Abacus Group advisors are your local team to help you and your family find the best insurance package on the market. We can help with Life, Health, Trauma, Mortgage & Income Protection and Business Insurance – a one stop shop for your insurance needs.

Learn more about our team here and let’s get talking about how you can get the best out of your insurance in 2024.

What is Pharmac?

Pharmac is a government agency in New Zealand that controls access to and funding of new medication. They make decisions about which drugs/treatments to support based on criteria such as clinical evidence, cost-effectiveness, and potential health benefits.

Why is this an issue for Kiwis?

Pharmac's funding decisions directly impact access to healthcare and prescription medications for millions of New Zealanders.

They subsidise 2000+ drugs and medical products, but budget constraints and high drug costs prevent funding of additional Medsafe-approved medicines for Kiwis. Meaning many drugs/treatments may not be covered.

Both premium structures can be suitable for different age groups depending on their individual circumstances, financial situation and goals. Abacus advisor Scott Crocker explains the difference. Get in touch with the team today.

If you are a self-employed business owner who has ditched the PAYE salary and you are running your own business, no doubt you have a constantly growing ‘to do’ list. Something that is often neglected is the improved structuring of your ACC levies.

With the right advice it is easy to improve and streamline your ACC experience and ensure you have the correct set up for you and your business. To do this there are two ACC structures that self-employed Kiwis need to consider:

1. ACC Cover Plus Standard (ACC Standard)

2. ACC Cover Plus Extra

Thanks to all our clients who took the time to provide us with feedback and entered our 25 Years in business Prezzy Card competition.

We are very proud to announce Scott Crocker was awarded the 2022 Financial Advice New Zealand Rising Star Award. Congratulations Scott.

September 1st 2022 marks 25 years in business for Abacus Group. Founding directors Craig Nolly and Richard Toon are committed to providing Life Insurance solutions that create true value for clients.

It is a weird thing when you think about it.

You need to spend your hard-earned money now, to give someone else some money if you die.

What do you get when you buy Life Insurance - apart from a bunch of money when the event occurs?

The two major triggers for buying Life Insurance are family and debt. These triggers happen because we want certainty for our family even if we aren’t there.

We want to ensure our family can repay the mortgage so that they get to live in their own family home. This means the kids get to wake up in their own bedrooms every morning even though Mum or Dad may have passed early. This means that a surviving life partner does not have to double down on work just at the time the family needs them the most. It means that kids can look back and say, “we are so grateful Mum or Dad had the foresight to look after our financial future.”

Now that’s “Peace of Mind”.

Life Insurance is not for you – it’s for those you leave behind.

What is Total Permanent Disablement (TPD) insurance?

It’s about looking after you and your family’s future if you become totally permanently disabled and are unable to work as a result of an accident or illness. Why do I need it? Permanent disability might not only prevent you from working and earning, but it could also substantially increase the cost of maintaining a comfortable lifestyle for you and your family. With TPD Insurance you will get a lump-sum payment which can assist with your mortgage, cover medical expenses, home alterations or modifications to your car, or other bills so you can focus on adaption of you new world. You can use the lump sum payment to pay for your spouse or family member to take time of work to care for you. Many people require extra help and support when they are dealing with a serious illness or injury.

As a professional adviser with 34 years’ experience in exactly this field, I see no problem with such a scheme. Let’s face it, most of us have a family member, a friend or colleague who could benefit from it if the need arises.

How does this effect those of us who already have income cover or mortgage cover, will we still need it, or should we be looking at how this affects us?

My advice is a government short-term fix for a long-term problem is never the total solution. Dovetailing your lawful entitlements with personal responsibility is the answer.

It’s great to live in a country with a good Public Health System. So why would you bother spending money on Private Health Insurance in New Zealand? Abacus Group Principle and Advisor Richard Toon explains in our blog. Read online.

Life Insurance is not just a lump sum of money if you die or are diagnosed terminally ill, it is a promise of stability and certainty for your entire family.