Insurance

Are you making the most of advice?

Shai Patel

Don’t forget I’m here – for queries, concerns, plans or just a plain old natter. Working with an adviser isn’t like going to Briscoes and buying a toaster. Odd statement? Perhaps, but the point is that advice isn’t a transaction, it’s a relationship.

The pace of life is astoundingly busy these days, and often it’s only when a big change in life occurs that people think to access the expertise and knowledge of their adviser. And of course, I’m here for those moments. But I also like my clients to remember that I’m here on an ongoing basis, for any kind of query.

Here are a couple of ways you can make the most of your adviser:

 

Use me as a soundboard

Have a plan or two brewing; considering a change; or just have a query that you need some expert help with? Use me as a soundboard. It’s my job to talk through what you want to achieve, to understand what matters to you and then apply my knowledge of various options and approaches to your personal circumstances. A good conversation with an expert is often the best way to get some clarity and confidence in what to do next.

 

Use my knowledge

One of the things I enjoy most about working with clients is being able to share my knowledge – even small bits of information can create ‘aha’ moments and help clients better understand their own financial well-being. I’m a fan of Kiwis proactively taking an interest in their financial life, researching online (using well-regarded resources of course) and expanding their understanding of how money works. But always remember, you have a specialist on hand who can help you make sense of the plethora of information out there, and most importantly, how it applies to your personal situation.

 

Check-in regularly

Even small changes can have an impact on your insurance needs. As I said, life’s busy and I certainly don’t want your insurances to feel like a chore; but I definitely recommend you check-in at least once a year. I’ll send you a reminder of course, and I hope you’ll book a meeting so that we can check that your cover is still in line with your life and needs.

In a nutshell, I’m here for any queries you have – big and small. I look forward to the next time I can help you, whether that’s a quick soundboard session on the phone, or a comprehensive conversation over coffee.

 

An Adviser Disclosure Statement is available free and upon request.

Insurance company refuses to cover Auckland mum with rare illness

Shai Patel

 

Here is a great article which points out why getting good financial advice is important, so that you have the right cover for what you require it for. We listen to find out what you want the cover for, before coming back to you with recommendations.

Trauma insurance is a great cover to have, (We have had some amazing claims stories) but it is specific to a list of conditions (these vary dramatically depending on whether it is a bank product or one through Insure NZ). We will also look at other options that would have covered Selina in the situation below. We can mix and match cover, so that it will cover as much as we can for your particular budget.

Three months ago Selina Linton fell out of bed, unable to move her legs. She barely remembers the following weeks spent intensive care; doctors can’t say exactly when, or to what extent, she will recover.

The Auckland woman was struck by Guillain-Barre Syndrome — a mysterious, debilitating illness that attacks the nervous system. The 54-year-old dental assistant remains in a rehab centre, in nappies, unable to walk.

Her husband Nathan Linton, 53, said he was shattered to learn the trauma insurance policy they had been putting money into for over two decades didn’t cover Guillain-Barre. It wouldn’t pay out for what the family deemed an “incredibly traumatic” experience.

The Lintons’ discovery is not unusual. Trauma insurance, also known as crisis or critical illness insurance, is a broad term for a highly specific type of coverage. It pays a lump sum to be used any way the insured chooses.

Selina’s medical bills were covered by the state, so Nathan said the money would have gone into modifying their Titirangi home for the wheelchair his wife was likely to return with. He said the family were also “getting kicked” through being one income down.

Nathan said he hoped others might temper their expectations of trauma coverage after his family’s experience: “we’d have done better putting the money in a jar by the bed”, he said. Ideally, he wanted Guillain-Barre put on insurance companies’ trauma tick list.

A spokesman for AMP, the Lintons’ insurance provider for over two decades, said trauma policies didn’t cover Guillain–Barré Syndrome for several reasons, including because only 40 to 80 New Zealanders got it each year.

“Insurers can’t cover every eventuality – if they did premiums would go up and cover would not be accessible or affordable,” he said.

Guillain-Barre sufferers who permanently lose their ability to “perform key tasks independently” could, however, get a pay out through trauma insurance, he said. Selina was not eligible as doctors believed she would eventually recover.

Karen Stevens of the Insurance and Financial Services Ombudsman (IFSO) said she had many clients who, like the Lintons, felt misled by their trauma policy.

