Client – Self employed KiwiSaver Scenario
Client – Self employed Scenario
Jonny joined KiwiSaver once he realised that the Government was going to help out with his savings, no matter if he earned money via a salary or not. Denis explained that most workers contribute either 2%, 4% or 8% out of their salary but if you aren’t paid via PAYE you can put in whatever you like. Jonny puts in $20 as that is the maximum the Government will match him with member tax credits.
What do you like about KiwiSaver Jonny? I didn’t want to miss out on what everyone else gets with KiwiSaver. I like that I have the freedom to put in whatever I like into my account. My business is my main focus at the moment but it’s good to know I’ll have a nest egg for when I do get older.
Discuss your KiwiSaver options with Thorners.
Click here to view our disclosure statement.
Click here to email Thorners or Call Us on (04) 528 8088
Client – 47 year old divorcee KiwiSaver Scenario
Client – 47 year old divorcee
Sarah joined KiwiSaver as she wanted to get back on the property ladder. Sarah had previously owned her own home but when her marriage broke up she had to start back at scratch saving once more.
What do you like about KiwiSaver Sarah? I didn’t realise that I could also be eligible for the Housing Corp subsidy, even though I had owned a property previously. Denis spoke to me about the ‘second chance’ home buyer which was just like the situation I am in. I’m saving again to buy my ‘first home’ with KiwiSaver – I can get the Housing Corp subsidy plus take out my contributions and my employers contributions after only three years – it’s given me a whole new independence!
discuss your Kiwisaver options with Thorners.
Click here to email Thorners or Call Us on (04) 528 8088
Click here to view our disclosure statement.
Client – 55-65 year old KiwiSaver Scenario
Client – 55-65 year old scenario
Jerry joined up with KiwiSaver last year. He’s 61 and while he’s already got plans in place for his retirement, Denis spoke to him about making the most out of KiwiSaver so he joined up.
What do you like about KiwiSaver Jerry? It’s a no brainer for someone my age – I join, put in my $20 a week and the government matches it! By the time I retire I’ve worked out that I could have at least $11,000. That’s going to be my holiday to Europe!
Discuss your Kiwisaver options with Thorners.
Click here to email Thorners or Call Us on (04) 528 8088
Click here to view our disclosure statement.
Young Couple KiwiSaver Scenario
Young Couple Scenario
Mike and Sally have both joined KiwiSaver. Mike was automatically enrolled when he started his new job but he then spoke to Denis who helped him decide which KiwiSaver provider and product was best suited for him. Sally’s a stay at home Mum and wanted to make the most out of what the Government was giving away so she joined up too.
What do you like about KiwiSaver Sally? I can log on to my providers website and see my balance online. It’s simple to understand and at least I can track where my money is going.
What do you like about KiwiSaver Mike? Denis spoke to me about how KiwiSaver can help me buy our first home. We’ve been saving up for a home for a few years but never seem to get far. With KiwiSaver, Housing Corp could give us up to $10,000 as a couple to use as a deposit. I can also use my own KiwiSaver money for that deposit too – it makes savings easier. My KiwiSaver money comes out before I get my pay check so I don’t even notice it – it’s only $2 for every $100 I earn anyway.
Discuss your KiwiSaver options with Thorners
Click here to view our disclosure statement.
Click here to email Thorners or Call Us on (04) 528 8088
Life Insurance non disclosure – don’t let this happen to your family at claim time
Article courtesy of the Dom Post – note the comment from the Insurance Ombudsman.
The family of slain cyclist Frank van Kampen will be able to stay in their home after an insurance company backtracked on its decision not to pay out on his death.
Mr Van Kampen’s insurance company, ING New Zealand, told his partner Jude Pauwels last Thursday that it would pay out only half Mr Van Kampen’s life insurance, saying he had voided his policy by failing to tell the company he had a minor bowel condition.
The company reversed its decision yesterday afternoon after Ms Pauwels contacted The Dominion Post in desperation.
Mr Van Kampen, 46, a teacher, was killed by Te Horo grandmother Alison Downer, 71, who has admitted she was driving drunk when she hit him as he cycled home to Otaki from Waikanae in September.
Ms Pauwels is on a widow’s benefit and was relying on the $157,000 payout to cover the mortgage on Mr Van Kampen’s one-bedroom cottage, where she lives with her son Dante, 13, and the couple’s five-month-old daughter, Alexandra. “I get $400 a week and that barely pays for food and nappies and clothes for the kids.” ING’s initial offer of $80,000 would not have been enough to keep them in the house. “We’d literally be in the gutter.”
She was “very, very pleased” ING had changed its mind. But she said she should not have had to plead with the company or go to the media to get it to reverse the decision.
“It’s very stressful and traumatic that I had to go through this. It’s hard enough getting the kids through Christmas without Frank – and now this on top of it.”
Jeremy Nicoll, managing director of ING’s insurance division, said the company had changed its decision after he and a claims manager reviewed the case. “We took it to the next step and said, ‘Let’s be fair about this.’ We both had a look at it independently and came to the same decision [to pay the full amount].”
The staff member who made the original decision to pay out only part of the claim was “just following due process”, Mr Nicoll said.
Insurance and Savings Ombudsman spokesman Lionel Hinton said that, if ING would have offered different terms had Mr Van Kampen disclosed his bowel condition, it was within its rights to deny the claim, despite his death not resulting from that condition.
Ms Pauwels said the contrast between her situation and Downer’s was “so marked and unjust”. “Frank’s killer gets to spend Christmas in her beachfront mansion and I get to spend Christmas fighting for my home.”
