NZDF Protect and Cover

00:02
there you go
00:03
um
00:05
oh cool thanks mark thanks for
00:06
confirming that so everyone on your end
00:09
will probably know what cis branch means
00:12
as soon as they can upload for me so
00:14
we're all good to go there uh and
00:16
importantly for you as well the chat is
00:19
not captured by the recording it's only
00:21
my mug
00:22
and the screen
00:24
the papers on screen at the moment uh
00:27
now as i always do does anyone want to
00:29
run us through the karakia this morning
00:32
uh just please raise your hand on me i'm
00:34
good i'm new you and you can take us
00:36
through it if not i'll do it i'll give
00:38
you five seconds five
00:41
four
00:42
three two and a half
00:45
two point two one zero no nobody okay
00:48
that's fine had a couple of volunteers
00:49
last week it was awesome
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um but uh no that's good so
00:54
without further ado uh
01:26
retirement commission is our name and
01:29
that's our little moniker
01:30
um and we're proud to present uh the
01:33
sorted website which we do delve into
01:36
today probably not so much we've just
01:37
showed you an article or two um but
01:41
otherwise it remains a great source of
01:44
information um and tools to empower you
01:47
to make your own financial decisions for
01:49
yourself and your whanau and the people
01:52
closest to you um i guess the really
01:54
important part is independent and
01:56
partial so we're never ever going to
01:58
recommend a specific
02:01
product that you need and why you need
02:03
it with a particular company it's always
02:05
going to be independent information so
02:06
what's really great is you can use that
02:08
stuff on the sort of website and then
02:10
complement it with what you have
02:12
available through
02:13
uh the easy gear force financial hub
02:15
which i'll show you on screen a little
02:17
bit later on
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which basically summarizes all the
02:20
benefits you have available as well as
02:22
some really handy stuff that mark's put
02:24
together over the months and years that
02:26
he's been with your good selves
02:28
he absolutely loves providing all this
02:30
sort of stuff so please make sure you
02:32
have a
02:33
faucet through
02:34
but mark also as well if there are any
02:36
queries do you want to just pop up the
02:38
benefits email address so people can
02:41
send emails to youtube
02:44
thanks mark awesome uh so what's coming
02:46
up today uh talking about emergency
02:48
funds so i'll actually ask you all if
02:51
you've got an emergency fund account
02:53
oh there it is there's an email address
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in case you haven't seen it benefits at
02:56
entertainment.net
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so yeah emergency funds
03:01
because they are very useful um in terms
03:05
of giving us a bit of mental bandwidth
03:07
if the worst happens
03:09
um unfortunately we could use an example
03:11
last week about flooding
03:13
because yes if you're insured which
03:15
we're talking about today then yes
03:17
insurance will kick in but it does take
03:18
a little bit of time so knowing you've
03:20
got a little pot of money that can sort
03:22
of carry you through make things happen
03:24
whilst you wait for the bigger
03:26
ticket items to come through is a great
03:29
thing so touching on emergency funds our
03:32
wills
03:34
there's probably a cold service through
03:35
the people who don't have one going ah
03:37
no yes gonna talk about wells i haven't
03:40
got one i keep meaning to get around to
03:42
it
03:43
so i'll actively encourage you to get a
03:45
will uh powers of attorney and last but
03:47
not least insurance uh so that's what
03:49
we're covering off today um i will
03:51
actually ask though uh we'd only run
03:53
this as a poll
03:54
a orange very trump desk
03:57
um
03:58
that's
03:59
the polls aren't working so
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maybe just chuck it through on the chat
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uh as there's specific stuff that
04:05
everyone wants covered i'll just see
04:06
what sort of pops out
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and we'll make sure we spend a bit more
04:09
time on that
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and perhaps well not to say we won't
04:13
cover the other areas but we'll just try
04:15
and
04:15
engage a little bit more on that
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topic
04:18
there's always a delay between me ask
04:20
you a and c a and c
04:23
c
04:24
insurance poa c
04:26
or c c's coming through uh a building an
04:29
emergency fund
04:31
anybody else
04:33
a or abc well done mitchell again for
04:36
all for all three uh there are c a b c c
04:40
c
04:41
e all of them
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um so c is definitely from an insurance
04:46
point of view which is brilliant mark
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you'll be you'll be pleased with that
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um and there were some beans as well
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that marks max mark very happy because
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it's a passion of his to make sure that
04:57
people get bills in place
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um someone just mentioned use of
05:00
insurance brokers versus going straight
05:03
to insurance providers
05:05
good question
05:07
yep we can touch on that as well in the
05:08
insurance section uh and then we also
05:11
have from alan c d which is insurance
05:14
powers of turning
05:15
um
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i do like quentin's one where he made up
05:18
for eve and all of them so we actually
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should
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excuse me put an e in there i'll take
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that down
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all right
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so
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leading into
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oh justine there's a tricky one
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hopefully mark can sort of answer that
05:36
one
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at the end as well update on changes to
05:38
insurance by regional risk
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um
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and mark's posing a challenging question
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to you why do you want to why do you
05:48
need to use a broker we provide a
05:50
comprehensive service for people and
05:52
partners so we might make a special
05:54
mention of that because yes
05:57
staff
05:59
are entitled to a well two types of
06:02
insurance you may or may not be aware
06:04
but uh if you're a permanent nzdf
06:07
employee because you are employees so to
06:09
speak uh then you automatically have a
06:12
well you have a life cover of three
06:14
hundred thousand did you know that
06:17
uh right so tailwinds what do we think
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we're talking about when we talk about
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tailwinds or financial talents what do
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we mean
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hit me hit me with some suggestions
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if i don't get enough i'll tell you oh
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no if i do get enough i'll tell you a
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really great
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let's joke
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let's see if i can entice you to hit me
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with my chat my right eye is ready
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ready to pounce here come on people
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what do we think they mean
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bran the aftermath
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uh
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never heard that one before but i'll go
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with that thanks fran yes the aftermath
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uh tres favorable conditions yes love
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that too that's very good uh russell you
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move forward without actually doing
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anything
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yeah that's really good actually russ i
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like that that's really good um yeah
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it's an unexpected windfall isn't it um
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fast tracking our savings via
07:08
superannuation feelings over through
07:10
defence
07:12
yes it can be
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because the more you invest i guess the
07:16
more potential you create
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of an unexpected uh market windfall at
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some point
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um because who would have thought last
07:25
year february march that markets would
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get to where they are now
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in the midst of the global pandemic
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different countries doing all sorts of
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different things to try and manage it
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some failing miserably others succeeding
07:40
wildly like our good sales
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but who would have thought markets are
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doing what they're doing who would have
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thought house prices have done what they
07:47
did
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so that's an unexpected windfall as well
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quintin momentum
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uh
07:55
nothing to do with curry visits i'm
07:58
perplexed by that one again you're going
08:00
to have to define that one a bit um
08:03
yeah
08:05
but yes financial tailwinds and i love
08:06
some of the wording that came through
08:08
yes it's something unexpected and it's
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something that propels you forward
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something you didn't expect
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um so in a similar vein what's a
08:17
financial headwind
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or what can be some ideas