“Trauma in everyday language means something unexpected that happens to you and plays havoc with your life — but if it’s not specifically mentioned in your policy, it won’t be covered,” she said.

“We recently had a woman come in who had suffered fairly horrific injuries from giving birth to a baby, for example, which left her incapacitated. She said it was the most traumatic thing that could have happened to her, but since birth wasn’t mentioned in her policy there was nothing we could do.”

Stevens said disgruntled heart attack victims approached the IFSO “constantly”. While trauma policies typically include heart attacks, they only pay out if certain events play out.

Since being in hospital Selina has had pneumonia, a tracheotomy — doctors cut a hole in her windpipe to get air to her lungs — a flooded lung, and excruciating nerve pain. Her husband said her “good brain inside a very sick body” — which until recently could not speak — and the ever-fuzzy prognosis of Guillain-Barre had taken psychological tolls too.

She could barely keep her eyelids up at 4 o’clock in the afternoon last Tuesday, in a wheelchair at her Point Chevalier rehabilitation clinic. She held her husband and their 22-year-old daughter Lucy’s hands, and cried.

“Now I should be finishing work for the day and going home to cook dinner with my family,” she said. She missed the Titirangi trees, her dog, and “catching up with the girls”.

Nathan promised to get their wheelchair-unfriendly house ready for her “somehow”, to hasten her homecoming.

“We’ll suck it up,” he said. “But we thought we were responsible, taking out that insurance policy so that if something like this happened, we’d be able to look after each other comfortably.”

WHAT IS GUILLAIN-BARRE? 

– It is a collection of symptoms, rather than a single disease.

– They include rapidly progressive weakness, sometimes resulting in complete paralysis.

– Recovery typically takes three to six months, though two-thirds never fully recover and it can be fatal.

– It frequently follows another health problem such as food poisoning, flu, childbirth or surgery.

– Two cases were triggered by the campylobacter outbreak from contaminated drinking water in Hawke’s Bay last year.

If you have any concerns about your insurance cover and wish to have a free no obligation chat, please call on 09 551 3500 or click here

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Travel Insurance – How do you choose?

Shai Patel

I recently had a trip to Europe and being in the insurance profession, decided to look at options available for travel insurance.

Like all insurances, there are a number of companies to choose from and they all have slightly different cover options and wordings.

I decided that I would look at 1 Cover Travel Insurance as it looked cost effective and seem to cover what I needed it for. As I said to my wife, you do not know how good they are until you have a claim.

We were travelling to Europe and first flight was to Hong King via an Air NZ flight, which left at midnight. (We have 2 children, it was there first time on a plane and thought the late flight will mean they will be able to sleeep through the flight… we were hoping anyway). The children had fallen asleep (yay!!) when there was an announcement – the plane, was going back to Auckland as the pilot got sick. So after 5-6 hours in the air, we were in Auckland again, (where we started) kids did not want to get up and we had to hand back duty free and go back to check in.

The confusion and chaos when we arrived was crazy, we had no communication from Air NZ and did not know what was happenning and how we were going to get new flights to start our holiday. – my daughter was asleep on the bags, my son was being amazing but extremely tired, never mind us.

We were given a number to call Air NZ to rebook our flight… as you can imagine the lines were busy and 3 hours later nothing – they offered us accomodation at Sky City (back in the city) – at this stage we were at our wits end and so called 1 Cover and asked what our options were, they were friendly and gave us our options.

We made the call to book into the Novotel across the road, luckily they had a day room available. The kids and my wife went to bed, while I called Air NZ to rebook our flight. – Finally after 6 hours, we got a new flight booked that was leaving that night. We slept, had some food and then started the journey again.

Once we got back to NZ, I had kept all the relevant documents like they had said when I originally called and made the claim. 3 days later had confirmation of claim being approved and payment a few days after that. We were happy that we could choose where to stay and they paid for our food and drinks while we were delayed.

I would now use them all the time and am lucky enough to be on their affiliate program and offer travel cover through 1 Cover Travel Insurance – I am not a specialist in the area and still recommend that you find the company that suits you, but if you wish to have a look at cost and options for 1 Cover Travel Insurance, please click logo above or here

 

 

Homeowners not losing sleep over interest rate rises, survey shows

Shai Patel

A new survey has revealed Kiwi homeowners are largely unfazed about their ability to cope with mortgage rate rises, but they are continuing to find it difficult to curb spending on consumer items.

