The increasing awareness on the importance of insurance is reassuring, an expert in the industry has said.
According to Krishan Sharma, Insurance Adviser at New Zealand Life Insurance Services Limited, while the market for insurance products in New Zealand is good, the need for continuous education and information dissemination is imperative.
“People are now aware of insurance, irrespective of their legal status (citizens, permanent residents and those on work visas). People should have adequate health insurance cover, which would be useful at times of need and emergency. The market is rife with a wide range of products and services, and competition is fierce,” he said.
Mr Sharma said that many people are not clear about the difference between Health Cover and Trauma Cover. There is also apprehension over the premium paid.
“It is important to have the right type of insurance suitable not only to the personal circumstances, self and family and the cost of such insurance policies. Insurance experts would explain the policies that are available, the cost and how these policies can make a difference when in need. It is also important to seek the right source for protection,” he said.
Mr Sharma’s involvement in the insurance sector began on part-time basis soon after his migration in 2004. While his expertise as accounts and administration manager benefited those around him, his penchant for doing insurance encouraged him to become a Director of NZ Life Insurance Services Limited in 2010.
“Our Company paid three Trauma claims and one disability claim with mortgage repayment claim and a few medical claims last year. We have the highest number of conditions (62) covered under Trauma Cover).
“We provide free cover up to $50,000 for children and funeral cover up to $12,000 for people with any medical condition,” Mr Sharma said.
The Company works with religious organisations that concert efforts in mobilising financial resource to people suffering from critical illnesses.
Established in 2009, NZ Life Insurance Services has grown in expertise to offer sound advice and appropriate insurance solutions covering a wide range of insurance areas including risk management, income protection, trauma and fire and general insurance.
“Our primary motivation is to protect the future financial wellbeing of clients in their domestic and professional lives. We understand their needs and provide appropriate solutions. We help our clients to achieve their financial goals so that they are financially secure. They have the freedom to live the lifestyle of their choice,” Mr Sharma said.