Living on a pension means every dollar has a job. Some go to essentials, some to things that make life meaningful, and some to the unexpected moments life throws at us. But when it comes to stretching a fixed income, one of the most effective strategies is also one of the simplest: Review your ongoing costs, regularly.
It’s surprising how many people are unintentionally overspending each month simply because they haven’t checked what they’re still paying. Insurance is often the biggest opportunity to make meaningful savings without sacrificing protection.
Why Reviewing Your Insurance Matters As We Get Older
As we get older, our lives, priorities, and risks change. The insurance we needed at 35 isn’t always the insurance we need at 65. But many New Zealanders stay on outdated policies out of habit, loyalty, or simply because they don’t know alternatives exist.
Your needs shift — and so should your cover.
Common reasons people over 50 end up overpaying:
They’re paying for cover they no longer need
Their current insurer increases premiums annually without explanation
They started with a good deal, but it’s no longer competitive
They never reassessed their options after major life changes
Their policy is full of extras (or gimmicks) they don’t use
When you’re budgeting carefully, it’s essential to be sure your insurance is working for you — not quietly draining your pension.
The Hidden Cost of “Set and Forget” Insurance
Many GrownUps simply let their insurance renew automatically. It feels easier and familiar. But this “set and forget” approach often leads to:
Paying for outdated benefits
Higher premiums than necessary
Being underinsured where it matters
Staying tied to products designed for much younger customers
Insurance isn’t supposed to be a guessing game — especially not at this stage of life. It should be straightforward, dependable, and designed for you.
Where to Start: A Quick Insurance Check-Up
Here are three simple steps anyone can take:
1. Look at what you’re currently paying
Pull up your last bank statement or insurance renewal notice. Write down:
The product
The monthly cost
What you actually get in return
You might be surprised by what’s still there.
2. Ask yourself: “Do I still need this?” or talk to your Broker.
Some policies become unnecessary over time, while others might need strengthening.
3. Get a fresh comparison from someone who specialises in over-50s insurance.
This is where a dedicated, grown-up approach makes a huge difference – a Broker who understands your needs is well equipped to provide you with the right information for you to make informed choices.
Why OverFifty Insurance Makes Reviewing Your Cover Easy
OverFifty Insurance was built for people who want straightforward, honest insurance with no gimmicks. They specialise in cover for New Zealanders aged 50 and over — and they understand your needs aren’t the same as everyone else’s.
Here’s what sets them apart:
1. Clear, simple insurance without the fluff
No flashy extras. No confusing jargon. Just solid, sensible cover.
2. Products tailored to people aged 50+
Their recommendations are based on real needs, not generic one-size-fits-all products.
3. They help you avoid overpaying
A quick review often reveals ways to:
Lower your premiums
Remove unnecessary add-ons
Ensure you’re properly protected
4. Expert guidance, without the sales pressure
They walk you through options in plain English, so you can make a confident, informed choice.
For anyone living on a pension, this kind of clarity and control can make a real difference.
A Small Review Can Make a Big Impact
You don’t have to cut back on the things you enjoy to stay on top of your budget. Often, it’s not about spending less — it’s about spending smarter.
Reviewing your insurance is one of the easiest places to start, and it can free up money every month while giving you peace of mind your cover actually fits your life today.
Ready to Take Control of Your Ongoing Costs?
If it’s been years since you last checked your insurance — or if you’re simply curious whether you could be getting a better deal — OverFifty Insurance can help.
Visit OverFifty.co.nz to book a free, no-obligation review and see how much you could save with insurance designed specifically for GrownUps.
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