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Expert comparisons of NZ health, life & disability insurance

Life Insurance

Life Insurance is a type of insurance coverage that pays out a lump sum on death. It will cover you for any cause of death covered under the policy such as terminal illness or accidents. It is designed to pay out a lump sum when the insured dies, and most life insurance policies will pay in advance providing you are terminally ill and are expected to pass away soon.
The pain of losing your loved one will never be alleviated by any insurance but life insurance can definitely ease the financial burden your family will bear from your loss. It can be used for settling any debts, leaving an inheritance for the family, covering your children’s education, covering the total loss of the deceased’s income for a period of time, and can definitely help sustain the living expenses of your family members for as long as you need.
Most of the providers have a Terminal Illness Cover built into the life insurance cover automatically. If this is covered, you can get an advance on all, or some of your sum assured if you’re diagnosed and are likely to die within the next 12 months.
Give yourself peace of mind knowing that your family members and loved ones will be looked after in case something happens to you. It’s a gift you can give to yourself and security you can provide to your beneficiaries in case death or a terminal illness crosses your path.

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FAQs

Who can get covered? Anyone who is a New Zealand Citizen or Permanent Resident can get covered.
How much will it cost me to get Life Insurance? The amount of premium depends on several factors: age; gender; smoking status and; sum insured. 
Will it cost me money to get your expert advice and assistance? No. Definitely not. Our expert advice and assistance are free. The price we quote you is exactly what you’ll get when you go directly to the insurer.
Does the quoted premium include GST? Correct, all quotes include GST. Get quotes now!
Will my premiums increase yearly? There are two kinds of insurance you can choose from. Stepped insurance policy will increase your premium as you age but this is the most common choice as you start low with your premiums. In contrast, Level insurance policy does not increase your premium with age, however, the premiums could be higher in the first years already compared to stepped.
How are the benefits paid out? You or your family will receive a lump sum on your death or when you are terminally ill and are expected to pass away soon.
What are my payment options? Most insurers would let you pay through Direct Debit or Credit Cards. There are different payment frequencies available too like weekly, fortnightly, monthly, quarterly, and yearly. Most people choose fortnightly, but you can choose whichever you think suits you best.
When will my cover start? Your cover starts on the date you set.
What is a policy owner? A policy owner, as the word implies, is the owner of the policy who can make decisions and changes to the policy. Along with this is the responsibility to keep the policy in force by paying the premiums. The owner of the policy isn’t necessarily the person insured in the policy. It can be you, then the person insured is your partner. In most cases, people choose joint ownership and both of them are insured as well.
What is indexation? This is an optional feature Life Insurance has. When chosen, your sum insured will adjust based on the inflation rate. For instance, if the inflation rate was 5% and your sum insured was $100,000, then it would increase to $105,000 to keep up with the current cost of living.
What happens if I don’t pay my premiums on time? Usually, insurers will give you time to update your payment details for up to three months. Otherwise, after the said period, your policy will be canceled.
Do I need to provide my health history? Yes, and it is advisable for you to declare every piece of information you are aware of regarding your health history in the application process. Further information may be required from you or your doctor if necessary.
Does my smoking status have an impact on my insurance? Definitely. Those who have smoked within the past 12 months usually get higher premiums. But don’t worry, should you decide to stop smoking, just let us know and we’ll help you lower your premium. Get quotes and compare to get an idea of how much it will be for your current status.
Do insurers offer money-back guarantees? Yes. All of the insurers have a 14-day free look period. Upon receiving your policy document, you have up to 14 calendar days to cancel it and your paid premiums will surely be refunded back to you.
Do I need to update you of the changes in my circumstances? Yes. Please let us know via email anytime so we can update the insurer as well.
How do I file a claim? You can file a claim directly to the insurer or through us, then we will contact the insurer for you. We are also here to help you negotiate the claims you have in case you need any in the future.
Is the benefit payout tax-free? Yes. Life Insurance in New Zealand is not tax assessable.
I’m not satisfied with my existing cover, can you help me look for a better one? Definitely, we are experts in comparing different insurance providers. Just let us know what your existing cover is, and we’ll match it with something better for your circumstances. Talk to an expert now to know your options.
Can I cancel my cover anytime? Yes, you can cancel your cover anytime you think appropriate. However, we strongly recommend that you keep it for your own protection or for your family’s sake.
What if I have other questions or concerns that are not listed here? That’s not a problem. Just chat with us or click here to book a meeting with an expert.

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