The nationwide survey by mortgage franchise network New Zealand Home Loans (NZHL) found more than half of respondents (57.6%) were either not concerned or were neutral about the potential for future interest rate increases.

The sentiment comes after the Reserve Bank held the official cash rate (OCR) last month at 1.75%.

Speaking to NZ Adviser, NZHL chief executive Julian Travaglia said although interest rates are slowly going up they are not completely unpredictable like in the past.

“I remember the days when rates were bouncing around like an elephant on a bungee cord,” he says, in contrast to their current slow but steady climb and the Reserve Bank indicating an OCR increase is unlikely any time soon.

“I don’t see the pressures that would require the Reserve Bank to force the OCR up particularly given that the housing market, at least temporarily, seems to be cooling.

“I think has made people a little bit complacent. I think people still don’t really understand that interest rates are by and large driven by off-shore funding costs by the banks as opposed to necessarily the OCR.”

He says mortgage holders should be paying off their debt faster and smarter.

“What we’ve seen from people’s spending habits is that they’ve managed to get themselves a home loan over a long period now when rates go up – when they come off that fixed rate and go on a new one, they can’t suddenly extend their home loan term out to make the payments lower again.

“So it’s going to force people into a position where they’re going to have to either make some reasonable cut backs or they’re going to get into some financial difficulty.”

Despite the view on interest rates, the survey found that homeowners have some areas of spending that don’t feel they have under control, with the biggest problem area of unplanned spending being around consumer items such as household electronics, tools and sports goods where 47% of respondents found difficulty controlling spending and secondly for services like household maintenance at 46%.

Travaglia he is concerned about those who have overextended themselves in the last few years and now tied to a hefty mortgage.

“If they haven’t been paying that off sooner – making hay while the low interest rate sun’s shining – they could find themselves in trouble down the track,” he told NZ Adviser.

The survey respondents consisted of 1,994 NZHL clients.

Source

Reserve Bank delivers cash rate call

Shai Patel

The Reserve Bank of New Zealand (RBNZ) has this morning left the official cash rate unchanged at 1.75%. 

Governor Graeme Wheeler said in a statement, “House price inflation has moderated further, especially in Auckland. The slowing in house price inflation partly reflects loan-to-value ratio restrictions and tighter lending conditions. This moderation is projected to continue, although there is a risk of resurgence given the continuing imbalance between supply and demand.

“Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly.”

Canstar general manager Jose George said it is an uncertain environment for home owners and warned on the increasing pressure for mortgage holders.

“As recent statistics show, while house prices have started cooling in  Auckland and other larger cities, mortgage rates are starting to trend upwards,” said George.

“Independent of OCR, the costs of servicing a mortgage are rising. Couple this with rising inflation and the flow-on effect this could have on other living costs, you have a situation where an already stretched household budget will not be able to take the added pressure for most NZers.

“For savers the situation is more positive.  Despite a series of drops in OCR, term deposit rates have remained largely untouched over the last 12 months or so. We are now starting to see increases in deposit rates, reinforcing the belief that banks are keen to grow their existing domestic deposit book.

The full statement by Reserve Bank Governor Graeme Wheeler is below:
Global economic growth has increased and become more broad-based over recent months. However, major challenges remain with on-going surplus capacity and extensive political uncertainty.

Stronger global demand has helped to raise commodity prices over the past year, which has led to some increase in headline inflation across New Zealand’s trading partners. However, the level of core inflation has generally remained low. Monetary policy is expected to remain stimulatory in the advanced economies, but less so going forward.

The trade-weighted exchange rate has fallen by around 5 percent since February, partly in response to global developments and reduced interest rate differentials. This is encouraging and, if sustained, will help to rebalance the growth outlook towards the tradables sector.

GDP growth in the second half of 2016 was weaker than expected. Nevertheless, the growth outlook remains positive, supported by on-going accommodative monetary policy, strong population growth, and high levels of household spending and construction activity.

House price inflation has moderated further, especially in Auckland. The slowing in house price inflation partly reflects loan-to-value ratio restrictions and tighter lending conditions. This moderation is projected to continue, although there is a risk of resurgence given the continuing imbalance between supply and demand.

