Christmas and holidays are almost here – yay! It feels like they’ve been a long time coming. Rising vaccination rates and, for many of us, the end of lockdown in Auckland will mean we can get together for the first time in ages. Of course, there will be hugs and tears and much to catch up on. There will be a lot to cover: how much the kids have changed and grown, how the BlackCaps are going, will it be an el niño summer, what’s left to watch on Netflix? And there are possibly some subjects that we might want to avoid, politics and mandates for a start.
If you’re avoiding some topics to keep down family tension, maybe you could talk about money?
Mental health and money are often linked. Money worries can impact us in several ways: stress, missing out on social activities, unhealthy eating, and feelings of embarrassment or shame. Talking about money can seem like a hurdle but can be the first step out of your problems. When everyone is relaxed and together could be the perfect time to have an honest and face to face conversation about money, including life insurance.
How do you get started:
1. Make time
Instead of thinking you’ll wait for the ‘right time’, set it up in advance. Tell your family, or even just your partner, that you want to talk about money and finances while you’re together and relaxed. Ideally, commit to a time and place so that everyone’s on board. If you try to spring it on people, they’re likely to be about to start the BBQ or head for a swim and not able to give you their full attention. Setting aside time means you’ll have everyone full attention. It doesn’t need to be hours either even a short conversation can get the ball rolling.
The great news is if your conversation is about sorting your life insurance, you can get a quote online in a record 30 seconds from Pinnacle Life. Less time than it takes to refill your drink.
2. Get clear on your current situation
Suppose you’ve got life insurance already, double-check what cover you have and think about whether it’s still right for you. Things like buying a house, getting married and having kids are all reasons to reconsider how much life cover you have. So it’s a good idea to recheck from time to time.
More good news, our online advice tool can help you work out how much life insurance you need. It will show you what type and levels of insurance people with a similar income to you have bought and a personalised plan. Then you’ll be able to decide what’s right for you.
3. Talk about the future
Hopefully, you have a long life ahead of you, with many Christmases and holidays to look forward to. As part of your money talk, talk about your hopes and dreams for the future. Bringing these dreams to life makes the reasons for having life insurance feel real.
If you weren’t around or were unable to work, would there be enough money for your family to have the Christmases, the holidays, the trips, the presents they have this year? How about paying regular bills? What about if your partner wasn’t around or able to work? It doesn’t need to be a depressing conversation, just a realistic one.
Doing it for your loved ones
While suggesting you talk about life insurance and money in the holidays might be met with derision, remembering who it’s for will help. You’re really talking about being able to help a loved one. You’re taking the time and the care to consider what would happen if you weren’t around. Think of it as a gift to a loved one - a partner or a child. (Respondents in a survey by an American life insurance company said receiving the gift of life insurance from a loved one would be “well-intentioned” (33%), “thoughtful” (33%) and, yes, “surprising” (33%). So a gift of life insurance might go down better than you think.
This blog is intended to provide you with general information only and doesn’t take into account your personal situation or objectives. If you’d like advice about your personal situation contact our customer service team at ask@pinnaclelife.co.nz or on 0800 22 22 23, or try our advice tool for a personal recommendation.
