Life Cover insurance provides a lump sum payment to your dependants, or other nominated beneficiaries, in the event of your death. Whether it is buying a new house, paying off the mortgage or bank loans, education or retraining, your loved ones will have more choices to help them get on with life.
- Anyone between the ages of 10 & 74 who is either a NZ Citizen or a permanent resident is eligible to apply for life insurance.
- One person every 90 minutes dies from coronary heart disease *
- Cancer is the leading cause of death in New Zealand accounting for 29.4% of all deaths **
- Every day up to eight women will be diagnosed with breast cancer in New Zealand ***
* Source: Heart Foundation
** Source: Ministry of Health 2009
*** Source: The New Zealand Breast Cancer Foundation
What benefits can be included in my Life cover for no additional premium?
Special Events Increase Benefit This is a valuable benefit that recognises your increased needs and financial responsibilities as your life evolves. If you marry, have a child (by birth or adoption), divorce, increase your annual salary, become a full time carer for a dependant, have a child start tertiary education, increase your mortgage, or move house and as a result take out a mortgage, this benefit allows the sum insured under Life Cover to be increased regardless of your state of health.
Terminal Illness Benefit
Being told you have less than a year to live would be devastating. In such a situation you deserve to spend your money on the things that matter to you rather than worrying about bills and expenses. In recognition of this, your life insurance policy will pay the sum insured in advance if you are diagnosed with a terminal illness and your life expectancy is no greater than 12 months.
Bereavement Support Benefit
This benefit will assist with any immediate expenses when a loved one passes, allowing a specified sum of money to be paid out immediately upon notification of death.
What options can I add to my Life Insurance cover?
Inflation Protection Option
If you choose this option your sum insured will automatically be increased at the policy anniversary date by the annual rate of increase in the latest CPI. The premium will be recalculated for the increased sum insured. You will have an opportunity to decline the increase each year. There is no additional premium for this option.
Future Insurability Option
This option allows the sum insured to be increased, regardless of the life insured’s state of health. This could be particularly useful if your health has deteriorated since taking out the original life cover, and it has not been possible to obtain new life cover. An additional premium applies to this option.