The increase in headline inflation in the March quarter was mainly due to higher tradables inflation, particularly petrol and food prices. These effects are temporary and may lead to some variability in headline inflation over the year ahead. Non-tradables and wage inflation remain moderate but are expected to increase gradually. This will bring future headline inflation to the midpoint of the target band over the medium term. Longer-term inflation expectations remain well-anchored at around 2 percent.

Developments since the February Monetary Policy Statement on balance are considered to be neutral for the stance of monetary policy.

Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly.

Source

Mortgage rate rises expected to continue

Shai Patel

As part of their Asia-Pacific banking outlook series, S&P Global Ratings analysts discussed their forecasts for New Zealand’s banking sector.

During a live webcast last week, the key points made were that the New Zealand credit cycle appears to be maturing and risks stemming from rising house prices and household debt levels are expected to stabilize this year.

Bank performance is expected to remain strong although they forecast credit growth within New Zealand’s banking system to slow.

Factors contributing to the stabilization include the expected continuation of increasing residential mortgage rates, funding gaps, margin recovery and macro prudential measures reducing the number of participants in the mortgage market.

Analysts said bank margins are facing a number of headwinds including higher funding costs; higher ‘core’ funding requirements; and likely higher capital requirements. They expect slower lending growth to help meet some of the funding requirement.

Financial Services Ratings associate director, Andrew Mayes said, “We don’t expect to see house prices fall, but we do expect them to slow,” as the more recent round of restrictions appear to have had an impact.

“Other indicators of heightened risk within the system still remain,” he continued, including interest only loans, household debt and limits to the extent of the Reserve Bank’s influence, particularly if migration remains strong and housing supply remains insufficient.

Mayes said he doesn’t see debt-to-income restrictions being introduced during an election year.

Source

New Zealanders unaware of rate rise impacts: survey

Shai Patel

It’s no secret that interest rates are on the rise and most people with a mortgage anticipate the increase, a new BNZ survey shows.

But worryingly, it also found the majority intend to make no changes to their mortgages in response the rate increases.

The BNZ Financial Futures research found that home owners with mortgages were in the dark about how the impact a 1% interest rate rise would have on their household – three out of five people underestimated how much extra people will pay on the average mortgage size.

BNZ’s director of retail and marketing, Paul Carter said, “It’s concerning that despite 70% of people with mortgages anticipating interest rates will rise this year, 67% of mortgagors are not considering making any changes to their mortgage.”

The survey found 24% of people said they regularly monitor interest rates and proactively restructure their mortgage.

A BNZ spokeswoman told NZ Adviser many homeowners tend to have the mentality of ‘setting and forgetting’ their mortgage.

“This probably comes down to people not appreciating how small changes to their mortgage repayment schedule can reduce the lifetime of their mortgage and how much interest they’ll pay,” she said.

“Our main concern is that people will end up paying unnecessary interest over the lifetime of their mortgage.

“For most homeowners interest rate rises will change their household budget and it’s important they consider how they can react – they might want to fix a bigger part of their mortgage or increase their repayments slightly while rates are still near their lowest level in a generation.”

She said the third party channel can help increase awareness on the issue with their clients, having conversations about how their mortgage is set up and what repayments they can manage.

One in five home owners said they were likely to extend the term of their mortgage if their mortgage payment increased by $120 per fortnight, the research found. Nearly one in three said they’d look to reduce utilities like insurance, petrol, heating and power.

Carter said it’s important New Zealanders understand all their budgeting options in a changing mortgage environment.

“New Zealanders will still be enjoying some of the lowest rates in a generation. So it concerns me that too many people are jumping straight into what seems to be the easy option, which is a couple more years on the mortgage – especially when the changes we’re talking about are small.

“BNZ, like most New Zealand banks, stress-tests people with mortgages at an interest rate higher than the current rates, so we know that budgets and incomes can manage rate rises much bigger than this.

“So while we know our customers have room to move within their budgets to absorb any rises, it’s particularly concerning that 20% of people with mortgages would extend the term of their mortgage if their repayments increased by $120 or more, as this is only going to set them back in the long term,” he said.

“It’s a good idea to occasionally have a sobering conversation about the household budget and consider some ‘what ifs’.