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and while everyone's typing here's a
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great joke for you
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what's brown and sticky
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don't type the answer to me on that one
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but do type about financial headwinds so
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what's brown and sticky it's
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a stick
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yeah all right i'm laughing to myself so
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nobody can ask him
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all right here we go financial headwinds
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so this is a perfect segue into
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emergency funds why they're good and
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um so forth but no one's hit me with a
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financial headwind yet yes there we go
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thanks mark thanks for kicking it off
08:58
finance unexpected furniture prices yet
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yes it can be can create a sort of a
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constriction on our
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income flows
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um i love that unexpected financial
09:09
challenges yes very good
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and russ has hit me with barriers and
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comma that even punctuated it perfectly
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either expected or unexpected to moving
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forward yeah exactly so things that can
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upset our journey um now i did not put
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this cartoon in here but hopefully just
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a picture representation
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of um
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uh edwin's entire ones i think this uh
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this
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cartoon came out of wellington because
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it's the only place that would be so
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windy to stop the cyclists from actually
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moving forward
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anyway right so
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emergency fund now who has an emergency
09:47
fund i don't want to know a mouse but
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who has an emergency button
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hit me with a yes or no
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and while we're doing that
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just go up
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oh god we
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will just take us through we've got some
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yeses coming through which is great
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i'm just going to find not really okay
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that it's cool
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oh thanks kate no
10:12
[Music]
10:13
yes
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uh oh ganesha with them not really yep
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nobody has savings that could be used
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yep yeah yeah yeah cool all right so
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good
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so if you've ever wondered about setting
10:24
up an emergency fund
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um
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sort of and more a holiday one day
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account okay the only the only thing
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i'll mention about
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mixing it in with savings because you
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know you do want to get your money
10:38
working for you and things but
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um
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the one
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and it's more psychological i think the
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one downside of mixing it in with some
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gold money is
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if you have any emergency funds in there
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the potential is there that let's just
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say take your car into a warrant
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and i would use this example because it
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happened to me uh you needed four new
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tires because i do a lot of driving in
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my day-to-day work
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um and that's like you know that's four
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five six hundred bucks just like that
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and that's to get your car road worthy
11:11
to be able to do what you need to do so
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you have to do it
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um so the potential remains that if you
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have it all in your little holiday
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accounts or your
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i don't know
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buy a new boat fund whatever it is and
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you take that money out to
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to our minds it can sort of
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make it a little bit
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more ah really
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oh well i'll just have to wait more not
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depressing but a sort of a sadder
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feeling whereas if you have a separate
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account for your emergency funds
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we'll touch on you know what sort of
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amounts and things if you haven't
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started one yet
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but if you have a separate one then you
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know that money is just there for
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emergencies for that unforeseen ford
11:52
tyres the car repairs
11:54
uh the excess on an insurance policy in
11:57
case you need to pay for that before
11:58
someone comes back to you
12:00
so hopefully that makes sense just
12:02
trying to separate the two
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and then also making sure because if you
12:07
are
12:08
putting in gold money and
12:10
perhaps for longer term investments like
12:13
a term deposit maybe for six months
12:15
instead of on call because you get a
12:16
slightly better rate
12:18
you don't want to have the emergency
12:19
funds locked up
12:21
because the bank doesn't have to give
12:23
you the money back which means if the
12:24
worst happened and you need it you're
12:26
gonna have to wait till it comes due so
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just just a couple of tips there really
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um but appreciate that it's all
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tied in to make it easier
12:36
but do do ask me any questions on those
12:39
two tips please um so for the oh here we
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go oh no
12:44
geraldine i saw your little hand go up
12:46
then and then oh no there it is okay
12:48
hang on uh you're unmuted you just need
12:50
to unmute yourself in your jet
12:53
oh sorry i didn't mean to interrupt oh
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no you're fine you're good
12:57
i've got a money out of banks before
12:59
that's been a long term deposit
13:01
you just say this is you know this is
13:03
the situation
13:04
i require for you know
13:07
emergency medical or something and if
13:10
you don't give it to me i'll um
13:11
i'll go to the ombudsman and they just
13:15
are you actually
13:17
over
13:18
yeah
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yeah i appreciate that geraldine that's
13:23
a valid i'll just pop you back on you
13:25
again um it's a valid comment yes more
13:28
often than not they will pay out um
13:31
but do be very aware that in the fine
13:33
print
13:36
oh hang on
13:37
there you go you're unmuted you just
13:39
need to unmove yourself again
13:41
you wanted to add to that
13:45
oh you're there you're live yeah
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yep
13:49
oh we're going to say something else or
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sorry i'm you
13:53
oh you're done okay cool all right sorry
13:54
i'll pop you back on you all right very
13:56
good um
13:58
yeah they are like some of us may not be
14:01
confident enough to to have a crack at
14:03
them about the ombudsman or fair go
14:04
whatever it might be
14:06
and in the nitty-gritty and the black
14:08
and white contract of setting one up
14:10
they always reserve the right
14:12
to not pay because it is a contract
14:16
so
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in the interests of being completely
14:18
transparent
14:20
if you're going to lock your money up
14:21
you do run the risk that they may not
14:23
give you the money back because you've
14:25
contracted them to have it in the six
14:27
months the other downside to it as well
14:29
is if they do give you a money back or
14:32
whatever might be paid out
14:34
they're not obligated to pay any
14:35
interest on that
14:37
so you may well end up with a zero
14:39
interest rate
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um in some situations if you've had
14:43
quarterly compounding interest
14:45
uh money to pay back
14:48
um trust me i used to be in a bank and
14:50
this has happened before
14:52
so if you end up with a zero interest
14:54
rate that's technically probably worse
14:55
than having it in an on-call savings
