While the Budget and our decrease in personal tax rates dominated the news this week it isn’t the only change to taxes due shortly. New tax rules come into effect on July 1 which in effect means an increase to all new Life Insurance policies
We are anticipating average increases will be from 15% to 30%, depending on the company you are insured with. The good news is that most insurance companies are going to ease in these increases over the next five years, but the bad news is that any new policies feel the full effect of these increases immediately.
The important question is: what can you do to protect yourself from this? Most people insure their house, their car the contents of the home however some forget to insure our most important asset – ourselves and our ability to earn an income.
If you have not reviewed your insurance cover with your broker in the past year we encourage you to contact them today to complete a review of your policies
If you do not have a broker, please contact us on either 360 6995 or support@stml.co.nz and I will arrange for a broker to assist you. I will also instruct them to provide you with a complimentary 90 day’s $100,000 accident insurance cover, while you complete the review.
As our life’s circumstances change, so does our insurance need and a thorough review is the best way to make sure you are properly protected.
In today’s financial climate, looking after every dollar you earn is even more important.