The BNZ Financial Futures research was conducted by Colmar Brunton, a New Zealand Market Research Company surveying a total sample size of 2,000.

Please contact us if you have any questions. 09 551 3500
Source

Call for NZ to rethink bowel screening

Shai Patel

New Zealand needs to rethink its exorbitantly expensive second-rate bowel screening programme based on research from the UK.

That’s the view of Associate Professor Brian Cox from the University of Otago who says UK research proves flexible sigmoidoscopy screening is better than the faecal occult blood (FOBT) New Zealand is planning to use.

During a sigmoidoscopy exam, a thin, flexible tube, or sigmoidoscope, is inserted into the rectum, while a FOBT detects very small amounts of blood in a bowel motion before they become visible to the naked eye.

The results of a UK trial of flexible sigmoidoscopy published in The Lancet confirmed the reduced bowel cancer incidence and mortality persists for at least 17 years after the flexible sigmoidoscopy test. The benefit is very likely to persist for the rest of a person’s life, Professor Cox says.

He says a 15-minute sigmoidoscopy is by far the most cost-effective strategy for reducing bowel cancer in New Zealand and it could be performed by GPs.

“This is the most cancer-preventing 15 minutes anyone could ever undertake.”

A flexible sigmoidoscopy screening test once when aged 55-64 years reduces lifelong risk of bowel cancer by 35 per cent and mortality from bowel cancer by 41 per cent.

Professor Cox says the earlier results of the UK trial at 11 years of follow-up were published in 2010 but were not deemed sufficient by the Ministry of Health to guide the development of bowel screening policy in New Zealand and only a pilot study of two-yearly FOBT screening was pursued.

The evidence from the UK trial clearly indicates the need to completely rethink the approach to bowel screening in New Zealand before an exorbitantly expensive second-rate FOBT programme is instituted, he says.

A national flexible sigmoidoscopy programme could begin within 12 months covering the entire country.

About 3,000 New Zealanders are diagnosed with bowel cancer each year, and it’s the second most common cause of cancer death.

Budget 2016 invests $39.3 million for national bowel screening, starting with Hutt Valley and Wairarapa DHBs in 2017.

Source

MISTAKES TO AVOID WHEN BUYING INSURANCE

Shai Patel

Buying insurance can be confusing, but when the unexpected happens – a death, floods, car accident, unable to work or illness – it’s a relief to know that some of those financial losses will be covered. But how do you know how much coverage you need? And what questions should you ask before buying a policy?

Many consumers aren’t sure. Insurance coverage is far from one size fits all, so here’s a look at mistakes some consumers make when buying insurance.

Assuming insurance is unaffordable.

A large percentage of the population has no health or life insurance. Often that’s because people feel they can’t afford it. This is not correct and you will be surprised at what you are able to get.

The average consumer thinks life insurance is three times more expensive than it actually is. And often they do not research the actual costs.

When buying insurance, ask about potential discounts. These may be offered if you place all your insurance with one company or you may be able to get discount on medical insurance if you add some other cover with it.

Relying on assumptions or outdated figures.

It is surprising how many people we talk with who realise that they may either be underinsured or in some cases over insured because they have not had their insurances reviewed for a while.

As things change so quickly in the insurance industry, it is worthwhile reviewing your insurance on a regular basis because you need to make sure that it meets your needs at the time you need at the most.

Click here to see video on why to review you insurances

Shopping on price alone.

Comparing insurance policies can be confusing, but resist the urge to simply choose the policy with the lowest premium. Consider the company’s reputation and the coverage you get for the premium you pay.

What we do for our clients is make sure the company that we decide to choose, has good claims paying history, at application stage they have the company that will offer the best terms and policy wordings that at the time of claim have more chance of paying.

Glossing over the details.

Insurance companies pay a claim when you meet the policy wordings of the insurance cover. It is always wise to read and understand these wordings, so you are aware of may or may not be covered. We specialise in this, so you do not need to and available to answer questions if anything is unclear.

What I see when I meet with clients is that they have insurance cover, but due to the complex wordings of the policy document and not having a degree in law to understand these, that people find it hard to understand exactly what they covered for. I actually have a law degree from the UK and therefore am able to decipher these wordings for you and help you understand them in plain English.

Setting your excess too low.