14:57
account which may have paid i don't know
14:59
0.3 or 0.4 of a percent
15:01
so just be really aware but um thanks
15:03
geraldine and i'm glad the little hand
15:05
worked and um
15:09
so on here on the sorted site
15:14
sorted.org.nz
15:16
is our link and i'll just pop that
15:19
on here
15:20
so everyone's got it
15:22
there's a if you've always wanted to
15:25
start things you'd like oh my god
15:27
dennis's been so inspirational love this
15:29
stuff
15:30
what mark's done with the force
15:32
financial hub organizing all this love
15:34
it want to get organised
15:35
we live in we live and hope that that's
15:37
what we think um
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then i suggest doing the six steps so
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six steps are six quick easy solutions
15:44
you can put into place today um to start
15:47
things happening for you financially so
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to speak um and one of them you'll see
15:51
number one is start an emergency though
15:54
so for those of us that haven't started
15:56
one or
15:58
you know thought oh man
16:00
everyone talks about three months
16:03
there is no right or wrong
16:06
it's generally uh talked about being
16:08
three months worth of
16:09
income
16:10
well
16:11
okay what does that mean
16:13
um
16:16
oh cool uh iggy's made a great comment
16:18
so if you do want to read through that
16:19
have a read through that um we
16:22
try and encourage if you've never had
16:24
one before um get to a thousand bucks as
16:26
soon as you can and if a thousand bucks
16:28
is a stretch get to 500 bucks if that's
16:30
a stretch get to 250 just get to
16:33
something that's going to encourage you
16:35
to keep building that up um the idea so
16:38
if we look at it as being get to a
16:40
thousand bucks you're just drinking my
16:42
hand straight to the camera
16:44
that's your first step then once you get
16:46
that and then you know get the
16:48
cheerleading out and the accolades and
16:49
stuff because you've actually achieved
16:51
something that you know was never going
16:53
to be there in the first place it's
16:54
brilliant because you've actually put
16:56
your mind to it you're there okay cool
16:58
what's that next to it and i think the
17:01
emergency fund always got another great
17:02
comment coming through you ideally want
17:05
about three months worth of expenses
17:10
you can go for income but please note
17:12
that income
17:15
there's tax in there
17:17
there's allowances there's your
17:18
superannuation contribution the
17:20
accumulative configuration
17:22
and then there's also
17:23
um a degree of facts so to speak for
17:26
some of your wants that you have
17:28
so i think an emergency fund this is
17:30
just me personally but you can feel
17:31
differently about these things there's
17:33
three months worth of expenses and three
17:36
key things
17:37
what is it what do i have to pay for
17:39
next three months to
17:40
house me and my family my whanau
17:44
the rent mortgage whatever it is
17:47
uh number two what do i need to pay to
17:49
keep us fed and healthy and number three
17:52
what are my bills i need to pay to keep
17:54
my financial vote
17:57
those are your three key ones i think
17:58
and if you can build you know your end
18:01
goal at your emergency fund getting
18:02
around three months worth of those
18:05
um
18:06
and again three months is not the right
18:08
answer for everybody it might be six
18:10
months it might be 12 months it might be
18:12
two months um or if you've got some real
18:15
wiz bangy insurance policies out there
18:18
maybe one month
18:20
mark brought up a great point last week
18:22
in that
18:24
if you want to perhaps mention sorry to
18:25
get your type of mark about
18:27
the ability to use
18:30
uh and
18:31
i think for something or rather
18:33
because that that can be another way of
18:35
thinking about having funds
18:37
or having something accessible
18:40
you have to apply for it obviously
18:42
but mark's just going to type that up
18:43
now let's just have a quick look at
18:45
these comments
18:46
uh if you just mentioned have a slash
18:48
slash emergency fund another bank that
18:50
have an ap to often forget to see some
18:51
thunderstorms
18:53
brilliant it just creates a little bit
18:55
of a hurdle between you
18:57
and accessing the money day-to-day
18:59
because the sole
19:00
mind up here always wants to think oh i
19:02
can use that for this let's go do that
19:05
so putting it with another bank is a
19:06
great idea it's still accessible
19:09
marco just
19:11
said here emergency fund is a floating
19:13
facility on the mortgage i can always
19:14
have paid off but can dip into any time
19:16
of the low interest rate yeah yeah
19:18
brilliant
19:19
um
19:20
i'll challenge you a little bit further
19:22
on that with marco
19:23
in that okay well it's sitting at zero
19:26
so
19:27
to be able to
19:29
pay for an
19:31
emergency as such you're going to have
19:32
to borrow it and yes it is cheap at the
19:34
moment but it's still something you have
19:35
to pay for so maybe can you look at
19:39
increasing that mortgage facility
19:41
slightly and pay your emergency funds
19:44
into it so you're actually paying down
19:46
the balance
19:48
getting the benefit of saving a bit of
19:49
interest on your mortgage balance and
19:51
then knowing you've still got emergency
19:53
funds if you need it as well so just as
19:55
an idea but come along to our debt
19:57
session because we can talk about that
19:58
in detail there um
20:01
oh mark just mentioned as well flexi
20:02
saver funds able to be accessed within
20:04
four working days
20:06
um so yeah you can look at it as a bit
20:08
of a let's keep you know a couple of
20:11
hundred bucks in my bank account as
20:13
instant money
20:14
uh put the rest of my flexi saver which
20:16
you can you know you can invest how you
20:20
wish to invest so to speak get it
20:22
earning a little bit more potentially
20:24
um but know that you can access bigger
20:26
dollars money within four working days
20:28
or to marco's point put it into a bit of
20:31
a revolving credit or a floating
20:32
mortgage account
20:34
so yeah so
20:36
yeah get to a thousand bucks as soon as
20:38
you can
20:39
and like i say if a thousand bucks is a
20:41
bit of a stretch then
20:43
what can you do what can you do if it's
20:45
if it's 200 bucks if you've never had an
20:46
emergency fund before getting to even
20:49
100 bucks in another account that you
20:51
know is yours that you can access
20:53
there's a massive achievement in the
20:54
south man i would have been happy to
20:56
have 100 bucks at the age of 20 back in
20:59
the day i was living payday payday so
21:01
you know to have a little bit of savings
21:02
just creates that habit as well which is
21:05
a good thing
21:06
um
21:08
there's also just on the bottom here
21:10
around you know
21:12
first just covering off some of the faq
21:14
type stuff
21:15
um
21:16
and look at that set up to set the bank
21:18
account there you go so it's a bit of a
21:20
tick list
21:21
there's some extra things in there to
21:24
sort of kick start how you could save it
21:26
up
21:26
one of the popular ones we have had
21:29
suggested it's on here number three um
21:32
sell stuff you have so you know there's
21:34
always one particular example we had
21:36
someone had a one of those boomers that
21:37
they bought on a one never used it still
21:39
on this box and they sold it on
21:42
trade me and got what 200 300 bucks or
21:45
whatever it was so that kicked started
21:46
their fun quite quite nicely
21:49
and the other suggestion was if you're
21:50
going to sell anything to it on facebook
21:52
marketplace because that's pretty
21:53
apparent so there you go
21:55
but yeah figure out what you can sell
21:56
sell it get the dollar money like the
21:58
old old school garage sales
22:01
pull that money and put it in a separate
22:03
account
22:04
and
22:05
know that you've got some stuff there
22:07
and the key behind an emergency fund
22:10
is it gives us mental bandwidth we call
22:13
it
22:14
to be able to deal with the situation at
22:16
hand
22:17
without having to consider borrowing it
22:20
on a credit card which could be
22:21
expensive especially if you need cash
22:23
out it's like 25 immediately
22:26
um or a loan facility which can take
22:29
some time
22:31
um or even a loan facility where you've
22:33
got on tap and still having to
22:35
to pay interest for the privilege of you
22:38
know committing an
22:40
any questions on that
22:50
i think that's really good
22:52
and thanks um geraldine for that first
22:54
hand example as well
22:56
um
22:57
it's really good when i get people
22:59
sharing
23:01
the i guess the scenarios that they've
23:03
gone through
23:04
because it just makes it a bit more real
23:05
life rather than
23:07
ah
23:09
that's all right all good um no no and
23:12
definitely um definitely raise the hand
23:14
to
23:15
be on audio because um
23:18
um
23:19
uh journaling just letting me know uh
23:22
about something on the on the chat there
23:24
um but yeah definitely raise your hand
23:25
the chat because it just makes it so
23:26
much quicker and um yeah everyone can
23:29
hear at the same time and they'll
23:30
probably separate my voice all the time
23:32
um and geraldine just mentioned and yes
23:34
you do rgb
23:36
because yes that's the thing
23:38
um you know they will
23:40
tend to back down because it's better to
23:41
save face in a public sort of setting
23:44
but
23:45
the reality is there's some of us that
23:47
probably don't enjoy that experience and
23:49
they try not to
23:52
pursue it but
23:53
great input
23:55
right so here's a question for you all
23:57
from bath and orange again what happens
23:59
if you die without a will
24:00
actually who has a will
24:03
and who doesn't have a will
24:05
i don't need to know who but maybe just
24:06
say yes or no
24:08
i'm guessing a little hand up as a yes
24:11
ah mark we've had one though but with
24:13
lots and lots of yeses you'll be happy
24:14
with this another note
24:16
okay cool
24:18
i've written an edit on my phone fran
24:20
that's interesting
24:22
not quite sure maybe someone can confirm
24:25
but i don't think that that would be
24:27
legal
24:29
you need to sign and have a witness to
24:31
your signature there
24:33
um
24:34
a couple of no's
24:36
oh okay justine awesome you pretty much
24:39
you're 99.9 there you just need to give
24:41
it to the lawyer and then we're good
24:43
you're good to go
24:45
maybe out of date somewhere oh okay
24:50
i know that's cool friend no all good
24:52
still quite young so as i'm sure no that
24:54
that's absolutely fine um after today we
24:57
will encourage you to um go and get a
25:00
will um
25:02
and venetia just rounded off
25:04
i love where you're capitalized really
25:06
um so it must be really old uh it
25:09
doesn't reflect my life today yet which
25:10
is really important so we can talk about
25:12
that so if we for the people for those
25:14
of us that have a well that's up to date
25:16
perfect
25:17
um for those of us that have a will
25:19
that's not up to date then just bear in
25:21
mind that the instructions of where your
25:24
money is going to go to and to whom
25:27
is per that last standing will
25:30
so if it was an old relationship and
25:32
that x is long gone
25:34
