<![CDATA[Momentum Financial - Blog]]>Tue, 19 Dec 2017 23:12:36 +1300Weebly<![CDATA[Economic reality: the cost of surviving a critical illness]]>Tue, 21 Apr 2015 01:01:04 GMThttp://www.momentumfinancial.co.nz/blog/economic-reality-the-cost-of-surviving-a-critical-illness Two thirds of patients with invasive cancer are likely to survive 5 years* 

The three most common cancer sites for newly diagnosed cancer in 2011 were prostate, breast and lung/ bronchus**. Prostate cancer had the highest survival rate of 97%, breast cancer was second at 88%, while lung cancer came in lowest at 18%. Of course overall the survival rate is higher for people younger than 45- at 81%. Unfortunately, as you age the rate drops- the average is 52% for those 75 or older. 

You might be thinking “well, apart from telling me my chances of survival, why is that important to me?” 

Simply, with survival comes an economic reality: the cost of survival. Due to advances in medical science, we are surviving cancer and other critical illnesses much more often than previously.

Recovery from a heart attack, stroke or cancer can lead to financial ruin. In addition, the stress of worrying about mortgage payments, uncovered medical expenses and meeting daily living costs can impact on recovery. 

And this is where critical illness, or trauma, cover fits in. It is needed not because you are going to die, but because you are going to live. Once your claim is established there are no waiting periods and no conditions placed on the use of the money. You can use it towards paying your mortgage, extra medical bills, travelling overseas for treatment, or just to give yourself time to recuperate properly- without financial stress during the recovery period. 

 If you don’t have this type of cover in your risk management plan, consider how you would cope. 

*This according to data published in CDC’s Morbidity and Mortality Weekly Report on 15 April 2015

**U.S Cancer Statistics (USCS), 2011 data

(See also the article "Insurance for Critical Times" by Patrick Kenney)

]]><![CDATA[A Note from Brian Dyson- previous CEO of Coca Cola]]>Sun, 30 Nov 2014 21:19:38 GMThttp://www.momentumfinancial.co.nz/blog/a-note-from-brian-dyson-previous-ceo-of-coca-cola “Imagine life as a game in which you are juggling five balls in the air. You name them work, family, health, friends, and integrity – and you're keeping all of these in the air. You will soon understand that work is a rubber ball. If you drop it, it will bounce back.

        But the other four balls – family, health, friends, and integrity are made of glass. If you drop one of these, they will be irrevocably scuffed, marked, nicked, damaged, or even shattered. They will never be the same. You must understand that and therefore strive for balance in your life.”

 

]]><![CDATA[Funeral insurance- is it the right cover?]]>Tue, 09 Sep 2014 22:37:16 GMThttp://www.momentumfinancial.co.nz/blog/funeral-insurance-is-it-the-right-cover At times we see this product being aggressively marketed by insurers, and I'm asked if it is a worthwhile product. It does seem expensive and of course we all would like to think we can live forever. Within it's targeted age demographic it certainly has it's place, particularly if you are unable to hold "normal" life cover provided by insurers because of health issues.

The answer is that it depends on your personal circumstances such as physical and financial health, family circumstances and other insurances. If you have any questions feel free to comment or contact me on the details provided below. I would be happy to meet with you to see if this product would suit you.




]]><![CDATA[Too many consumers don't have enough life insurance]]>Tue, 09 Sep 2014 22:17:57 GMThttp://www.momentumfinancial.co.nz/blog/too-many-consumers-dont-have-enough-life-insuranceA recent LIMRA study shows that under insurance continues to be a major problem for  consumers. This is echoed by repeated surveys over the years carried out by life insurance companies in New Zealand that up to 65% of consumers are either underinsured or not insured.

Also very interesting (and pleasing) is the increasingly important role of advisers as seen by consumers, with half of those surveyed saying they would prefer to deal face to face with a professional. One of the basic roles of an adviser is to help people understand the risks they face- as families and business owners- when they don't have sufficient (or the correct covers) in place. If you would like to read the full LIMRA article, click on this link http://bit.ly/1sZuTRP  


Consumers are also seeing the value of independent advice, particularly the ability of advisers to provide options to them within a range of respected brands.

If you have any thoughts to share please do so, or email me or call me on the contact details below.


]]><![CDATA[100 is the new 80]]>Tue, 22 Jul 2014 03:37:19 GMThttp://www.momentumfinancial.co.nz/blog/100-is-the-new-80
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]]><![CDATA[Do's and don'ts of life insurance]]>Tue, 22 Jul 2014 03:33:36 GMThttp://www.momentumfinancial.co.nz/blog/dos-and-donts-of-life-insurance
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