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According to a 2020 survey by the Financial Services Council, only 37% of New Zealanders have life insurance, while just 28% have health insurance. Additionally, the same survey found that 75% of respondents had not reviewed their life insurance in the past five years, and 60% had not reviewed their health insurance.

Many New Zealanders are underinsured, which means they do not have adequate insurance coverage to protect themselves and their families. This is particularly true for young people, who may not see the need for insurance, and for those on low incomes who may struggle to afford the premiums.

When it comes to choosing an insurance provider, it's important to do your research and shop around. Consider factors like the provider's reputation, the coverage and benefits offered, and the cost of premiums. You may also want to seek advice from a financial advisor or insurance broker to help you navigate the different options and find the best policy for your needs.

It's also important to review your insurance coverage regularly, as your circumstances and needs may change over time. This can help ensure that you have adequate protection and that your policy continues to meet your needs.

Not sure what you need?

We can help you decide.  It's our full time job!  We all know that insurance isn't the most exciting thing to discuss... but here at Money Compare we love it!!  It protects your loved ones futures by providing them with a lump sum payment if you pass away, or are diagnosed with a terminal illness.

What does it mean if I am underinsured?

Being underinsured means that you have insufficient insurance coverage to adequately protect yourself and your assets. This can leave you vulnerable to financial losses in the event of unexpected events or emergencies. In New Zealand, there is no set definition of being underinsured, but there are some ways to determine whether you have enough insurance coverage or not.

One way to know if you are underinsured is to assess whether your current insurance policies would provide enough coverage in the event of an unexpected event or emergency. For example, if you were involved in a car accident and your car was written off, would your insurance coverage be enough to replace your car with a similar make and model? Or, if you were diagnosed with a serious illness, would your health insurance coverage be enough to cover the cost of treatment and related expenses?

It's important to review your insurance policies regularly and ensure that they provide adequate coverage for your individual needs and circumstances. You may want to consider consulting with an insurance advisor or broker to assess your insurance needs and help you find the right coverage for your situation.

As for the number of people who are underinsured in New Zealand, there is no definitive answer. However, research suggests that a significant proportion of the population may be underinsured or uninsured. A 2018 survey by the Financial Services Council found that nearly half of New Zealanders did not have any life insurance, and nearly 40% did not have any income protection insurance. Another survey by the Insurance Council of New Zealand found that nearly one-third of New Zealanders did not have any home or contents insurance.

These statistics suggest that a significant number of New Zealanders may be underinsured, which could leave them vulnerable to financial losses in the event of unexpected events or emergencies. It's important to review your insurance coverage regularly and ensure that you have adequate protection in place to protect yourself and your assets

Get in touch and we will help you understand how much, and what type, of insurance you need.