but that's still in your your last will
25:37
um
25:38
your ex that is long gone will get that
25:41
money that you've assigned to them so
25:43
please bear that in mind and it's not
25:45
always about money it's just knowing
25:47
that you know if you're with a new
25:50
partner
25:51
that you know you've pulled them into
25:52
your life
25:53
so to speak and made them a benefactor
25:55
of the world whatever it is
25:57
so just bear that in mind if you have a
25:59
will that hasn't been updated in a while
26:04
oh great thanks mark that's a personal
26:06
example there um three years ago we had
26:08
a death person had made a will but not
26:11
signed it or had it witnessed so maybe
26:14
time got away who knows
26:16
but the will wasn't valid
26:19
so
26:20
my little tip to you all
26:23
is about the three hours okay
26:26
and this is 30 years of financial
26:30
industry experience to get to three
26:32
hours
26:33
and it can apply to wills and it can
26:35
apply to insurance as well so i'll use
26:38
it again on insurance but it's about
26:40
getting the right amount of money
26:43
to the right people
26:45
at the right time okay so the three r's
26:48
so just keep that in mind when you're
26:50
looking at the will or you're looking at
26:52
a power returning
26:53
or if you're looking at insurance as
26:55
well so i don't know if you've all
26:57
scribbled down three hours but there you
26:58
go um so what happens if you die without
27:01
a will so for those of us that don't
27:02
have a will and bear in mind that um oh
27:06
mark i forgot the answer from last week
27:08
but do you have to apply to get the 300
27:11
000 life cover if you're a permanent
27:13
entertainer employee
27:25
automatic so there you go so you know
27:27
you pass everything you become a
27:28
permanent employee
27:30
you have three hundred thousand dollars
27:31
worth of life cover did everyone know
27:33
that is there any people that didn't
27:35
know that
27:36
um
27:38
because we'll cover that off in the
27:39
insurance section as well so the key is
27:43
oh cool all right that's cool uh one
27:45
didn't know
27:47
and yeah mark brought up big point which
27:49
will bring up the insurance
27:51
um
27:52
you can apply for a terminal illness
27:54
grant which will talk about what that is
27:56
uh coming up uh vanesha great question
27:59
can you cancel an old rule so
28:01
what happens when you have a will in
28:03
place
28:04
uh mark there's a question for you does
28:06
that include civilians
28:08
so venetia for you
28:10
multitasking can you cancel an old rule
28:13
when you
28:15
put in place your new will are valid you
28:17
will i.e signed witness
28:19
uh then that automatically supersedes
28:22
anything else in the past that becomes
28:24
your new current will
28:26
so that's the way you um
28:29
you cancel the old one so to speak
28:31
you've got to put a new one in place um
28:33
and mark confirmed for you that asked
28:35
about civilians
28:37
uh yes yes it does does it include
28:39
civilians and yes um so here we go on
28:42
screen if you die without a will
28:44
it's something called intestate
28:47
so when you
28:49
die you basically all your assets you
28:52
know at some point will end up becoming
28:55
part of your estate now it's not a big
28:58
sprawling land mass you know like an old
29:00
england whether it's a mansion and an
29:02
estate you pass it on uh just think of
29:04
it as a big pot big pot of money in your
29:07
assets and when you have a will you
29:09
appoint an executor somebody to act on
29:12
your behalf because you're gone
29:14
uh to ensure that that pot of money gets
29:17
divvied out to the right people at the
29:19
right time
29:21
but if you don't die with that
29:23
instruction in place that will in place
29:25
then you can see on screen here top left
29:29
155 000
29:33
oh thanks mark so just read through
29:35
there's a bit of a benefit there on
29:36
screen for you and the first 155 000
29:39
this is okay so bear in mind
29:42
if you're 18 in the force
29:44
and
29:46
let's just assume worst case just passed
29:48
away you've got a 300 000
29:51
payment
29:52
from nzdf on your life okay so the first
29:56
155 000
29:58
our spouse or partner gets personal
30:00
belongings the first 155 hour estate
30:03
which is bigger assets like house and
30:04
car
30:05
and one third of the rest the other two
30:08
thirds goes to our children
30:10
so what happens if we don't have
30:11
children
30:12
if we have no children our partner gets
30:14
the personal belongings so you know
30:16
xbox
30:18
plane station whatever it might be
30:19
the first 155 thousand and two thirds of
30:22
the rest so it's gone slightly up and
30:24
then our parents get the other third uh
30:27
our partner gets the lot if our parents
30:29
are deceived so you can see what's
30:31
happening now there are rules in place
30:33
and
30:34
these rules have come about through
30:36
court cases and different decisions made
30:39
over the years so this is what will
30:41
happen
30:43
if we have no children
30:44
and no partner the entire estate is left
30:47
to the children equally oh sorry if we
30:49
had children not my children so your
30:51
children would see that but then if you
30:54
this is the clincher here for those of
30:56
us that are 18 no partner
30:58
no kids you may want to leave it to
31:00
charity you may want to leave it to your
31:02
parents
31:03
and if so
31:05
then you want to make sure that they get
31:07
a whole lot
31:08
because if we have no partner or
31:10
children our parents inherit
31:13
but here's a big one if our parents are
31:15
deceased
31:16
the entire estate is left to other blood
31:18
relatives
31:20
or
31:22
to the crown
31:23
so
31:24
potentially
31:25
if your parents passed away
31:27
no close relatives come to claim on the
31:30
estate then the government gets it so
31:34
there you go so 300 000 worth of life
31:37
cover potentially
31:39
could go back to the government um and
31:41
it's just effectively unclaimed money
31:43
and that's why it goes again
31:45
um
31:46
so
31:47
yeah so mark just mentioned the 300k
31:49
mibp payment includes a funeral grant of
31:52
up to 15 000. person arranging the panel
31:55
can apply for that to offset across the
31:57
funeral which is brilliant because it's
31:58
not something you don't have to figure
31:59
out how to pay for which some people
32:01
have been called out by
32:03
um here's a great question i have a
32:05
question regarding
32:07
having a personal life cover i have my
32:09
own life cover and i'm concerned that if
32:11
i cancel the policy by leaving nzdf then
32:14
it would cost a lot more to get
32:15
insurance more than what i am paying now
32:17
so is it worth cancelling my personal
32:19
life insurance
32:21
i would suggest to you that under the
32:24
force financial hub there is a financial
32:26
advisory firm called
32:29
milestone direct and they have funding
32:32
accredited qualified
32:34
financial advisors that will talk to you
32:36
about insurance
32:38
and i would suggest to you and the
32:40
person just sent me a question so i
32:41
can't open it up who the person is but
32:43
hopefully you know who asked that
32:45
question um i would suggest you just to
32:47
work through an insurance process with
32:49
them and the brilliant thing about
32:51
milestone is because they have been
32:54
approved and vetted by interfere to do
32:56
this work for their members
32:59
they understand nzd
33:01
benefits very very well and know how to
33:04
complement it with
33:05
i guess the private sector
33:08
employment benefits but it's a very good
33:10
point and it does get forgotten about in
33:12
that
33:13
you can pick up insurance policies
33:15
through your employer
33:17
which you know if you've got the same
33:18
insurance on the other side and you've
33:20
got too much insurance
33:22
yeah your best to get rid of the stuff
33:23
you don't pay for because uh the stuff
33:26
you pay for
33:27
because the stuff you don't pay for is
33:29
part of your employment um
33:31
package uh saves you a bit of money
33:33
which is brilliant but i definitely
33:34
encourage you to go through a milestone
33:36
and have a chat to them
33:37
or even pick up the phone and have a
33:39
chat with them as well
33:42
oh cool we've got to thank you there so
33:43
that's good uh russell what is
33:45
considered close relative your siblings
33:46
nephews um basically the definition of
33:49
blood relative so
33:52
yeah i mean if the
33:55
lineage on your side of the family not
33:57
your partner's side of the family or
33:59
your ex's partner's side of the family
34:01
but if they are blood relatives then yes
34:04
i mean brother sister that's the obvious
34:05
ones
34:06
then you start working down
34:09
the line a bit
34:10
um
34:11
oh cool thanks bear uh b beer yeah i've
34:15
got to get that right uh yes includes
34:17
cousins
34:18
so yeah so there you go so that's what
34:20
can happen
34:21
um
34:23
please take notes um now happily i'm
34:25
going to take you off with here
34:28
and
34:29
here we go of course for families let's
34:31
just pop this link on the chat
34:35
if you don't have a will you can get one
34:37
set up for free through ends of df so
34:39
here you go
34:41
the offer is providing you with a will
34:43
it package subscription at no cost you
34:45
will get online well one year paid well
34:48
blah blah blah you get it pretty well so
34:50
there's no reason not to do it now apart
34:53
from just sitting spending a bit of time
34:54
and figuring out who you want to get the
34:56
money
34:56
um so there you go let's get rid of
34:58
hilarious
35:00
and then how to get it
35:02
and it's all there good to go so please
35:06
keep that linked
35:07
in
35:08
uh mind
35:10
cool
35:11
all right now one other mention we'll
35:13
put in here don't worry about justly
35:15
because we've got to get rid of that
35:16
because the website's gone
35:18
law
35:19
pork is an online document provider but
35:23
the simple fact is you have a great
35:25
package available through nzdf
35:28
specifically that link i just shared um
35:30
you don't need to go elsewhere to get it
35:32
unless you specifically want
35:34
to just keep it well removed but the
35:37
fact is you'll probably have to pay for
35:38
it so why pay for it when you get
35:40
something for free especially if you
35:41
haven't got a will
35:43
but last but not least this last website
35:45
here to help you uh
35:48
um
35:49
let's just get on here
35:51
is let's give it a little hawk it's
35:52
under here as an end of life service so
35:55
it's not just about will it's also about
35:57
you know
35:58
taking care
36:00
of your loved ones as they approach end
36:02
of life so there's additional things
36:03
that they can sort of talk to you about
36:05
as well
36:06
so i will just pop that
36:10
on link cool
36:13
all right i think i've answered
36:15
everybody's questions as they come
36:16
through
36:17
um
36:18
no i don't think so
36:21
no
36:22
we had tina with us last week and tina
36:24
um shared some real personal stories
36:27
about insurance and wills
36:29
um so it was great to have on board but
36:31
unfortunately she's not with us today
36:33
um okay so power of attorney does anyone
36:36
have a power of attorney at the moment
36:38
we're going for time
36:44
great got some guesses already love it
36:48
um so does anyone want to know what a
36:50
power of attorney is
36:53
oh yeah roger i think that'll that'll go
