After using the resources of this website, you might find (as many others do) that you are quite capable of deciding for yourself what cover, and how much cover, you need. For example, our life insurance calculator can act as a checklist for your liabilities and financial assets, to help you work out how much life insurance cover you may need, given your own personal circumstances.
If, however, you do not feel able to (or would rather not) make a decision on your own, then you ought to seek advice from a person whom you trust and who is competent to provide you with that advice. In that case you should think very carefully about your choice of person to provide you with that advice.
Advice from Family and Friends
According to research findings in this field, people tend to prefer to ask family or friends for advice rather than seek professional help, whether that is due to trust factors, ease in asking or for some other reason. Such advice can generally be relied on to be well-meaning, but:
- the person advising you is much less likely than a financial adviser to be competent to provide you with the advice you need; and
- you will not have the same legal protections as you would have if you sought advice from a financial adviser (unless your family member or friend is a financial adviser or a nominated representative of a financial advice provider authorised to provide financial advice on the particular insurance products you are considering).
Professional Advice
The provision of advice regarding personal insurance is regulated in New Zealand.
You can obtain financial advice from a financial adviser, engaged by a Financial Advice Provider, who is authorised to provide financial advice about the particular insurance products you are contemplating.
Such a financial adviser will be able to take into account your personal circumstances and provide you with advice that will assist you in making a decision about your insurance.
