What is life insurance?

Life insurance takes care of your family, your health, your lifestyle and your future if you were to lose your income through death, illness or injury.

There are a few types of insurance that fall into the category of life insurance but they’re all a bit different.

Life insurance pays out a lump sum of money when the insured person dies or is diagnosed as terminally ill.

Income Protection looks after your biggest asset; your ability to earn. If you suffer from a long term illness, disability or loss of income that is not covered by ACC and are unable to work Income Protection can ensure money is still coming in.

Permanent Disablement cover pays you a lump sum if an accident or illness leaves you permanently disabled. This could be caused by either an accident or illness. You choose how to spend the money paid out to you. That could be the mortgage, looking after your children, getting access to the best medical care, or ensuring your business survives. It’s your choice.

Critical Illness Cover pays a lump sum of money if you’re diagnosed with a specific illness or condition listed on the insurance policy, giving you time to recover. This could be; a heart attack, stroke, cancer or conditions like multiple sclerosis. Some critical illness cover can pay out multiple times based on the severity of your condition.

So when do you need these types of insurance?

Consider where you’re at in life….

Are you the main income earner for your family, or do you live alone and rely on your income?  If so, Income Protection means you can keep receiving income even if you can’t work.

Permanent Disablement Cover and Critical Illness Insurance are good to consider at any age. Even though most of us think we will never have to make a claim in our lifetime for an illness like cancer, or for a back injury that leaves you unable to work, it can happen. These types of insurance give you financial security if life does throw you a curveball.

You can find out more about the life insurance products available from Sovereign here.

Why giving back is good business

Businesses that are just throwing money at charities are missing the point. To make a real difference to New Zealand we need to invest our most valuable asset – our people.

Community activity boosts employee wellbeing and productivity, that’s why volunteering and fundraising programs should be standard issue within businesses.

By contributing to a cause, people feel better about themselves and the company they work for. People with higher levels of wellbeing are more resilient, can deal with adversity better, and are more productive.

Who doesn’t benefit from increased productivity?

For the charity itself, attracting willing volunteers and expertise is time consuming. Corporations can provide instant relief by putting forward their people, and it can go far beyond traditional volunteer work – providing free financial, legal, marketing, fundraising or technology support is invaluable.

And it goes both ways.

At Sovereign, our customer facing teams need to be empathetic and supportive to support our customers when they need us the most. By understanding what an individual or family is experiencing during a traumatic time, employees can make a real difference.

With this in mind, Sovereign invited Sweet Louise trustee and palliative care nurse Janet Mikkelsen to speak with staff about her experience supporting terminally ill patients. With 30 years of experience, Janet provided staff with insights that empowered them to better understand the role they could play in comforting customers and making things easier for them.

Embedding a community partner like Sweet Louise within your business, for everyone’s benefit, ensures success.

“Sweet Louise has greatly benefited from communications via Sovereign’s digital channels and through internal campaigns. Jointly they have led to payroll giving, volunteer assistance, donations, increased awareness of the work we do and support for external Sweet Louise events such as Auckland Marathon runners.  Sovereign staff have really got behind the cause and shown their desire to help those living with incurable breast cancer. All of us at Sweet Louise are very chuffed to have such meaningful corporate support from Sovereign,” says Sweet Louise CEO Fiona Hatton.

My advice: Don’t decide to support a charity, choose to partner with them. Create an authentic and meaningful connection that makes a difference.

Here are a few thought-starters:

  • Support causes that link to your business purpose.
  • Connect with organisations that are willing and have capability to support employee engagement activity.
  • Provide employees with the choice to support personal causes through a wide mix of volunteering opportunities.
  • Make sure community activity has a high profile internally by sharing how our people and community partners are making a difference.

Growth or fixed mindset – which are you?

There are two mindsets people tend to embody – a “fixed” or a “growth” mindset.

Those with a fixed mindset tend to believe their intelligence, personal attributes and skills are permanent and something they were born with. They spend most of their days keeping up appearances by proving these qualities to others and avoiding failure. This is their belief of success, but when failure occurs people with a fixed mindset question their competence and self-worth while being overly concerned of being judged by others.

On the contrary, those with a growth mindset look at life in an entirely different light. They view their skills, personality traits and qualities as something they can develop and enhance through their own efforts. They believe change and growth is always possible and necessary to succeed. Failures are not seen as flaws, but opportunities to learn.  They want to challenge themselves, push their limits and strive to achieve things that others may not think they are capable of.

Virtually all people who are admired for their strength, talent and perseverance are shown to have a growth mindset. These people have accomplished great things, have a zest for learning and show great resilience to conquer their goals in life.

The good news is – you can transform your mindset.

Start noticing

You may think you are a person who has a growth mindset, but is that really the case? Become aware of how you react to your failures, opportunities or challenges you face.  Is there a little negative voice in your head when make a mistake or discouraging you from pushing yourself a little harder? Being aware of your mindset is the first step to creating change.

Allow for constructive criticism

No one likes hearing negative opinions about their work, personality or abilities but constructive criticism can be so helpful in our development and growth.  Seeking out the opinions from those people you admire and taking their comments will help you to succeed.

Challenge yourself 

During a workout when you think you have nothing left, push yourself a little harder.  Challenge yourself to complete a task even if you think you’re mentally stretched or it’s beyond your abilities. Those in a growth mindset visualize themselves accomplishing the challenge at hand.

Learn from your mistakes

If you embody a growth mindset, you understand that the failures and mistakes you make are great learning tools.

Curb your self-talk

Rather than thinking ‘I can’t do it’, try saying to yourself ‘at the next attempt, I will accomplish it’.

You have a choice in how you perceive life and how others perceive you. You can challenge yourself to achieve your goals and make your journey a memorable one. It is this strength, resilience and drive people admire the most.

So how are you going to live your life – with a fixed mindset or a growth mindset?

Join the conversation in Sovereign’s Take Charge NZ group on Facebook.