36:55
for that i'm sure if i have a power of
36:57
turning brilliant
36:58
and then we've also got here uh yes
37:00
enduring so let's watch a um well the
37:04
question on screen is what happens so we
37:07
know what a will does will kicks in when
37:09
we pass away so what happens
37:12
you know i'm fit and healthy today you
37:14
know i'm 48
37:15
but then like my neighbor they have a
37:18
stroke
37:19
and let's say i go into a
37:21
for a month or two
37:23
what
37:24
can i be
37:25
can i can my wife pick up my hand and
37:27
legally sign stuff you know what happens
37:30
if i can't make a decision
37:32
what do you think happens
37:38
well dc hit yes out of date now
37:40
interesting with the power of attorney
37:42
um
37:44
if it's enduring
37:45
it may well still be in place
37:48
because unless you revoke it
37:50
um then um it's effectively
37:55
uh still
37:57
still ticking along in the background so
37:59
to speak
38:00
um we've got here quartz mode 0.1 um yes
38:03
definitely from the world side they can
38:05
appoint an executor to manage your
38:07
estate if you don't have a um
38:11
if you don't have a what you call it um
38:14
well in place
38:15
so that's probably one thing i didn't
38:17
touch on is that if you don't have it in
38:19
place we talk about where the money goes
38:21
but the time needed to figure out where
38:25
the money goes
38:26
is in periods of months
38:29
potentially up to a year if there's lots
38:31
and lots of things to work through
38:34
and if you
38:35
if you like algebra if you add
38:38
lawyers plus time
38:40
equals
38:42
a whole lot of dollar signs at the end
38:43
of it so potentially your big pot of
38:45
money can really be whistled down
38:47
because of lawyers trying to figure out
38:49
who goes where and what does what
38:51
so that's the other aspect as well so
38:55
yeah i mean
38:56
for
38:57
actually let's watch the video because
38:58
it'll answer a few questions and then
39:00
we'll
39:01
chat
39:07
have you ever called your power company
39:09
to query a bill or make changes to your
39:11
service
39:12
many of us have been frustrated because
39:14
we can't do anything
39:18
what happens when you click the mouse
39:19
button because our name's not on the
39:20
account
39:22
this is a simple illustration of where a
39:24
general power of attorney may come in
39:26
handy
39:27
if you're overseas or temporarily
39:29
incapacitated giving someone the power
39:32
to make decisions on your behalf can be
39:33
extremely valuable
39:35
but what about the unexpected
39:38
having an enduring power of attorney and
39:40
there is a difference is for when you're
39:42
no longer able to make decisions for
39:44
yourself whether through accident
39:46
illness or otherwise
39:48
planning for someone you trust to be
39:50
able to support you with important
39:51
decisions isn't helpful for peace of
39:54
mind
39:54
both for you and your loved ones
39:56
these decisions may include paying bills
39:59
selling assets to pay for medical
40:01
expenses through to taking steps for the
40:03
purposes of planning your care
40:05
[Music]
40:06
identify which power of attorney is
40:08
right for you and put it in place now to
40:10
protect you and your family
40:12
[Music]
40:17
what i do is i accidentally click the
40:19
mouse and it stopped it but yeah so
40:21
there you have it power attorney so
40:22
there's a limited power of attorney and
40:24
an enduring comparator and enduring is
40:27
the key word it lasts until you revoke
40:30
it so if you at the age of 18 decide to
40:33
put a power opportunity in place
40:35
for your best mate ribo to to act on
40:38
your behalf if something happened to you
40:40
slip into a coma whatever it might be
40:42
and you don't cancel that you don't
40:44
revoke it so to speak
40:46
then in 30 years time at the age of 48
40:49
ribeau can still technically act for you
40:52
because it's an enduring power of
40:54
attorney so be very very careful about
40:56
who you appoint you want to make sure
40:58
they're trusted
41:03
oh awesome iggy thanks for sharing that
41:05
yeah had one didn't get all the copies
41:06
back and got burnt suggested date period
41:09
on these things yeah so there's a
41:10
limited power of 10 um and a great
41:13
specific example i can share with you
41:16
all here being a means of df is that if
41:19
you are deployed and sometimes it can be
41:22
offshore in all sorts of different
41:25
countries around the world
41:26
um if you have an asset
41:29
back in new zealand that's got your name
41:31
on it or requires you to sign something
41:34
um so i'm using examples about being
41:37
medically incapacitated but technically
41:39
you could be on a ship
41:41
on a base
41:43
in the middle of the world somewhere and
41:45
if your partner's back at home having to
41:47
do stuff that requires your signature
41:50
guess what's going to happen
41:52
they won't be able to get your signature
41:54
which means yes you might be able to do
41:56
it in the country you're in but it will
41:58
take time and with time comes cost the
42:01
potential documents get played whatever
42:03
it might be
42:04
but by appointing your partner or you
42:07
know significant other or a very close
42:09
relative whatever it might be might
42:11
reveal
42:13
they can act on your behalf so if you
42:15
need to do anything that requires your
42:17
signature they can do it for you in new
42:19
zealand whilst you're offshore um so you
42:22
can have a limited power of attorney
42:23
which you know can be sort of for a
42:25
period of time
42:27
so i'm offshore i want it in place boom
42:30
done
42:31
i'm back it's gone
42:33
uh or if it's uh husband and wife
42:36
partner long-term partner whatever it is
42:38
somebody you really trust you put an
42:40
enduring power opportunity in place and
42:42
you can do it vice versa between the
42:43
both of you
42:44
um which just means that if for any
42:47
situation in the future where
42:49
potentially
42:50
you're not there to sign or can't sign
42:52
because of medical events then your
42:55
partner can do it for you on your behalf
42:56
now power of attorney is probably a
42:58
little bit more complicated than a will
43:00
so to speak because you do need to get
43:02
independent legal advice
43:04
but again through nsdf
43:06
there is a
43:08
on that link that i shared before a
43:10
facility to get a attorney set up as
43:14
well
43:15
um
43:16
which was a great question should you
43:17
add poa to the world now great question
43:20
because
43:21
if we think of the power of attorney you
43:23
put it in place whilst you can legally
43:25
do stuff
43:27
and it lasts
43:28
up until the point you pass away so the
43:31
moment we die
43:32
the power of attorney
43:34
is gone but the world then kicks in so
43:37
think of it as a bit of a stage so first
43:39
stage whilst we're alive power of
43:40
attorney second stage when we pass away
43:43
will
43:44
that that's probably an easier way to
43:46
think of it
43:47
so hopefully that answers that question
43:50
all right
43:53
we have 15 or 14 minutes for insurance
43:56
all right so
43:57
um
43:59
so we know about let's just go off
44:02
off prezo for one second
44:08
now there's
44:09
two types of insurances out there so um
44:12
bear in mind we're going to talk about
44:14
what we call life insurances so those
44:16
are your um actually i'll ask you in a
44:18
second so i won't give all the names
44:19
away
44:20
but then there's also what they call
44:22
fire and general insurance which is your
44:23
house and contents and cars folks
44:26
um those that type of things
44:28
so if you look at this particular
44:32
link you've got enforced domestic
44:34
insurance scheme so you do have a
44:36
package for that as well which is
44:37
brilliant
44:39
and then you also have
44:41
the
44:42
mibp member insurance benefits plan
44:44
which is talking about the life cover
44:46
but then also just off over here medical
44:49
insurance
44:50
so just in case you weren't aware of
44:52
these three different types of
44:54
insurances
44:55
you've got the three links here so i'd
44:57
really encourage you to click through
44:58
and just see what you've got
45:01
and
45:02
definitely know what you've got as well
45:04
because there is a tip coming up later
45:06
on
45:07
that is invaluable
45:10
trust me
45:11
and it's not
45:12
a stupid joke like my ground sticking
45:16
so let's get in
45:19
what types of insurances do you have at
45:21
the moment let's see if we can nail all
45:23
the insurance types out there
45:35
all this there's always a pause it's
45:37
like the
45:38
internet pipe it's so clogged because
45:40
everyone's coming in at once um
45:43
mark starts it off again life income
45:45
protection trauma uh misha carr home
45:48
confidence health
45:49
uh
45:50
justine house car life medical
45:53
laura carr continents life
45:56
iggy uh house contents life
46:00
oh oh god they're coming in quick now
46:02
you know i've got to go
46:04
um
46:06
life medical care house contents trauma
46:08
brilliant medical life assets income
46:11
house contents life car contents health
46:14
life current life
46:16
car house contents income life
46:18
life trauma home car brilliant i think
46:22
we've pretty much got them all
46:24
um
46:26
so let's
46:30
go to
46:31
actually let's um
46:33
so we had life insurance we had um
46:37
income protection insurance mentioned
46:39
we had trauma insurance mentioned as
46:42
well
46:43
um
46:48
oh that's a really good question
46:50
oh pet insurance yes there is now pet
46:53
insurance it's been around for a little
46:54
while but yes pet insurance as well um
46:57
trauma there's something called uh total
46:59
permanent disablement so that's another
47:02
type of insurance in there
47:04
um and
47:05
um
47:07
medical insurance we had that as well so
47:08
brilliant it nailed all those apart from
47:10
the dvd but it's a very obscure
47:13
insurance but it is a it can be a well
47:15
used one
47:16
um
47:17
oh brilliant thank you business
47:19
insurance as well so business insurance
47:21
is built into it and that probably came
47:23
into effect for a lot of businesses
47:25
last year in that initial lockdown
47:28
uh and income protection correct
47:30
um
47:31
indemnity
47:32
indemnity
47:34
oh indemnity
47:36
um
47:37
like professional and mg insurance today
47:40
hopefully
47:41
uh and then yes we've got the house
47:43
contents motor vehicle boat
47:46
um
47:47
you know
47:49
pit as well so those are your sort of
47:51
firing generals
47:52
oh yeah brilliant so professional
47:54
endemic insurance as well so the common
47:56
ones we always hear about the house and
47:58
contents you know it's the first thing
47:59
we think about when we buy a car
48:02
um
48:03
i'm going to get insured because i i
48:05
need my current truth
48:07
but we don't tend to think of it about
48:09
ourselves too much
48:10
if i was to ask you
48:12
what is your most valuable asset
48:17
what can you hit me with can anyone get
48:18
the answer to that what what is your
48:20
most valuable asset
48:27
awesome yep
48:29
i love it love it there's one i think
48:31
there's one advisor person in here
48:33
already because they said your ability
48:35
to earn an income yes it is you it is
48:37
you as the individual it's your ability
48:40
to
48:42
go out earn an income because if you
48:44
look at the years that we work let's
48:46
just say we start out at 18 and we've
48:48
worked for 65.
