5 Tips When Shopping For A Life Insurance Policy

The problem with any life insurance policy, is that those who need it most don’t have anything. Or in some cases they have minimal cover or claim they can’t get it due to their health.

Of course it’s distressing as an insurance adviser or a family friend to learn how few people with young kids have life insurance or any insurance especially mortgage protection insurance which is the one insurance policy designed to protect your family and keep you family home for your family.

Who Needs A Life Insurance  Policy?

provide certainty for your familyThe main income earner should always have life insurance

Is Using A Life Insurance Calculator The Right Thing To Do?

They say in life only two things are certainties – death and taxes.

You do not need a life insurance calculator to tell you that!

Is A Life Insurance Calculator Needed?

Statistics tells us that in 2013 there were 29,568 deaths registered in New Zealand.

When you look at the statistics in more detail we can tell you that people between the age of 35-40 make up 1% of those deaths while people aged 55-60 make up almost 5%. Of course most of the population these days lives beyond 80-years old, but if you were to die at an earlier age you want to know that your family is going to be okay financially.

But I Already Have Life Cover!

Most banks and insurance companies will calculate how much life insurance I need based on how much debt you have,

Is Using A Life Insurance Calculator The Right Thing To Do?

They say in life only two things are certainties – death and taxes.

You do not need a life insurance calculator to tell you that!

Is A Life Insurance Calculator Needed?

Statistics tells us that in 2013 there were 29,568 deaths registered in New Zealand.

When you look at the statistics in more detail we can tell you that people between the age of 35-40 make up 1% of those deaths while people aged 55-60 make up almost 5%. Of course most of the population these days lives beyond 80-years old, but if you were to die at an earlier age you want to know that your family is going to be okay financially.

But I Already Have Life Cover!

Most banks and insurance companies will calculate how much life insurance I need based on how much debt you have,

Why Banks Sell You Mortgage Cover

Have you ever wondered why banks sell you mortgage cover?

You Have Just Got A Mortgage

You have just gone through the process of getting a mortgage so that you can buy your new home and while you are exited and grateful to have been approved for the home loan, you are now being asked about mortgage cover.

It seems like a good idea… but do you really need the mortgage cover that the bank are suggesting?

Did You Want A Mortgage?

Of course you did not want a mortgage, but you did want the new home!

House 4

Unfortunately for most people a new home does not come without a home loan.

Include Life Insurance Cover In Your Mortgage Protection Plans

If you have a family or a mortgage should consider taking out life insurance cover to protect your loved ones should you die.

life insurance cover

In exchange for a relatively small insurance premium, a lump sum (the sum assured as specified in your life insurance policy) is paid out in the event of the death of the person insured. In most life insurance policies this would also be paid if that person becomes terminally ill.

What Does Life Insurance Cover?

Life insurance cover can cover the costs of your  mortgage (and other debts), the funeral expenses, and the living costs for the surviving family members.

Pay Off Your Mortg