New School Year, New Responsibilities: Is Your Family Financially Protected?
As the new school year begins, routines settle back in - school lunches, after-school activities, early mornings and busy calendars. For many families, this season is also a reminder of how much responsibility comes with raising children.
Between mortgages, childcare costs, school fees and everyday living expenses, most families rely heavily on one or two incomes to keep everything running smoothly. But have you ever stopped to ask: what would happen financially if one parent couldn’t work due to illness or injury?
Growing Families Mean Growing Responsibilities
As families grow, so do financial commitments. What once felt manageable can quickly become overwhelming if income suddenly changes.
Common responsibilities for families include:
Mortgage or rent payments
Childcare and education costs
Household bills and groceries
Car loans and insurance
Long-term goals like saving for the future
When everything is ticking along, it’s easy to assume it always will. But life doesn’t always go to plan - and that’s where financial protection becomes essential.
What Would Happen If a Parent Couldn’t Work?
An illness, injury or serious health event can affect anyone, at any age. If a parent is unable to work for weeks, months or longer, the financial impact can be significant.
Without the right protection, families may face:
Loss of income while bills continue
Increased medical and recovery costs
Pressure to dip into savings or apply to access KiwiSaver
Added stress at an already difficult time
This is often when families realise they’re more financially vulnerable than they thought.
Understanding Life Insurance and Trauma Cover
Life insurance and trauma cover play different but equally important roles in protecting families.
Life insurance is designed to provide financial support if a parent passes away. It can help:
Pay off the mortgage
Cover daily living costs
Support children’s education
Reduce financial pressure on the surviving family
Trauma cover provides a lump-sum payment if you’re diagnosed with a serious illness such as cancer, heart attack or stroke. This payment can be used to:
Cover medical costs not funded elsewhere
Replace lost income during recovery
Reduce debt
Allow time to focus on health, not finances
Together, these covers help ensure your family can stay financially secure, even when life takes an unexpected turn.
Protection That Grows With Your Family
The start of a new school year is a great time to review whether your financial protection still fits your family’s needs. Life changes quickly - new children, bigger homes, new jobs, future holiday plans and changing priorities all affect the level of cover required.
Having the right insurance in place isn’t about expecting the worst. It’s about creating peace of mind, knowing your family will be supported no matter what happens.
Let’s Make Sure Your Family Is Protected
At New Vision Financial Services, we help families put the right protection in place — tailored to their stage of life, goals and budget.
If your family has grown or changed recently, now is the perfect time to review your cover and ensure it still does what you need it to do.
Because protecting your family today means giving them security for tomorrow.
Nimalka Perera
Business Development Manager
New Vision Financial Services
Plan your future and let us help you have peace of mind along the way.
