Income Protection

Saving for a home? How to protect your homeownership dream

Insurance - it's not just for the milestones you've already achieved; it's also the sometimes-winding journey it takes to get there.

Is homeownership on your wish list, for example? With rising prices across New Zealand, buying a first home has never been more challenging, and unfortunately, it's not getting any easier.

The fact is, you're working hard, saving hard, and dreaming just as hard. Sometimes, it feels like you're on an epic quest - and just like the knight in the stories, you need a shining armour to protect yourself from the unexpected.

Time to safeguard your deposit and savings? Here's how insurance can help you.

Your income is more than just a paycheck

When you're saving for a big goal like homeownership, your income is more than just a paycheck. It's your most important asset - the one that enables you to maintain your lifestyle while saving money to achieve your financial goals.

What would happen if you were suddenly unable to work due to a serious injury or illness? Without your earning power, you may need to put some short and long-term goals on hold, including building up your deposit.

While on your journey to homeownership, income protection insurance can help you ensure that a setback doesn't become a permanent roadblock. It's designed to provide a replacement income of up to 75 per cent of your gross pre-disability salary. You can select the amount, the wait period, and the payment period, depending on your needs and budget. Click here to explore your options.

The unexpected can come in many forms

When saving up for a home loan deposit, every dollar counts and every day is an opportunity to get closer to your homeownership goal.

The fact is, you may have a path planned out, a budget, and certain milestones to achieve along the way - but sometimes, life has other plans. Unfortunately unexpected events, like getting diagnosed with a serious illness, can affect anyone at any age. What's more, they can turn a person's world upside down, emotionally, physically and financially.

Once again, if you've been working hard to get your home deposit together, protecting your savings from life's twists and turns is a good idea.

Trauma insurance (or critical illness cover) is designed to provide a lump-sum payout if you're diagnosed with one of 40+ serious medical conditions stated in the policy. Covered conditions vary between insurers, but usually include things like cancer, stroke, and heart attacks. Most importantly, you don't have to be off work to get a payout, and you can use it as you like - to pay for treatments, afford some time out, or even a home deposit for your family's home. Click here to explore your options.

Protection tools for your goals

Looking for ways to protect your finances, now and in the future? Get in touch. Our friendly LifeDirect advisers are here for any questions you may have. Give us a call on 0800 800 400 or message us here and we'll get back to you in a tick.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

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