As the cost of living continues to rise, many of us are feeling the financial strain. With everyday expenses such as food, rent or mortgage payments, and more climbing higher, it’s no surprise that some Kiwis might be considering cancelling their insurance coverage. However, maintaining adequate insurance is more crucial than ever, providing a safety net that can protect you from unexpected financial setbacks.

The Option to Suspend, Not Cancel

If premiums are becoming too much of a burden, consider whether suspending your cover temporarily might be an option, rather than jumping straight to cancellation! This option can keep your policy intact without the need to go through a reapplication process later down the track, saving time and potentially avoiding higher future premiums.

Suspending your cover does mean that you're not able to make a claim during that time period, so before making any decisions it is important to talk it through with your insurance advisor as to what will be best for your financial situation and budget.

Let's have a chat!

Despite rising costs, insurance remains a vital safety net for you and your family. Regularly reviewing your coverage with an adviser ensures your protection lines up with your needs and your budget.

To learn more about maximising the value out of your insurance policy, please reach out to the team at O’Hagans! Our experienced and trusted advisers are ready to help you find the right solutions and getting the best outcome for you and your financial situation.

This post was written by

Simone Hojabri - who has written 5 posts