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Too much cover or not enough?

Insurance is about individuals choosing the best options for them at the right cost.

Monday, August 16th 2004

Life is a risky business but it's hard to know what insurance cover you need.

In New Zealand, there's no shortage of people to advise you on insurance though their recommendations can vary hugely.

While insurance advisers, who earn commission on policy sales, see Kiwis as chronically under-insured, many financial planners, who earn their commissions from investment products, resent premiums taking cash away from investment and savings.

Compared to other nationalities, there is little doubt Kiwis are under-insured, says Simon Swanson, managing director of insurance giant Sovereign.

The problem is largely a result of lack of income to pay the premiums on a swag of life insurance, income protection (IP), trauma cover and total and permanent disablement (TPD) policies as well as maintain one's lifestyle.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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