David Cunliffe said Finance Minister Bill English’s folly in deferring Government contributions to the Super Fund for a decade and in casting doubt on the future viability of ACC was shown in sharp relief by the Treasury’s release today of the Government’s Financial Statements for the four months ended 31 October.

“The financial statements show that both the Super Fund and ACC reported higher-than-forecast investment returns — $1.3 billion in the case of the Super Fund and $0.6 billion in the case of ACC.

“These gains highlight the flaws in Bill English’s repeated attempts to undermine confidence in ACC and the Super Fund.

“The Government’s books would be in far worse shape if it wasn’t for these strong performances, and it is a mystery why Bill English refuses to shift his position, and admit he has got it badly wrong.”

David Cunliffe said Bill English was still preaching the false message that National inherited government books that were in trouble. “Nothing is more wrong. He inherited net debt at zero and gross debt halved.

“Today’s financial statements reinforce the fact that National has no plan to help hard-working Kiwis emerge from the global recession, and, worse than that, his actions in undermining assets like the Super Fund and ACC are actually retarding our recovery.”

Press Release: New Zealand Labour Party

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It’s also good to see people are not just cancelling their car insurance altogether, even though their cars might be of little value. It can be very risky driving an uninsured car not only because of the cost of damage to your vehicle but the cost of damaging another vehicle or property which could be substantially more valuable than yours. It’s just not worth the risk.

You can view the press release here

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Take just a couple of minutes to consider what position your loved ones would be in if something serious happened to you. Better still, think about the position you would prefer them to be in if you became seriously ill or passed away. If you are a significant income earner in your family, how would your partner cope if your income was no longer contributing to the household? It’s important to ensure your partner and children are not left financially vulnerable in the event of your death or incapacity from a serious illness or injury. Wouldn’t you prefer to ensure the home mortgage and any other debts were paid off and they were financially comfortable in your absence?

A good life insurance policy will provide a lump sum payout in the event of your death, and often prior to your death if you are diagnosed with a terminal illness. This can assist your family members to care for you if need be and ensure they are not destroyed financially by it. Some policies have benefits to cover you in the event of paraplegia or quadriplegia too. Most life insurance policies have a bereavement support benefit which will assist to pay for funeral costs.

Life insurance is equally important for a single person. If you were to have the misfortune of a serious vehicle accident and were left a paraplegic, or you were diagnosed with a terminal cancer, who would care for you? It’s likely that a parent or sibling would want to – but caring for you is likely to have a devastating impact on their life and on their financial well being.

If you’ve ever cared to a terminally ill person, or experienced a sudden death in the family you’ll understand the ongoing financial consequences that can flow from it. If the thought of leaving your loved ones behind doesn’t bear thinking about, the thought of leaving them behind and in financial turmoil should be even less palatable.

Finding a suitable life insurance policy is relatively easy – and certainly not as expensive as you might expect such coverage to be. You can even shop for one online. Once you’ve selected your policy you might want to set up direct debit payments so you don’t have to think about the subject of life insurance again!