How insurance supports health and wellbeing

A new Financial Services Council (FSC) study has found a strong link between money and wellbeing – and research shows that money worries can be a leading cause of stress for Kiwis.

However, it also showed that finding the right level of insurance coverage can significantly improve your health and wellbeing. Here’s how.

Provide peace of mind

While most people recognise the value of insuring homes and cars, there is a tendency for New Zealanders to underinsure their ability to earn an income or save for a rainy day.

In fact, it is estimated that around 70% of people would struggle to meet their financial commitments if they were unable to work. However, income protection insurance and mortgage insurance can help.

According to FSC, those who sought professional insurance advice experienced less stress and rated their overall wellbeing significantly higher than those who did not.

Improve financial outcomes

In addition, the research shows that insurance can lead to greater long-term financial outcomes.

As we know, those who fall on tough times without a sufficient buffer may turn to credit cards and short-term loans. However, suitable insurance can help you weather the storm, without going into more debt.

Plus, there is also the added benefit of greater financial confidence, which can help empower you to create and stick to a budget.

Professional advice can help

As the FSC study confirms, positive financial wellbeing begins with professional advice.

And, with a comprehensive understanding of the different insurance products available, a Mike Pero Adviser can help you find the right insurance for your needs.

For support to explore your options or to find out more, contact your local Mike Pero Mortgage Adviser today.