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Life Insurance
If you suddenly died "tomorrow" - what would that mean for those left behind? This is an important question that those with loved ones need to consider regularly. The cost for life insurance is often minimal.
What does it do?
Life insurance provides funds, usually significant funds, on the death of the insured, or on the diagnosis of a terminal illness and death likely within 1 year. In most cases, funds are paid as a lump sum, but there are options to have funds paid to the beneficiary in regular monthly payments. For many people, Life Insurance forms the base of their overall insurance plan. Generally covers suicide after 13 months.
Why have it?
Many people will die in New Zealand tomorrow. You could be one of them. Death can often happen to people of all ages who are not expecting it from accident or sickness. People who have others who financially depend on them often take out life insurance to provide for the needs of others, take care of debts, and provide an easier financial future for loved ones left behind. Also for funeral costs.
Options
- Life Insurance is generally pretty straight forward.
- You can keep your policy in place until death.
- There is Accident only life insurance - cheaper rate
- Automatic Inflation Adjusted cover
- Plans to just cover your Funeral Costs
- Covers on Children aged 10 years and older
- Covers for Business Partners or Key People
Premiums
Life insurance premiums are based on: Age, Male/Female, Health history, Smoker/Non-smoker, and Pastimes. Most people take out Term Life Cover, with increasing premiums as you get older, but there are Level Premium options, with premiums that stay the same for a number of years - even to Age 80, but premiums do start higher. Many get good cover for a fraction of the cost of a cup of coffee per day. It is considered wise to review your life cover every 2-3 years.