48:50
how many years is that that's like 57
48:53
years of income generating capacity
48:56
let's just say you earn i don't know 50
48:59
grand a year for 47 years what's that 50
49:02
000 times 47 i'll let you work it out
49:05
but that is your
49:07
earning capacity over your lifetime work
49:14
sorry i was going to say my husband
49:15
there you go so um yes my most valuable
49:18
asset uh yeah i'm sure yeah actually if
49:21
you want to take a screenshot of that um
49:22
justine you can share that with me be
49:24
most appreciative of that comment i
49:26
think
49:28
um
49:29
and we had a question here how do we
49:31
establish the total value of our home
49:32
actually it's a brilliant question uh
49:34
mark is on the
49:36
force financial hub is there somewhere
49:37
there about um
49:39
some insured working out some insured
49:41
values for a house
49:44
just pose that question um
49:47
oh cool so tower can help with that and
49:49
i'm guessing tower are the ones that
49:51
provide the benefit cover
49:58
um the other thing as well what you can
50:00
do is um oh they're the broker for the
50:02
house company yeah brilliant and i think
50:04
talk to a human being um and if you've
50:07
got it through your package with nzdf
50:10
then at least you're able to do it a lot
50:12
easier than a website as well and you
50:14
know you're going to get the right
50:15
answer straight away and you're not
50:17
having to sit and guess what the right
50:19
information is to put in you're going to
50:20
ask for that information um to
50:23
definitely go through the broker that's
50:25
attached to your good selves um so on
50:27
the screen at the moment uh the
50:28
different types of life insurances or
50:31
the
50:32
well-being insurances and such
50:37
oh there's a great comment that's come
50:38
through which i'll touch on after this
50:41
so what you've got here is a
50:44
i guess timeline so health income trauma
50:47
disability
50:48
and life so remember we talked about
50:50
those different types
50:52
the five different key types a lot of us
50:54
have life insurance
50:56
right at the end so terminally ill you
50:59
can claim on it and that's usually you
51:01
know you're going to pass away within 12
51:03
months and you do have to have a medical
51:04
professional confirm that not just
51:07
me rocking up and saying i'm going to
51:08
pass away in 12 months pay me out now
51:11
but a lot of us have our cover here
51:13
which if you look at it in this little
51:15
light purple line that's when our health
51:18
is at the absolute bottom end
51:21
and you'll be surprised at the stats
51:22
coming up but
51:24
you know not a lot of people die
51:26
like that we go through this journey of
51:28
declining health before we get to that
51:31
point it's that's supportive it's just i
51:33
mean personal experiences may differ but
51:36
the stats support it on average
51:39
um that we we um
51:42
if we're faced with a with an illness
51:44
there's a period of time of declining
51:47
health
51:48
before we pass away unfortunately
51:51
um so health insurance is there if you
51:54
need an urgent operation it gets you off
51:55
waiting lists into a private hospital
51:58
operated on attended to whatever it is
52:01
and back on your feet as quickly as
52:02
possible
52:03
and don't get me wrong our emergency
52:06
health system in new zealand is
52:08
absolutely brilliant you suffer an
52:09
injury or even an accident because acc
52:13
is good at supporting it
52:15
but on the other side where you know you
52:18
go to the doctor with a cough and the
52:20
doctor says oh okay we need some x-rays
52:22
and it's discovered you might have i
52:24
don't know
52:26
worse than your lung cancer
52:29
you're then assessed and graded so to
52:31
speak in terms of how serious it is and
52:34
then you're effectively and it sounds
52:36
brutal in a cue system from there on so
52:39
if it's very very serious and you need
52:40
attention quickly yes you will be sort
52:43
of pushed through
52:44
but if it's not serious you may find
52:46
there's a few extra days out of it um
52:48
and trust me when you've got a condition
52:51
or anything
52:52
that might affect your health you want
52:55
to be sorted out there again so medical
52:57
insurance or health insurance is a way
52:59
of making that happen right
53:02
uh the next thing if you're unable to
53:03
work for a while is income protection um
53:06
and again this can
53:07
be five minutes over make sure to cover
53:09
this um this can kick in after a month
53:12
can't kicking up two months three months
53:14
six months 12 months so you can adjust
53:16
the waiting period
53:18
but income protection is protecting your
53:20
most valuable asset
53:22
so this is where you can't earn an
53:24
income
53:26
if you're unable to work all right
53:29
um it's if you're an accident if it's an
53:32
accident that causes you to miss work
53:34
then acc checks in and they replace up
53:36
to 80
53:38
of your income
53:39
but income protection is about medical
53:41
events
53:42
um medical illnesses those types of
53:44
things not accident that's um that's the
53:46
key
53:48
excuse me
53:50
if you're diagnosed oh mark here's a
53:53
great question for you i'm just going to
53:54
cut and paste it and make it public for
53:57
everyone without mentioning the person's
53:58
name
54:00
um
54:01
then i can just keep going through so
54:02
mark if you want to answer the question
54:03
i just pasted it on there
54:06
excuse me now trauma insurance or
54:08
critical illness there's basically a
54:10
whole range of different conditions and
54:12
if you're diagnosed with one of them um
54:15
they make out a lump sum payment so this
54:17
is where it's different they'll pay you
54:19
a lump sum
54:21
and you can do whatever you like with
54:22
that lump sum you can see better
54:24
treatment alternative treatment you go
54:26
around the world trip you can buy
54:28
i don't know whatever you want
54:30
but that lump sum payment is payable on
54:32
a specific condition at a certain level
54:35
may so to speak
54:37
and it's paid tax free so you get that
54:39
money in your hot little hands so to
54:41
speak
54:42
and you can use that to like say seek
54:44
treatment alternative treatment
54:46
disability insurance or total permanent
54:49
disablement insurance
54:51
uh which is basically a sort of an
54:53
add-on and it's a lump sum payment to
54:55
clear debts those types of things
54:57
typically
54:59
means that if you're ever unable to work
55:01
again
55:02
so you're not getting an income replaced
55:04
but you're getting a tax-free lump sum
55:06
paid out to change the house around if
55:09
you need to for wheelchair access
55:10
whatever it might be
55:12
paying off debts
55:13
setting up an education fund for your
55:15
kids paying for nurse care whatever it
55:18
might be that money is yours to be used
55:21
how you wish for it to be used that's
55:23
the key
55:24
and then last but not least as you see
55:26
the furthest down the chain here
55:29
life insurance so if you become
55:31
terminally ill so pretty much diagnosed
55:34
being passing away within 12 months
55:36
money will be paid out and that service
55:38
is gone
55:39
or if you do pass away whether it be
55:42
accident
55:43
or a medical event then that money is
55:45
paid out and again if your will's in
55:47
place
55:48
it'll be paid into the state and the
55:50
world will decide how it's paid out but
55:52
importantly as well for insurance
55:54
policies
55:55
you can name a beneficiary or what we
55:59
call a policy owner so the ability there
56:02
is to have that money
56:04
bypass your estate or your will and go
56:07
straight to the person
56:08
um
56:09
that you need it to go to
56:12
excuse me
56:13
so yeah so that's sort of a quick cover
56:15
i'd recommend i'll give you a couple of
56:17
minutes because i'm going to share my
56:18
best tip
56:19
um
56:20
take a photo of this just so you know
56:22
how all the insurances fit in so that
56:24
when you engage with the
56:26
insurance provider or insurance broker
56:28
or milestone director whoever it might
56:30
be you can you can then see how it all
56:33
fits in uh question here can all these
56:35
insurances on screen be covered by one
56:36
provider uh they certainly can
56:39
um one problematic thing for your good
56:42
sales with nzdf if you go outside of the
56:44
package a lot of insurances by default
56:48
will be very very cautious about
56:49
insuring you because you work for them
56:51
today only because it's a risk factor so
56:53
just keep that in mind
56:55
so the one tip i would say
56:58
mark's just put a great comment on there
57:00
is if you've got insurances
57:03
combine them all up have a look at the
57:05
policies what are you paying what the
57:07
payment is who's going to get their
57:08
payment
57:09
keep them all in one place
57:11
then the most important bit is let your
57:14
significant other or partner know where
57:16
those policy documents are
57:18
i've created an excel spreadsheet to do
57:20
this but um and my wife knows exactly
57:23
where it is on the computer so the other
57:25
day i've mentioned it where
57:28
but let them know where it is so that if
57:30
anything happens to you they can go
57:32
straight away to that
57:34
box that spreadsheet whatever it is and
57:37
know
57:38
who to ring and what to find out and get
57:41
because there's nothing worse than i've
57:42
done this for clients in the past
57:45
looking through bank statements to
57:46
figure out where premiums are going to
57:48
figure out if they have insurance it was
57:50
almost like a lottery sometimes yes they
57:53
do oh that's brilliant
57:55
no that's for the house cover or
57:56
whatever it is so
57:57
do that as well um oh brilliant thanks
58:00
mark for mentioning that the world
58:01
service office also offers an electronic
58:04
vault for storage of all key documents
58:07
all right we're right on the mark so i'm
58:08
just going to show you some quick stats
58:10
here
58:11
