How times have changed, these days you can choose from a wide assortment of NZ Life Insurance contracts irrespective of how old you are, but 'under the hood' they are basically the same. Nonetheless you need to consider that getting life insurance quotes can be arduous and making sense of them can sometimes be tricky; ask for help and advice from a qualified source as you don't want to discover at the time of claim that you aren't covered because of a specific blanket exclusion that applied to your policy. At the end of the day if you want the best result for you and your family then you need to be informed so that you can make the best decision.
NZ Life Insurance contracts are very long term commitments, as a matter of fact, they will in all reality probably be the longest type of commitment you will ever make. In fact, it is such a long term commitment that it will almost certainly run longer than any mortgage you will have. This is because unless you find a far superior insurance policy that will provide you with your desired coverage at a lower cost, you will almost certainly be better off to stick with the kind of insurance policy you already have.
Also, another point to keep in mind when you have a life insurance or a NZ Health Insurance plan is that if you reduce your coverage amount and then decide later on to increase it again then almost all the insurance companies will require you to be re-underwritten (a fancy term for re-assessing your risk profile) and therefore will have the right to either defer or increase the cost of this additional coverage, and sometimes well above the amount that you originally paid for it.
It's a no-brainer that as your age increases the price of your Life or NZ Health Insurance will also increase, as will the probability that the insurance company will place exclusions and/or premium loadings onto any new policies purchased at an older age. You will have to live with the increasing costs but by purchasing insurance at an earlier age you may steer clear of the arduous exclusions and additional costs associated with age related conditions.
NZ Life Insurance is an extremely affordable type of insurance relative to other types of insurance contracts on the market, for e.g. A forty year old female in good health who does not smoke can obtain $400,00 worth of Life Insurance for around $1 per day. Not bad when you consider how much it would cost for Trauma Insurance or Income Protection Insurance.
The key differences between most NZ Life Insurance products on the market will exist in the following 'add-on' benefits:
1) Terminal Illness Benefit - pays an amount in advance if you are diagnosed with a terminal illness
2) Bereavement Benefit - pays a portion of the life cover amount upon notification of death to assist with funeral expenses
3) Special Events Increase - allows you to increase your cover without further underwriting when you have a major defined event occur
NZ Life Insurance contracts are very long term commitments, as a matter of fact, they will in all reality probably be the longest type of commitment you will ever make. In fact, it is such a long term commitment that it will almost certainly run longer than any mortgage you will have. This is because unless you find a far superior insurance policy that will provide you with your desired coverage at a lower cost, you will almost certainly be better off to stick with the kind of insurance policy you already have.
Also, another point to keep in mind when you have a life insurance or a NZ Health Insurance plan is that if you reduce your coverage amount and then decide later on to increase it again then almost all the insurance companies will require you to be re-underwritten (a fancy term for re-assessing your risk profile) and therefore will have the right to either defer or increase the cost of this additional coverage, and sometimes well above the amount that you originally paid for it.
It's a no-brainer that as your age increases the price of your Life or NZ Health Insurance will also increase, as will the probability that the insurance company will place exclusions and/or premium loadings onto any new policies purchased at an older age. You will have to live with the increasing costs but by purchasing insurance at an earlier age you may steer clear of the arduous exclusions and additional costs associated with age related conditions.
NZ Life Insurance is an extremely affordable type of insurance relative to other types of insurance contracts on the market, for e.g. A forty year old female in good health who does not smoke can obtain $400,00 worth of Life Insurance for around $1 per day. Not bad when you consider how much it would cost for Trauma Insurance or Income Protection Insurance.
The key differences between most NZ Life Insurance products on the market will exist in the following 'add-on' benefits:
1) Terminal Illness Benefit - pays an amount in advance if you are diagnosed with a terminal illness
2) Bereavement Benefit - pays a portion of the life cover amount upon notification of death to assist with funeral expenses
3) Special Events Increase - allows you to increase your cover without further underwriting when you have a major defined event occur
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