We often think of insurance as something that we pay for ‘Just in Case’, and then bemoan the cost each month, quarter or year when we pay the premium. But it is more than that, and it has changed over time between generations as society has changed and we have become more global in our thinking.

Today, with reduced tariffs and our ability to buy imported goods for such a low cost, we can purchase a large Flat Screen TV from a discount store at almost half the average weekly wage.

This is a far cry from distant past.

• Our grand-parents saved for a year or more before paying cash for a Phillips K9,
• Our Parents purchased what has become an essential household appliance by Hire Purchase.
• Today’s generation can pay cash and buy with their weekly groceries in some instances!

And insuring this TV has also changed –

• For our grandparents, having saved for a year or more, they were more inclined to place a higher value on the TV and take out contents insurance on specific items of value in their home.
• Hire Purchase often meant you had to purchase insurance so the asset was protected while you were paying it off.

More often the company you purchased the TV from had an insurance component in the repayments.

• Nowadays, with the low cost, insuring these TVs seems almost pointless when replacing them may be seen as a cheaper option.
• •And different insurances have evolved over time. For example, Life policies being used as a legacy for the children have disappeared and been replaced with retirement savings so one doesn’t have to sell the family home and can leave it to the family.

We have Income protection now protecting our largest asset – our ability to earn.Previously benevolent funds supported families in need, or the state in terms of Widow(er) benefits. ACC was initially designed for this, however the challenges of population growth has seen this curtailed significantly.

Times change and what our grandparents experienced, or even our parents, may no longer exist. But there will be a replacement – and you can still protect any or all of your assets.

Just talk with us and get all of the information before making a decision about valuing your assets.