what are the chances of it happening um
58:13
so from back in 2017
58:16
just you passing away 11
58:18
pretty small
58:20
just you female 7 cents of slightly
58:23
less odds
58:24
uh couple 17
58:27
and well four business times you won't
58:29
worry about that um
58:31
totally permanent disabled four five
58:33
nine percent suffering critically almost
58:35
25 percent as a couple
58:38
big numbers man
58:39
uh temporarily disabled 27
58:43
so this is a non-smoker look what
58:45
happens if we're if some of us are
58:46
smokers
58:48
dying 20
58:49
wow
58:50
uh as a couple 31 percent potentially
58:53
tpd totally disabled 9 not too much
58:56
difference uh critical illness
58:59
46 so we all know smoking's bad but it
59:02
actually creates it's not just
59:04
inhalation it's all the other stuff in
59:06
our bodies that get affected too
59:08
uh and temporarily disabled 25 as a
59:11
couple so some pretty major numbers
59:13
there
59:14
um
59:18
do we know um so basically if we don't
59:21
have to skip past that screen because
59:22
we've got time here um
59:26
if we don't have insurance in place
59:28
the best way to think of it remember my
59:29
three r's the right amount of money to
59:31
the right people at the right time
59:33
uh the reason why i have lots and lots
59:35
of insurance in space is because i want
59:36
to make sure i point off to another room
59:39
that says my wife is that she's looked
59:41
after and that my kids are looked after
59:43
if i'm not here i can't provide i mean
59:45
my life works but i want to know she's
59:47
looked after and that has been the
59:48
driving force behind me putting my
59:50
insurance my sort of will and place and
59:52
assurances
59:53
because i want to make sure that that's
59:55
there so it's
59:58
maybe put yourself in their shoes if
60:00
anything happened to you what would you
60:01
like to happen
60:03
uh and that could be a good way to start
60:05
that insurance conversation and
60:07
especially the the world conversation as
60:09
well
60:10
um
60:11
just quickly when we're looking at
60:13
insurances you might want to take a
60:15
snapshot of this as well
60:17
there's probably a few key areas like
60:19
the type of insurance you've got
60:22
what are you covered for and importantly
60:24
what's excluded and this can apply to
60:26
house and contents as well because you
60:29
know
60:30
the the analogy for house and contents
60:32
if you turn the house upside down
60:34
everything that falls out is contents
60:37
everything that does that stays put
60:39
there's health insurance it's an easy
60:41
way of looking at it but you need to
60:42
know what's covered and what's not
60:44
covered
60:45
um what your premium is and importantly
60:47
what your access will be how much are
60:49
you going to have to pay
60:50
to make a claim um i had to claim for so
60:55
had high blood pressure so i had to go
60:56
see a cardio
60:59
thoracic specialist or whatever it was
61:01
whatever they call cardiologist
61:04
and he wanted to run a batch test they
61:06
were like 1200 bucks but i had
61:09
specialist tests
61:10
in place
61:11
to pay for that i had to pay 250 access
61:14
but the other thousand bucks was picked
61:16
up by the medical insurance company so
61:18
um figuring out your excess is a great
61:22
way to actually lower your premium as
61:24
well because the more you make that
61:26
excess the lower your premium becomes
61:28
but on the flip side if you make that
61:30
excess really low your premium can be a
61:32
lot higher too
61:34
and mark just made a great comment there
61:35
as well so please do read through that
61:38
um quick question for those of us that
61:40
are still here when was the last time
61:42
you actually reviewed your insurances
61:45
you might just click onto the next
61:47
screen because we're done
61:51
when was the last time you reviewed your
61:52
insurances so the insurances you have in
61:54
place
61:55
then did you review it last
62:00
oh brilliant
62:02
this person said annually with the
62:04
broker great
62:05
over a year ago
62:07
um doing now due to change oh yeah of
62:09
employer brilliant very recently every
62:11
year to check out the premium prices
62:12
yeah great commission and that's one
62:15
example of why you do want to just keep
62:17
in touch with it
62:19
just to make sure your premium sort of
62:21
staying where it should be with the
62:24
market
62:24
uh but more importantly you insurance
62:28
should change with our personal lives
62:30
our personal financial journeys as well
62:32
and they will change over time
62:34
so if you're not changing your insurance
62:35
to match that you may create some gaps
62:38
and gaps or potholes in the road you
62:41
could create problems down the track
62:43
so i know it might be a painful exercise
62:46
but try and do it every 12 months just
62:48
to keep in touch with it what are you
62:50
paying how much is going to come in
62:52
someone just said so painful and capital
62:55
um honestly everyone so you know um
62:58
but and it's really i guess another
63:00
important part about knowing who you're
63:02
dealing with
63:04
and the nzd if the milestone ones are
63:06
well recommended because you know the
63:08
personal people and the last thing you
63:10
want is somebody who don't like
63:12
having to deal with them every 12 months
63:13
so always make sure you're dealing with
63:14
the right person you actually enjoy
63:16
dealing with as well um but yeah keep in
63:19
touch
63:20
with your insurances because you know at
63:22
times you might be paying for more than
63:24
what you actually need and having that
63:26
employment insurance versus private
63:28
world insurance is a great example of
63:30
you may actually have doubled up
63:33
um and be paying too much and that money
63:34
could be used
63:36
as well
63:37
um so we've touched on a few things
63:39
there's a lot to cover today but um
63:41
thanks for sticking around we're 1106.
63:43
emergency fund wills power of attorneys
63:45
insurances um
63:47
but
63:48
please ask mark's put his hand up
63:50
because i know mark will want to say
63:51
something
63:52
so let's get mark chatting away here
63:56
uh oh you're good mark i think you can
63:58
unmute yourself
64:04
yeah there you go you're live right well
64:06
done thank you lord dennis thank you
64:08
very much it's a
64:09
a really good uh webinar again so thank
64:11
you for that just just uh three or four
64:13
key points that came up during the
64:15
session and i'm happy to answer any
64:18
questions uh hang around for a little
64:19
while to answer any questions people may
64:21
have first thing in terms of the world
64:22
that's so critical uh over the last five
64:25
years on average defence has had 14
64:28
deaths a year
64:29
um around about 40 of those deaths
64:32
there's been an up-to-date will or a
64:34
will that was actually out of date
64:36
um and it causes so many problems for
64:38
the family at a very distressful time
64:40
when someone passes away without a will
64:43
so please do something about it because
64:44
we get letters written to the chief
64:46
defense force from grieving families
64:48
saying look i haven't got money to pay
64:49
the bills or anything what can you do
64:51
about it and that reality is nothing
64:53
the cdf doesn't have the power to
64:55
override the court of the land so that's
64:57
why it's really important everyone has
64:58
an up-to-date will
65:00
um in terms of the insurances again we
65:03
provide the full comprehensive package
65:05
so please do have a look at that there
65:08
is also an insurance continuity option
65:10
which means that when people leave
65:11
defence they can continue with the life
65:14
insurance and all the other cover that's
65:16
provided they start paying but they get
65:18
a discount on the premium that's uh
65:21
charged for that
65:22
the key thing is you have to do
65:23
something within 60 days of leaving
65:25
defense if you leave it past 60 days
65:27
then the insurance company will require
65:29
you to go through a full questionnaire
65:32
and there's no guarantee that they will
65:34
actually um
65:35
accept the cover so that's why
65:37
the cover is guaranteed as long as you
65:39
do it within 60 days
65:42
um
65:43
the southern cross policy that we have
65:45
also includes a non-claiming policy what
65:47
that means is you pay a nominal fee of
65:49
about five to ten dollars a month you
65:51
get onto the ladder
65:53
um uh you you start paying but you can't
65:55
actually claim against that when you
65:57
leave defense after 20 to 30 years
66:00
and all of a sudden you've developed all
66:01
sorts of ailments that you never dreamed
66:03
you were going to have when you're a
66:04
healthy 20 or 25 year old you can then
66:07
switch across to the claiming policy
66:09
they can't require you to go through a
66:11
medical questionnaire and you can then
66:13
start claiming for your eye on some bits
66:15
and pieces so again a very powerful tool
66:18
uh that's available for us here as as
66:20
members of defence um so there's a whole
66:22
range of package things there available
66:24
um please have a look at the force
66:25
financial hub
66:26
and happy to take any questions that
66:28
people may have
66:29
yeah we'll stick around for a for a bit
66:31
so um ask away
66:33
and about
66:36
vanesha said a great comment as well
66:38
confusing too as we have body corp so
66:41
some things are covered via body corp
66:42
insurance and that's important it
66:44
relates to house insurance um and that
66:47
body crop insurance actually pays for
66:49
the building and where it's aware here
66:51
whatever it might be
66:53
um so important not to double up there
66:55
as well
66:56
i think there was a question at the
66:57
beginning dennis about um costs of
67:00
insurance on a regional basis
67:03
and certainly
67:04
a very good question what's what we're
67:06
seeing now in wellington
67:09
the lower half of the north island
67:11
and the top third of the south island it
67:13
is actually getting harder to get
67:15