Downer, who is on bail until her sentencing on February 3, had still not contacted the family or apologised, she said.
Make sure your life cover pays out quickly by ensuring you have made full disclosure to your insurer at application time. If you have any doubts, contact them to discuss the information you have supplied.
For further information on non disclosure, visit our web site www.thorner.co.nz
Rates Rebate Scheme increases rebates and extends eligibility criteria
The Rates Rebate Scheme operated by the Department of Internal Affairs through local councils provides rates relief for low income homeowners.
The maximum rebate for the 2008/09 rating year has been increased to $530 for those earning $21,180 and the allowance increases by $500 for each dependant in the household. Homeowners earning less than $21,180 qualify and those earning more may qualify for a reduced amount. A table of rebates for homeowners without dependants is available to view at http://www.thorner.co.nz/resources/thorners-finance-links/ and those with dependants need to contact their local council to obtain amounts available to them.
Ratepayers need to apply each year by completing an application form available from their local council or the link section of our website http://www.thorner.co.nz/resources/thorners-finance-links/
Life and Medical Insurance Disclosure at Application Stage
Many of us rush through the Life or Medical Insurance application form without considering the content of the medical history questions. To our detriment at claim time , the insurer may find a history of non disclosed medical issues and either declines the claim, excludes the condition being claimed for or just cancels the policy due to non disclosure.
The major areas of non-disclosure are:-
Skin Conditions (acne, eczema, dermatitis and lesions);
Ear, Nose and Throat (tonsolitis and recurrent ear infections particularly with children or during childhood)
Breast Conditions (Lumps, mastitis and inflamation)
Cancers and Tumours (any history of cancer or tumours and lesions even if diagnosed as benign must be disclosed)
Musco-skeletal (any spine, knee or hip issues)
Bowel Disorders ( Hemorrhoids, IBS and colitis)
Elevated Blood Pressure and Lipids (Anything regarding blood pressure and cholesterol)
Mental health ( Post natal depression or use of aropax etc)
Female Genito-urinary Tract
Many of these can be quite personal or embarassing and Insurers offer a confidential service to report/disclose these directly to the underwriter rather than discussing them with your adviser.
Talk to Thorners if you need to discuss this further.
Click here to learn more about Thorners Life Insurance Services or Call Us on (04) 528 8088
Disclosure is no duty – it’s about being honest
In our opinion many people out there don’t really know what they are signing when they enter into a contract for insurance, or for that matter any other agreements for the provision of goods and services. Signing a contract is all so mundane these days, who really reads what they are signing? What does it mean anyway?
Your duty to disclose is unavoidable. Every time you sign an agreement or contract, the provider company expects that you have provided a full and accurate record of all information that they have specifically asked about. It is your responsibility to be transparently honest; and when you sign the dotted line you are accepting full responsibility for any consequences if you have not been completely frank.
When it comes to answering a question don’t bother asking yourself whether or not it might or might not be important enough to mention, let the insurance company decide that. All the information that you provide is strictly confidential.
The consequences of non disclosure will usually come at claim time (and/or when you are next applying for insurance cover) when your insurance history is checked against any further information provided for the claim.
The worst case scenario is that you will not be paid for your claim and your contract will be made void for non disclosure. This means that all your premiums are refunded from the start of the contract as though you cease to exist. Further, and of far more concern is that you will not be able to get further insurance through that original provider or any other insurance company.
Let’s face it, it is about being honest, not about trying to get a windfall from some faceless profit driven corporate company. And don’t panic if suddenly you recall something you forgot to mention originally, just call your adviser or the provider company and let them know. It is never too late.
The same applies for contents insurance claims. Ever heard the story about being paid out for an insurance claim i.e. X lost their watch and then found it a few months later. What a windfall!
In this type of circumstance you will be required to either pay the money back or give the insurance company the new replacement item. Be honest and do the right thing or be prepared to risk losing your insurance cover.
When dealing with Thorners you are required to tell us of anything you know, or ought to know, that may affect the decision of a prudent insurer whether to accept your insurance, or renew your policy, and if so, on what terms. If you have not disclosed all material information, or if you have misrepresented that information, then an insurer is entitled to cancel the policy retrospectively from the beginning.
In simple terms you need to tell us about any convictions, traffic offences and claims or other material information and keep us informed so that we can make sure your policies are valid at all times.
Click here to view Thorners domestic insurance services
Click here to learn more about Thorners Life Insurance Services or Call Us on (04) 528 8088
Case Study – Health Insurance
Roger is 40, has two young children and a wife to support. When undergoing his routine medical for his truck drivers licence he was found to have high blood pressure. Eight months later Roger started experiencing angina. Over the next 18 months he had an angiogram, angioplasty and eventually bypass surgery and the total claim to date has been $60,000.
He had a nil excess and has had the peace of mind knowing all costs would be covered and that treatment was available in private hospitals without the burden of the public health system waiting list.
Don’t let an illness or injury steal your home.
Call us on 04 528 8088 to review your level of risk protection today.
Click here to learn more about Thorners Life Insurance Services or Call Us on (04) 528 8088
Case Study – Living Assurance
In July 2002 Mary was a 30 year old healthy librarian who had no need for extensive cover but was looking for peace of mind so she added $75,000 Living Assurance cover to her protection plan. Two years later during a routine blood test the presence of leukemia changed her world. She underwent treatment and the insurer paid her the $ 75,000 which has been used to make her life more comfortable.
Click here to learn more about Thorners Life Insurance Services or Call Us on (04) 528 8088
