Milestone Financial Services (Wellington), Limited
Insurance in Hutt
www.milestone.co.nz
Remember you found this company at Infodats
(04) 939660?
Address
Level 3, 65 Waterloo Road. Lower Hutt Central.. 5010, Hutt, Wellington.Are you the owner or manager of this company?
What you should know about Milestone Financial Services (Wellington), Limited
The amount of life insurance cover required and actually purchased will vary from person to person and is dependent upon their perception of risk, their attitude towards self insurance, affordability and their personal priorities and fears. For example, when you have a young family that is financially dependent upon you plus you have a huge mortgage, then clearly the amount of life cover required is huge. However, a prudent person would discuss this with their financial adviser to identify the level of potential risk that they are contemplating taking on. For example, if you are at low risk of an accident, are genetically healthy and have lived a healthy lifestyle, then your statistical risk of prematurely dying may be lower than your neighbour. There are two generic broad brush approaches to identifying the level of life insurance one may need.
Both approaches require identification of the debts that would need to be met, the cost of a funeral and any other identified expenditure. The first approach takes this value and uses the rationale that the surviving spouse and family have a fixed number of years after which they need to stand on their own financially. This approach may be used if it is assumed that the spouse may remarry or the kids are close to leaving home, the mortgage is close to being repaid and the spouse is able to go back to work. As an example, this approach may have identified that there is 300,00 of debt and cost that would need to be repaid upon the principal income earner’s death and that five years is the length of time until the spouse and family can stand financially on their own. The second approach assumes that the amount of life insurance required needs to be sufficiently large that if invested at a conservative rate, it will replace the income lost of the deceased.
Let’s assume the principal income earner has an annual income of 80,00 and that the spouse does not work due to young children. The investment amount required to produce 80,00 per annum income assuming an earning rate of say 5 after fees but before tax would need to be around 1. 8M assuming that the 80,00 was also required to keep pace with inflation plus an additional small lump sum was required to pay for the funeral and other expenses. As can be seen, both approaches end up with large amounts of life insurance which fortunately, is very cheap when the life insured is young but becomes increasingly more expensive as one ages. Call for an appointment today North Auckland Central Wellington Canterbury.
Christchurch was the largest insured event nationally and it provided some useful insurance statistics. 87 of us have car insurance, 84 contents insurance and 70 have house insurance. 50 of us have life insurance likely to be underinsured , 11 income protection and 12 total permanent disability. When asked how much they know about insurance, almost twice as many indicated they knew a lot’ about home contents insurance vs life and other personal risk insurances.
Only 26 stated they felt very confident’ about buying life insurance vs 51 feeling very confident’ about home contents insurance. Does this mean we accept that disasters can affect our possessions but we believe we are bullet proof and immortal, and we struggle to face the realities of life?. The team at Milestone is passionate about assisting our clients to achieve their financial goals. Our future income could be many millions depending upon current age, earning ability and retirement date so this becomes our largest asset and needs to be insured
Both approaches require identification of the debts that would need to be met, the cost of a funeral and any other identified expenditure. The first approach takes this value and uses the rationale that the surviving spouse and family have a fixed number of years after which they need to stand on their own financially. This approach may be used if it is assumed that the spouse may remarry or the kids are close to leaving home, the mortgage is close to being repaid and the spouse is able to go back to work. As an example, this approach may have identified that there is 300,00 of debt and cost that would need to be repaid upon the principal income earner’s death and that five years is the length of time until the spouse and family can stand financially on their own. The second approach assumes that the amount of life insurance required needs to be sufficiently large that if invested at a conservative rate, it will replace the income lost of the deceased.
Let’s assume the principal income earner has an annual income of 80,00 and that the spouse does not work due to young children. The investment amount required to produce 80,00 per annum income assuming an earning rate of say 5 after fees but before tax would need to be around 1. 8M assuming that the 80,00 was also required to keep pace with inflation plus an additional small lump sum was required to pay for the funeral and other expenses. As can be seen, both approaches end up with large amounts of life insurance which fortunately, is very cheap when the life insured is young but becomes increasingly more expensive as one ages. Call for an appointment today North Auckland Central Wellington Canterbury.
Christchurch was the largest insured event nationally and it provided some useful insurance statistics. 87 of us have car insurance, 84 contents insurance and 70 have house insurance. 50 of us have life insurance likely to be underinsured , 11 income protection and 12 total permanent disability. When asked how much they know about insurance, almost twice as many indicated they knew a lot’ about home contents insurance vs life and other personal risk insurances.
Only 26 stated they felt very confident’ about buying life insurance vs 51 feeling very confident’ about home contents insurance. Does this mean we accept that disasters can affect our possessions but we believe we are bullet proof and immortal, and we struggle to face the realities of life?. The team at Milestone is passionate about assisting our clients to achieve their financial goals. Our future income could be many millions depending upon current age, earning ability and retirement date so this becomes our largest asset and needs to be insured
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