NZ Family Protection Check

1. Who depends on the household income?

Start with the people and commitments a loss of income could affect.

DependantsChildren, a partner, parents or anyone else relying on household income. Care responsibilitiesChildcare, education, disability support or unpaid work that would need replacing. Income contributionWhich income supports each regular household expense.

2. What debts and fixed commitments exist?

Record balances and repayments separately; avoid relying on a rough total.

Mortgage and other property debtCurrent balance, repayment and ownership structure. Other debtPersonal loans, vehicle finance, credit cards and guarantees. Business obligationsBusiness lending, guarantees, key-person responsibilities or buy-sell arrangements.

3. How long could savings carry the household?

Separate money that is readily available from long-term or restricted savings.

Emergency savingsThe amount available for normal costs without borrowing. Leave and employer supportSick leave, annual leave and any workplace insurance or benefits. Other reliable incomeIncome that would continue if one person could not work.

4. What cover already exists?

Use the current policy schedule rather than memory.

Policy type and insured personLife, trauma, income protection, mortgage repayment or health cover. Benefit amount and key termsWaiting periods, benefit periods, excesses, exclusions and ownership. Premium and review dateCurrent cost, premium structure and when it was last reviewed.

5. What has changed?

Insurance can become misaligned when life changes but the policy does not.

FamilyMarriage, separation, children, dependants or care responsibilities. Work and incomeNew role, self-employment, income change or altered work duties. Property and debtHome purchase, refinance, debt repayment or new borrowing. Health and lifestyleChanges that may affect underwriting or policy terms should be discussed privately and securely.

6. Questions to take to an adviser

A useful review should explain scope, trade-offs and cost.

What problem is each policy intended to solve?Ask how each benefit relates to your actual responsibilities. What is outside the review?Confirm providers considered, material limitations and any advice not being provided. What could stop or reduce a claim?Ask about definitions, exclusions, offsets, waiting periods and disclosure duties. How is the adviser paid?Read the disclosure information and ask about applicable fees, commissions and conflicts.

Keep existing cover in place while reviewing it. Do not cancel or replace a policy until new cover is accepted, the terms are understood, and you have considered the consequences with an adviser. New underwriting may produce different terms or exclusions.

Want help working through the checklist?

Mutual Solutions offers a free initial conversation. Personal recommendations, if appropriate, follow a fact-find and the regulated advice process.

Book a free initial conversation

The New Zealand Family Protection Check