Unfortunately, there isn’t a “best” or “one-size-fits-all” policy. The right policy for you will depend on various factors, including your objectives, budget, personal circumstances, financial situation, and lifestyle.

The least expensive insurance policy may not always be the best choice. You should also evaluate projected premium increases over the next decade and compare exclusions, benefits, and coverage levels across all policies. We can provide a report comparing the present market Life insurance policies for your information free of charge.

A number of factors impact the premiums you’ll pay for life insurance, such as your age, gender, whether you smoke or vape, any history of illness, involvement in hazardous pastimes, and the level of insurance coverage you choose.

The need for life insurance varies based on individual circumstances. Would your family be financially stable if you could no longer provide for them? If you have dependents such as a spouse or young children, and financial responsibilities like a mortgage, educational expenses, or personal debts, life insurance can help safeguard your family’s financial future. It ensures that significant life milestones can still be reached even in your absence.

No, your partner must undergo their own underwriting process. If joint coverage is available, you can add your partner to your policy (as an owner of the policy), but to gain cover for them they will need to submit their details and complete the application questions separately for the application to be processed.

No, your partner may apply for coverage and include you as a co-owner or owner of the policy if joint coverage is available. However, you will still need to verify your details and complete the application questions separately for the application to be processed.

Many modern life insurance policies provide an advance payment while your claim is being processed. This advance can help cover immediate expenses, such as funeral costs and other urgent financial needs.

Your premium is influenced by several factors, including your health and lifestyle, age, smoking status, gender, hazardous hobbies, and the amount of coverage you choose

You have several options for how often your premiums are reviewed. At the end of each review period, your premiums will be recalculated based on your coverage amount, age-related changes, and any updates to your insurer’s rates or relevant laws. Your premiums will also change if you adjust your coverage. Generally, you can choose to have your premiums reviewed yearly, every 5 years, every 10 years, or at specific ages (65, 70, 80, or 100). If reviewed yearly, this is called “Rate for Age.” Choosing a set period, known as “Levelled,” means premiums remain unchanged until the end of that period. You can also choose a mix of the two to suit your needs. Your adviser will work with you to help you choose the best premium review period or mix to suit your needs.

The type of policy you select influences how your premiums are calculated. Life insurance premiums can be categorized as Stepped, Level, or a combination of both. To determine the optimal structure for your needs, consult with your adviser.

Stepped premium policies increase on the annual anniversary of your policy. As you age, your premiums will rise, and your insured amount may also increase to keep pace with inflation (this adjustment is known as “indexation”). These factors contribute to higher premium costs. You do have the option to decline the annual indexation of the insured amount, which would result in a smaller premium increase.

In contrast, Level premium policies are designed to remain consistent each year until a predetermined age or term (such as 5, 10 years, or until age 65, 70, 75, 80, or 100). Premiums for Level policies will only change if you alter your coverage or when the level term concludes.

Indexation means your coverage amount is adjusted each year to reflect inflation. For example, if your policy covers $100,000 and the inflation rate is 3% that year, your coverage would increase to $103,000. This process ensures that your coverage remains adequate as the cost of living rises. You have the option to opt out of this annual increase if you wish.

Yes, you are. No matter where you travel, the purpose of your trip, or the duration of your stay, you will remain covered. This ensures that you are protected even if you choose to leave New Zealand for travel or work abroad.

You can apply to adjust your coverage level at any time. However, if you wish to increase your coverage or add optional benefits such as total and permanent disability or Trauma cover, some policies may require you to answer additional health and lifestyle questions to determine eligibility. Any changes to your coverage will be reflected in your premium payments.

Yes, most life insurance policies provide a beneficiary nomination form. You can use this form to designate the individual(s) who will receive the funds when you pass away.

Typically, medical examinations or blood tests are not required. However, if you are asked to undergo either, there will be no cost to you. Most insurers offer a Health Screening Service, where a registered nurse can visit you at your home or office at a convenient time.

Yes, life insurance policies offer joint cover, so you and your partner can get covered in one policy. Some policies even allow an option to add your children (subject to eligibility) to the same policy, so the whole family can be covered.

Insurance premiums are determined by the type and level of coverage you choose, as well as your insurability risk. Insurers assess your risk based on the probability of you passing away or becoming seriously ill. Higher risks result in higher premiums. Key factors considered when evaluating life insurance risk include your age, gender, health, lifestyle, and smoking status.

When you request a quote, it is based on the initial information you provide. Once you submit your details to the underwriters online, they might ask more detailed health and lifestyle questions to assess your risk factors. Depending on your responses, certain aspects of your health and lifestyle may be deemed higher risk by the insurer, which could result in an increase in the original quoted price.

Smokers and vapers pay higher premiums than non-smokers. The good news is that if you quit smoking or vaping, your insurer will reduce the cost of your insurance. Once you have been smoke-free or vape-free for 12 months, you qualify as a “non-smoker” in the eyes of insurers.

Given that everyone’s situation is unique, an adviser can assess your specific needs and provide research to explain why they recommend one insurance policy over others. They can also compare your current insurance coverage to ensure you are getting the best protection for the premiums you pay. Advisers are independent, allowing them to choose from various providers to best serve their clients’ interests. They are licensed by the government, have met educational standards, and participate in ongoing education to maintain their license. Their work is also regularly audited to ensure compliance with these standards.

An exclusion, sometimes referred to as a special provision or term, is an event that is not covered by your insurance policy. In New Zealand, most standard life insurance policies exclude coverage for intentional self-harm, including suicide or attempted suicide, within the first 13 months of the policy.

Additionally, if you have disclosed existing health conditions or engage in risky lifestyle activities during your application, a loading might be applied to your premiums. This could also mean that any death or terminal illness related to these conditions or activities may be excluded from coverage. It’s important to review your insurance contract (also known as a policy schedule or certificate of insurance) to understand the specific exclusions and what is not covered by your policy.

You, your beneficiary, or your legal representative will need to call or write to your insurer (the contact details will be included in the Product Disclosure Statement of your policy), also your adviser can assist you. You’ll be sent a claim form to complete and return back to them, along with proof the insured event took place. Your insurer may also ask your doctor (if applicable) to fill out a form. If you want to make a claim on your policy, you should do so as soon as possible.

If you choose to pay your premiums annually, you will receive a discount on the total benefit cost (excluding the policy fee). When selecting a payment frequency—whether fortnightly, monthly, or yearly—an adviser can calculate and show you the cost differences between these options.

You have the flexibility to change the ownership of your policy or convert it to a joint policy whenever you wish. This change requires the consent of all existing and new policy owners. For example, you can modify the policy ownership from just yourself to include joint ownership with your partner. An adviser can guide you through completing the Change of Ownership form.

You are not obligated to notify anyone, and it will not impact your coverage. However, if you are diagnosed with a terminal illness or a specified terminal condition, you can apply for an early payment of up to 100% of your life cover. In such a case, you would need to contact your adviser or inform your insurance company about your condition to apply for and receive this benefit.