that we may all start to understand we are (and have always been), the other people.

 

A day in the life

 

Nicki was at work the day she received her biopsy results. Unable to hide her shock, and her reaction, looking back she was grateful to be surrounded by people she trusted, people that cared for her.

But the message Nicki wants to share is not so much about the actual cancer, but about 3 key learnings:

  1. She’ll be right is a fallacy
  2. Preparation gives you the power of options
  3. As a Financial Adviser I have a Duty of Care

 

Nicki’s experience in her own words

 

 

Lesson 1 – She’ll be right is a fallacy

 

Reality check: Here’s why “she’ll be right” is a fallacy!

Nicki was probably considered low-risk by anyones standards. She:

  • had insurance
  • was only 48
  • had no family history of breast cancer
  • was healthy (hadn’t needed to see the doctor in 4 years)

Working in the financial services industry also meant Nicki knew the value of Trauma and Income Protection insurance. She went straight to the insurer herself when she received her results but quickly found it was too much to handle. Talking with her provider left her feeling nothing but confused. It was too stressful to be dealing with money and cover, and forms and phone calls on top of a life-threatening diagnosis.

Because of where she worked, Nicki was able to reach out to her colleague Nic to get her to take over and advocate for her with the insurance provider. The Trauma cover was paid out within a week and Nic continued to then work on getting the Income Protection pay-out.

Nicki found it hard to navigate inside an industry she lives and breathes. It’s 100x harder when you have little to no experience getting claims across the line. That’s the value of an adviser. When you hit the lows, your adviser steps up for you. They act on your behalf to get you want you’re owed, exactly when you need it. The relationships your adviser builds with your provider are a critical resource to your journey to wellness.

 

Lesson 2:  Preparation gives you the power of options

 

Reality check: Having that financial stress taken away is very comforting when you can’t control anything else with your illness or possible outcomes.

Having the right risk cover, like Income Protection, Mortgage Protection and Trauma cover can save you from being treated in an under-funded, over-worked system.  It gets you treated early, privately. And early could be the biggest difference of all.

It’s really about giving you the power of options! You can act immediately, have paid time-off to heal, and don’t have to fight through an under-resourced public health system. Or go up to two months before your ACC claim is even considered.

To those of us without cover, Nicki asks, why?

To those of us with cover, after her first-hand experience, she suggests getting a Policy Health Check, yesterday! (If you’ve watched the video above, then you can connect with the man himself, Daniel Standing, and he’ll take care you.)  Get clarity and find out exactly where you stand.

  • Do you know and understand what you do have?
  • What are you actually covered for?
  • Is it really enough to meet your needs?

 

Provider stats - Cancer is the main cause of a significant increase in Trauma & Life Insurance claims 40-49 years. Cancer accounts for half of all Life, Income Protection & Critical Illness claims aged 50-59 years

 

Lesson 3 – As a Financial Adviser, I have a Duty of Care

 

Nicki continues, explaining her experience has changed how she does her job.

As a Financial  Adviser – Mortgage Specialist, she now understands on a much deeper and more personal level, the duty of care Adviser’s have to talk to clients about insurance. Yes, she says:

We do get the “I’m not interested” and get shut down with comments like: “I’m young, no family history”. But what makes you think it won’t happen to you? I nudge now. Because I know how important it really is. And when it comes to mortgages, it’s not just all about the lending, because what are you going to do if you can’t pay back the lending?

For most kiwis, home ownership is the big dream, and an unexpected illness can mean walking away from that dream.

Having things like Income Protection, Mortgage and Trauma cover means not having to loose everything. It means not having to start again. It means, if the results end up being as bad as possible, that you can at least prepare with dignity, and without leaving a financial mess that your children, or grandchildren are left to live with when you pass.

 

On her new reality

 

Nicki has channeled her passion and this adversity into helping her clients. She’s in recovery now, but back at work super-fast (with eagle-eyes watching over her daily), because she really gives a dam about her clients.  She explains:

I do! It gives me a purpose and adds value to the lives of others. I’m helping them. It’s what we’re all about at Quantum Finance, helping people. It’s neat to have a reason to get up and go everyday.

 

Nicki’s passion for the Non-bank Lending space

 

Banking criteria is getting tougher and tougher, so people are looking for alternatives. And the non-bank (second-tier) lending space is an area that Nicki is particularly passionate about working in. She explains:

There’s so much value in non-bank lenders. They’re a great stepping-stone to get people back on their feet too.  Declined? I’m like a dog with a bone. If the bank says no, I keep going and going and going. I don’t think people actually have realised the value of non-bank lenders in the past. Some of their interest rates are so close to the banks! They’re awesome people to work with, have quick turnaround times, and often they’re just a step before a transaction is healthy, or fluffed out enough to go back and refinance to a main bank. We always, always try 100% to find a solution for everybody.

 

Nicki on Non-Bank Lending "They make decisions really, really quickly. And can help a lot of people out of a sticky situation"

 

“There are a lot of clients out there who need help to get a bankable transaction or, they just need help with sorting out their debts, managing their money, and help with budgeting, so they can achieve and reach the goals they want to as well.

Working with someone who’s got themselves into a lot of strife, with unwise debt, car loans etc and its all blown out – so we’re looking at debt-consolidation loans, they don’t fit with a main bank, however I’m gonna nurse this client along and help them out. We’ll put them with a non-bank lender and in 12 months we’ll look at mainstreaming them again.”

AND thats 100% what we do.

Whether it’s in the mortgage space or the insurance space, it’s about putting the clients goals first and looking for solutions that will work for them. They’re the most important person in the transaction. We genuinely want to see your life improve and to see you in a better position than when we first met.

We’ll look after you, guide you, whether it takes a week, 3 months, or 12 months, or even a couple of years, thats the Quantum difference.

 

___________________________

 

Connect with Nicki

By email: nicki@quantumfinance.co.nz

By phone: 027 261 3815

LIVE online in our First Home Buyers LIVE (Free) Facebook Group

 

"A lot of people need help to get a bankable transaction, or with sorting their debts, managing their money or help with budgeting, so they can achieve and reach their goals. That's 100% what we do I put their goals first and look for the best solutions that will work for them. - Nicki Smith-Financial Adviser, Mortgage Specialist