Setting a low excess typically means higher premiums. Insurance is designed to protect against losses you could not cover yourself, so if you can afford to pay the first $500 or $1,000 yourself, you may not need a lower excess. Consider your own financial situation. How much of the risk are you willing to insure yourself?

Because insurance can be so complicated, we recommend a regular review of all your policies to ensure you are adequately covered. Now would be a good time to call and book a time for a review so you don’t find yourself out of pocket should disaster strike.

Feel free to contact us for a free no obligation chat – Insure NZ – 09 551 3500 or click here

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Diabetes – How much do you know?

Shai Patel

Diabetes is a disease where your body cannot control its blood sugar levels properly – either because your body doesn’t make enough (or any) insulin, or because your cells have become resistant to insulin.

Insulin is a chemical produced in the pancreas. It helps your body process sugars.

  • If blood sugar levels aren’t kept under control, diabetes can be life-threatening.
  • Diabetes can lead to other health conditions, including kidney failure, eye disease, foot ulceration and a higher risk of heart disease.
  • Keeping your blood sugar at a safe level means you’re less likely to have other health problems.

There’s no cure for diabetes, but there are things you can do to stay well. Support from your friends, whānau and health care providers can help

Heart and diabetes checks

Diabetes is our largest and fastest growing health issue we face in New Zealand. Diabetes is closely linked with heart disease (also known as cardiovascular disease or CVD), and together they are responsible for the deaths of more New Zealanders each year than cigarettes are. Many of these deaths are preventable.

The More Heart and Diabetes Checks Health Target has been established to help save these lives – aiming to have regular heart and diabetes checks for at least 90 percent of those at risk of developing these conditions. Find out more about heart and diabetes checks.

How common is diabetes?

There are over 240,000 people in New Zealand who have been diagnosed with diabetes (mostly type 2). It is thought there are another 100,000 people who have it but don’t know.

  • Diabetes is most common amongMāori and Pacific Islanders. They’re three times as likely to get it as other New Zealanders.
  • South Asian people are also more likely to develop diabetes.
  • The number of people with both types of diabetes is rising – especially obesity-related type 2 diabetes.

Type 1 diabetes

Type 1 diabetes is when your body has stopped producing insulin. People with type 1 diabetes need to inject insulin to live.

  • Type 1 diabetes is usually diagnosed in children.
  • Type 1 diabetes is less common than type 2 diabetes.

Type 2 diabetes

Type 2 diabetes is when your cells have become insulin resistant or your body doesn’t produce enough insulin to keep you healthy.

  • Type 2 diabetes usually develops in adults but it is becoming more common in children.
  • Type 2 diabetes is the only type of diabetes linked with obesity.

Diabetes in pregnancy

Pregnant women can also develop diabetes. This is known as gestational diabetes (or ‘diabetes in pregnancy’). It usually goes away when the baby is born.

But the problem is more widespread than that, and it appears to be worsening.

In fact, advocacy group the International Diabetes Federation has estimated that by 2040 the number of adults with diabetes globally will rise about 55 per cent to reach 642 million.

And there’s no room for complacency, with the federation stating that the condition kills one person worldwide every six seconds.

However, diabetes can often be effectively managed, even prevented.

While access to quality medical care plays a large role, so too does public awareness of diabetes, and to test your knowledge, we’ve developed a quiz.

Answer the 10 questions below as true or false, then check the answers to see how you fared.

Afterwards, you may also like to complete or update your Wellness Assessment to learn about your diabetes risk and potential ways of addressing it.

For more information and individual advice, consult an appropriate health professional.

 

What’s your diabetes knowledge?

Indicate whether the following statements are true or false.

  1. Glucose is found in blood only.
  2. Insulin is a hormone normally released into the blood after eating.
  3. Type 1 diabetes is a lifestyle disease.
  4. In type 2 diabetes, the body may stop responding to insulin properly.
  5. Being overweight does not increase the risk of type 2 diabetes.
  6. You can develop type 2 diabetes without experiencing obvious symptoms.
  7. Type 2 diabetes increases the risk of cardiovascular disease.
  8. People with diabetes should avoid sugary food and drink.
  9. Type 2 diabetes always requires medication.
  10. Gestational diabetes goes away after pregnancy.

Click Here For Answers

Source 1, Source 2