Life insurance can give you real peace of mind – knowing your family won’t need to struggle financially, should you no longer be here. If you have loved ones who depend on you financially or could be left with financial commitments if you die, then life insurance can be an important way to help protect them. In this article, we explore who might benefit from taking out life insurance in New Zealand. You’ll find some valuable information to help you decide if it’s right for you.
What is Life Insurance?
Life Insurance is an insurance policy that provides a cash lump sum payment to your chosen loved ones after you die. They can use it to help cover the costs of any debts, a mortgage or simply for everyday living expenses.
At Golden Insurance, we offer Golden Life Insurance to New Zealand residents aged 40-80. This cover can help provide financial support for your loved ones after you’re gone. Depending on your age and personal circumstances, you can apply for up to $250,0001 of cover. This could be used for costs like mortgage payments, outstanding debts or even just as a gift for loved ones.
With Golden Life Insurance in place, enjoy peace of mind today, knowing you’re helping make a brighter future for your loved ones.
Who should consider taking out Life Insurance in New Zealand?
Here are some examples of why you might consider taking out life insurance
You’re a parent
Whether your children are still young or grown up, we understand you always want to help protect them. Life insurance can give you a way to help protect them financially when you’re gone. If your children are young, your cover could help pay the mortgage and the cost of their education. And if they’re older, it could make all the difference to them having that financial help.
You have little savings
Perhaps you haven’t been able to put much money aside for the future yet? If that’s the case, life insurance can be a practical choice. It could be a way of ensuring your loved ones won't have to struggle or go into debt to cover your outstanding financial commitments.
You’re the primary breadwinner, or have a single-income household
If you’re the main breadwinner of the family, or if you have a single-income household, then life insurance can be very important. It can help ensure financial security for your loved ones if you die. It can provide a safety net by replacing lost income, helping cover day-to-day expenses, and assisting with future costs such as mortgage repayments, debts and final expenses. This can ease the financial burden on your family during an already difficult time.
You want to help pay for your funeral
If you're concerned about making sure your loved ones don’t shoulder the cost of your funeral alone, then life insurance may be something to consider. Life insurance can be a useful way to help cover funeral and end-of-life expenses. It’s no surprise that funerals can be expensive and without life insurance in place, these costs could fall on family members during an already emotional and stressful time. Taking out a policy could be a simple way to get some peace of mind, knowing your final wishes can be carried out without placing additional strain on the ones you love. It’s worth noting however, that a claim would likely not be paid in time for the funeral. You may have to pay upfront. But loved ones should receive the money to replace the costs, as soon as possible.
How do I know if I need life insurance?
Deciding whether or not you need life insurance depends on your own personal circumstances and needs. Here are some of the things you may want to consider before deciding on a policy…
Financial Situation
What is your financial situation? If you already have substantial savings set aside to help your loved ones after you’re gone, life insurance may be less important. However, if you lack these funds, life insurance can provide a simple way to help provide financial support for your loved ones.
Family Needs
Have you considered how your death may affect your loved ones? If you think it could cause them financial strain and additional stress at an already difficult time, then you may want to consider life insurance. It can be hugely reassuring for everyone.
Existing Cover
Do you already have some existing life cover? If you already have a comprehensive life insurance policy, you might not want to take out another. However, if your current cover is limited, considering additional life insurance options and policies could help fill the gaps.
Specific Funeral Wishes
If you have an exact idea of the send-off you’d like and you want to ensure your wishes are honoured, life insurance could help. It could provide a way of covering the costs, so your loved ones don’t shoulder the expenses alone.
Covering the cost of a funeral can be especially worrying for loved ones who feel they have certain cultural and community expectations to uphold. Life cover can help ensure they can afford to give you the appropriate send-off. This can be hugely reassuring for those closest to you.
Age
The older we get, the more we start to think about protecting the ones we love and making sure they’re financially secure after we’ve passed. It’s important to consider if now may be the right time to take out a policy.
Generally speaking, the younger you are when you apply, the lower your premiums will be to begin with. And due to changes in health as we get older, it may even become harder to get any cover at all. So, it can make sense to start your cover sooner rather than later.
Choosing the Right Life Insurance Plan
Selecting the right life insurance plan is essential to ensure your needs and budget are met. Before purchasing a policy, consider the following factors…
Cover Amount
How much money do you need to cover your final expenses and your loved ones’ ongoing day to day living costs? Consider things like inflation and any additional expenses you may have, such as outstanding debts. With Golden Life Insurance, you could leave your loved ones up to $250,0001, depending on your age and personal circumstances when you apply.
Premiums
You’ll want to choose a policy you can afford now and in the future. Shop around to find a policy that fits your budget. With Golden Life Insurance you can pay when it suits you best – you can choose between fortnightly or monthly payments, at no extra cost. And if you're a non-smoker you'll enjoy lower premiums.2
Waiting Period
Life insurance policies often have a waiting period, when full cover may not be available. Be aware of this waiting period and its terms. However, if you choose Golden Life Insurance, you could be covered from day one3 for death and terminal illness4 - so you can get on with enjoying your golden years today.
Specific Terms and Conditions
Ensure you understand the policy’s exclusions and limitations. Be aware of any circumstances when the policy might not pay out. Before deciding to purchase any insurance product, you should read the relevant Policy Document.
Why Choose Golden Life Insurance?
Golden Insurance was born to meet the needs of New Zealand residents aged 40-80 who want to keep helping their loved ones financially, even after they’re gone. Whether your children have grown up but still live at home, or are starting families of their own, they never stop needing your support.
We take pride in our straightforward application process and our friendly team of specialists are always ready to help. If you choose Golden Insurance you can enjoy the peace of mind that comes with a company that’s part of a global group whose brands have…
- over half a million customers worldwide
- ‘Excellent’ Trustpilot ratings.5
With Golden Life Insurance in place, you can enjoy your golden years right now, knowing you’re helping make a brighter future for your loved ones.