insurance because of earthquake and
67:17
tsunami risk in the case of wellington
67:20
and earthquake risks in other parts of
67:22
the country
67:24
and so tower which is our provider for
67:26
our house contents will guarantee
67:28
everyone insurance
67:30
but
67:31
what happens unfortunately is the
67:33
premium is willing to get adjusted by
67:35
um
67:36
there's a complicated formula they use
67:38
every year to set the premiums and that
67:40
includes what's gone on in terms of
67:42
claims not just across tower and across
67:45
new zealand but across the whole asian
67:47
pacific region as we can see there's
67:49
disasters going on the whole time
67:51
so
67:53
it will actually cost you a bit to get
67:54
the insurance um but um it's you know
67:58
get a claim
68:00
sorry um get a quote sorry someone's
68:02
trying to ring me i'm just turning off
68:03
the phone at the same time oh okay no
68:05
worries sorry about that yeah oh one one
68:07
person just sent through i can't say the
68:10
names that just sent it to me but pao
68:12
query a friend just had this trouble and
68:14
then 849 4.3 um can you just maybe
68:17
elaborate a little bit and i can share
68:18
it with everybody
68:20
um
68:21
oh power of journey question um
68:24
oh sorry number of nonsense okay that is
68:26
cool so eight four nine four five three
68:27
does not oh no that's the passcode
68:29
that's why
68:31
um
68:32
yeah friend just had this trouble okay
68:34
yeah yeah so in terms of not having one
68:38
oh do you want me to mute you so you can
68:39
answer yes yes please just
68:44
um
68:46
yeah that's a good point you do want
68:47
professionals putting um well wills as
68:50
well as power of attorneys in place
68:53
just people that are experienced with it
68:55
because
68:56
you're not going to be around when
68:59
other people want this document correct
69:02
and if it hasn't been done properly in
69:04
the first place that's the last thing
69:06
you want it's definitely not my three r
69:08
principle that's for sure uh now
69:10
someone's asked here is there a ballpark
69:12
figure on a percentage of income you
69:14
should be putting towards insurance uh
69:16
how much is too much etc yeah and it's
69:20
it's interesting really because you
69:21
can't
69:22
there's no
69:24
as advisers uh you know being in this
69:26
industry for so long you know we we
69:28
always try and give
69:30
people
69:31
best world advice you know and that's
69:33
like okay you tell me what's important
69:35
what would you like to happen if you're
69:37
not around i mean that's a very easy
69:39
question to start with
69:41
um but the sky is the limit sometimes
69:44
so i mean you could do if you've got
69:46
young kids do you want an education fund
69:48
do you want to send them to private
69:49
school do you want to
69:51
pay for their tertiary education do you
69:53
want to set up a house fund scholarship
69:55
all sorts of different things i mean you
69:56
can really go to town
69:59
but i think the easiest place to start
70:01
because there's no right or wrong is to
70:03
figure out if it's you by yourself
70:07
what do i need to protect is there
70:08
anybody else that i want to
70:11
well not benefit but be protected from
70:13
anything happening to me
70:16
it gets a little bit easier when you've
70:17
got a significant other because suddenly
70:20
okay
70:21
well mr smith or dennis earns
70:23
50 grand a year
70:25
if my wife doesn't have that 50 grand a
70:27
year
70:28
do i need to replace income for a couple
70:31
of years for you okay cool so
70:33
100 grand there for two years worth of
70:35
income replacement it's tax free because
70:37
it's life insurance so that will i know
70:39
then my wife's going to be happy for at
70:41
least two years and figure out what
70:43
needs to happen with the house whatever
70:44
it is do i want the debt paid off yep i
70:47
do that might be another four or five
70:48
hundred grand so if you work through a
70:51
little bit of a
70:52
process and the beauty of working with
70:54
an advisor
70:56
and like we said milestone director
70:57
there to give you this advice
70:59
um is they will take you through that
71:01
process
71:03
and you will get a best world advice
71:07
which you know that's like perfect level
71:08
of cover for what you've told your
71:10
advisor you want but then you can then
71:13
start going okay well i've only got you
71:15
know
71:16
200 bucks a month to work with so what
71:19
in this best world advice do you
71:21
recommend i need to have and then what
71:24
are some of the things that are i guess
71:25
are nice to have as such um and then try
71:28
and work through that process so
71:29
hopefully that answers your question
71:31
about four part figures on percentage of
71:34
income
71:35
uh please confirm if it did if it didn't
71:37
then
71:38
actually let me know and i'll ramble on
71:39
a bit more
71:40
um
71:42
oh yes yes great question um
71:46
oh you want to
71:47
ask that yes actually i'll unmute your
71:49
geraldine fire away
71:52
oh you just need to mute yourself you
71:53
can chat
71:55
yeah i copied it and um yes uh made a
71:58
mess
71:59
um i've just had a friend have this
72:02
problem you they want professionals to
72:03
make their end of life
72:05
and care
72:06
decisions um and they've got um blood
72:10
relatives with a whole other set of
72:11
religious convictions
72:13
um
72:14
if it comes down to it
72:17
no matter what they
72:19
will
72:20
can the relatives
72:23
um either legally or just by leaning on
72:26
the doctors
72:28
yeah uh overriding
72:30
that
72:31
i mean how do you what
72:34
what's the best way for them to to deal
72:36
with that
72:37
yeah yeah it's a great question it's got
72:39
to be done delicately because you know i
72:42
mean
72:44
they're on their way out and
72:47
um the relatives are upset but there's a
72:50
real difference of opinion there yeah
72:53
ultimately the courts would probably
72:54
have to get involved geraldine yeah i
72:56
know it's just i'm just wondering if
72:59
i mean you can write your letter of
73:01
wishes but so what yeah yeah because if
73:04
the family who are making the
73:06
arrangements decide to override their
73:07
wishes then
73:10
the reality is they've got the power to
73:11
do it
73:12
um because presumably your friend is
73:15
actually very ill and not not in a
73:16
position to um articulate their wishes
73:20
and things out
73:21
yeah well that they are now but
73:23
preparing you know
73:25
preparing this eventuality and just
73:27
trying to do it in a way that
73:29
that works but ultimately they want you
73:31
know
73:32
and it gets down to the way they want
73:34
the funeral and everything and
73:36
yeah
73:37
um
73:39
you know
73:40
them trying to find a way to be nice
73:42
about it
73:44
about the way that you know
73:49
and i think you've seen it in the media
73:51
as well where um
73:53
funeral arrangements have been
73:54
overridden by family
73:56
um because there's a certain
73:58
way of doing things that
74:00
the person that did pass away didn't
74:02
want to be done they wanted to this
74:04
particular way or be buried with their
74:06
family whatever it might be
74:08
um so you you do have that crop up from
74:10
time to time
74:12
and
74:12
unfortunately court acting or
74:15
legal action is the only way to
74:18
sit through it
74:19
uh so if you if you have a do not
74:21
resuscitate and someone wants you
74:23
resuscitated
74:26
i think that's pretty much been
74:28
um
74:29
i'm not a medical expert but i think
74:31
that's pretty much been tested isn't it
74:33
dnr is effectively overrides any other
74:36
wishes from anybody else including
74:38
medical professionals
74:40
yeah
74:41
but it's only in that specific case when
74:43
it's
74:44
um
74:46
sort of around the fringes of it it
74:48
seems to get very vague
74:50
well and
74:51
if you then and yeah i guess uh maybe a
74:54
legal professional is the best better
74:55
person to ask
74:57
it's now being
74:58
not complicated but it's more complex
75:00
now where you've got the end-of-life
75:02
bill that's worked its way through
75:04
and where people can actually you know
75:06
make that choice themselves
75:09
and yet the wider family
75:11
well they'll feel the impact of it but
75:13
may not have been involved in it
75:16
looks like they're going to have to get
75:17
a lawyer who's a specialist to you know
75:20
just put a lawyer between
75:22
them and the family unfortunately yeah i
75:25
i would suggest mark you'd probably
75:27
agree um have a chat to the aion people
75:31
or
75:32
is it
75:33
well it's the person that defeats person
75:35
jeremy
75:36
no no no okay so
75:38
no so you you know it's not it's not a
75:40
defensive this is there's just a general
75:42
okay so you have to go to a fam you'd
75:44
have to go to a family lawyer
75:46
yeah yeah i think they'll have to do
75:48
that
75:48
yeah
75:52
no no i think that's i think it's
75:53
unfortunate but that's just what that
75:55
you know the bullet's going to have to
75:57
be bitten and they're going to have to
75:58
do that
76:00
yeah
76:01
yeah
76:02
rather than later that's for sure and
76:04
we've got other people there uh uh
76:06
dennis
76:07
still about 17 on so
76:09
i'll just pop you back on new orleans
76:12
um
76:14
yeah if you've got any other questions i
76:16
haven't seen any come through
76:18
but please do ask
76:21
otherwise we will um reconvene at two
76:24
o'clock where we'll be talking about
76:26
debt
76:27
uh this afternoon so um and then don't
76:29
forget tomorrow
76:31
no worries manisha we'll see you see you
76:33
later on um and don't forget tomorrow
76:35
we're doing the investment ones uh so
76:37
retirement kiwi's over 10 and then
76:39
introduction to investing at two as well
76:43
um
76:45
all right well i don't think there are
76:46
any questions back so um okay
76:49
have a good day we'll see you we'll see
76:50
you this afternoon thank you everyone
76:52
thanks all kakita stay safe till two and
76:55
uh catch them
76:57
bye
76:59
okay