The events of the last three weeks have changed the environment that we operate in and consequently we have devoted a substantial part of this newsletter to what we now all need to focus on. Please make certain that you are aware of the steps that you can take to minimize the effect that Coronavirus is going to have on you and your family’s wellbeing.
We were originally intending that this newsletter would share with our clients the focus of the Maurice Trapp Group’s (our business owner), strategy of providing “best practice” sales and service consistent with the KSL Insurance “we care” philosophy. It is the Maurice Trapp Group’s intention to grow KSL Insurance and to offer additional services and products over time to our clients.
KSL Insurance will be appointing highly qualified advisers who can provide quality advice to clients in the ongoing servicing and auditing of new and existing clients’ insurance portfolios.
We are all embarking on a journey that we are very unfamiliar with. Notwithstanding this unfamiliarity, we must be steadfast in the belief that we can successfully make the journey, however long. And when it does end, we will be forever changed in terms of our attitudes, our future approach to risk and insurance, how we engage with others, and how we transact business.
At KSL Insurance we expect at the end of this journey it will not be ‘business as usual’. The speed at which we have had to adapt to a new ‘modus operandi’ has been challenging, but the benefits to our clients and staff are undeniable. Our conventional office where our advisers and administration people lived from 9 to 5 has gone. Our office at 987 Ferry Road will now be a meeting room only and not a place where we ‘go to work’. We will be operating from where-ever we want to be; at home in many cases.
Over the next four weeks, as with many New Zealanders, we will all be working, but it will be ‘on-line’ through Zoom and Skype with no face to face meetings. If you want to discuss any matters then call or email Kevin, Brian, Grace or Sharon. Our contact details are below. We will then send you a meeting invitation on Zoom or Skype. We are finding that most matters can be dealt with in this way.
Getting through financially
With the ‘lock down’ comes considerable uncertainty and anxiety for many. Uncertainty of incomes, possible loss of employment, questions of sustainability of businesses are some of the major issues many will be confronting. It’s going to be very important that you identify and take advantage of all the support networks that you have available to you. In the financial area you need to consider the following:
- All banks now have agreed to provide assistance to their customers adversely affected by the Coronavirus. If you need help, please contact your bank as soon as possible.
- If you are managing or own a business then you need to be aware of the various support packages being offered by Government to you. These include wages, provisional taxation, and GST. Contact your accountant as soon as possible regarding these matters
Specifically; about your insurance
- Insurance companies have indicated that they will allow some flexibility for policy holders who are experiencing difficulty in funding premiums.
- Letting your policy lapse should be the last resort given the challenges of obtaining a completely new policy at some time in the future.
- There are a number of options available to all policy holders with all insurance companies that are intended to assist clients facing financial hardship.
Asteron, for example, have options available for clients who have been adversely affected by the Coronavirus including:
- Premium holidays for lump sum policies only (lLfe,Trauma,Total and Permanent Disablement) allowing policy holders to stop paying premiums for up to six months if they’re unemployed or experiencing financial hardship. Claims are still able to be made during this time.
- Premium freeze that allows customers to freeze their stepped premium on lump sum covers for 12 months.
- Premium and cover suspension (only applies to income protection policies) – allows customers to suspend their premiums and cover for up to 12 months and cover can be reinstated at any point within the 12 months without further medical underwriting.
AIA is offering assistance on a case by case basis and most other insurance companies have indicated they are offering similar arrangements.
Before you do anything it is important you
contact us first.
What to do over the next 4 weeks…..
- Take the opportunity during the shutdown to review your financial position.
- The specifics of insurance rearrangements are dependent on individual client circumstances so if you wish to explore options then please contact either Kevin, Brian or Grace.
- The next 4 weeks offers you the opportunity to take some time to reflect on your risk management position.
Our Contact Details
- Kevin 021 2404540 firstname.lastname@example.org
- Brian 021 2276035 email@example.com
- Grace 027 652 4334 firstname.lastname@example.org
Finally …. Kevin’s thoughts
I hope and pray that you and your family stay safe, be strong and above all, follow the rules that the Government has set out, so we can all get past this pandemic as quickly and safely as possible.
From the team at KSL Insurance
Kevin, Brian, Grace, Sharon and Jack