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20 JANUARY 2017 Do you need to keep insuring your children when they have left home or can no longer be covered on your medical policy?

The answer to this question is not a simple Yes/No response as every person’s circumstances and beliefs are different.

Depending on the insurance contract you have, it is often necessary to transfer children when they reach a specified age to their own policy. This is a simple process where a letter is sent from the policy owners (usually yourselves) parents and child to the insurer, requesting that your child’s benefits be transferred to their own policy....

If the option to transfer the cover to a new policy is not actioned, and no application is made to another insurer for a different cover, the benefits on the child will no longer be in force.

Some parents choose to retain the cover for their child on their policy and continue paying the premiums, whereas other do not, as they belief their child is now earning an income, and can make the personal choice of whether to keep this cover in place or not.

The questions I always ask when this conversation is had with parents are,

"What was the purpose of having the insurance in place initially, and has this purpose changed?"
"Would you feel financially obligated to cover treatment costs if a medical event arose?”

Again, the responses I receive are different, but generally I am told it is to ensure that, should their family member be diagnosed or suffer from medical conditions covered under their policy, they can have access to private treatment. It is acknowledged that a medical insurance policy provides options and choices for treatment and can substantially alleviate wait periods that often occur through the public health system for non-acute procedures.

The last thing I ask of parents is that before a final decision is made as to whether to keep existing insurance benefits in place or not, to have the discussion with their child and, if appropriate, have their child discuss the relevance of the cover with an Advisor.


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For many, insurance policies and their wordings can be confusing. Often the reason and purpose of contracts are forgotten over a period of time, and need to be re-explained. If you would like a no obligation review of your existing risk insurances (life, major illness (Trauma) cover, total and permanent disablement, income protection and medical covers), please contact colleen@valour.nz
Core Products/Services
  • Life insurance
  • Trauma (Major Illness) insurance
  • Permanent Disablement insurance
  • Income Protection
  • Medical Cover
  • Business Insurance
  • Generate Kiwisaver
Registered Financial Advisor colleen la touche Colleen La Touche’s approachability, down-to-earth nature, and keep-it-simple approach mean clients understand their insurance contracts and how they will work at claim time, without any confusion.
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“When it comes to Insurance I want the best cover. Being self employed and a solo mum I needed all the help I could get! Now I'm covered, stress is out of my life...”Jessica | Auckland
“Thank you for making it so easy to put in that claim, clearly explaining things, meeting with us around our schedules and most importantly just being there for us. You’re amazing.”Ray and Kirsty | Auckland
“Colleen La Touche has been my insurance advisor for a number of years now and I have always enjoyed her professional yet personal advice in respect of my insurances...”Mark | Auckland
“On behalf of my wife and I, we wish to express our gratitude in your highly professional yet personal approach. You provided empathetic support and encouragement beyond what...”Winston | Auckland
"It was an absolute pleasure to deal with you, and we are so grateful for your thoroughness (don't know if thats a word, but it fits my meaning), as Scott and I feel we have covered all bases now and feel secure..."Scott and Lee | Tangiteroria
"I worked with Colleen at Solutions and experienced first hand how dedicated she is to clients. Her knowledge of insurance products is second to none and she is constantly asked for advice by other advisers..."Tony | Gulf Harbour