Life insurance is an important type of insurance that can help provide financial protection for loved ones in the event of the policyholder’s death. In New Zealand, there are a range of traditional benefits associated with having a life insurance policy, as well as a variety of options for additional types of cover that are available to you in the insurance marketplace.
Traditional Benefits of Life Insurance in New Zealand:
The traditional benefits for Kiwis of having a life insurance policy include providing financial security for loved ones, paying for final expenses and covering outstanding debts. If the policyholder were to die, the life insurance payout (in the amount you choose when you take out your policy) could be used to provide financial support for their family, cover the costs of their funeral or other final expenses, and pay off any debts that may still be outstanding.
Life insurance policies can also be used to ensure the future financial security of dependents, such as children or a spouse. If the policyholder were to pass away, the life insurance payout could be used to cover future expenses such as education costs, mortgage payments, or other living expenses that the dependents may incur. Thus, if you are the primary breadwinner of your household, life insurance can ensure those who depend on you the most will be covered.
Other Options for Risk Insurance in the New Zealand Insurance Marketplace:
In addition to the traditional benefits of life insurance, there are a number of options for benefits that are available in the New Zealand insurance marketplace. These benefits can be added to a life insurance policy for additional coverage, and can include things like:
- Critical Illness Cover: This benefit provides a payout if the policyholder is diagnosed with a critical illness, such as cancer or heart disease. The payout can be used to cover medical expenses or other costs associated with the illness.
- Total and Permanent Disability Cover: This benefit provides a payout if the policyholder becomes totally and permanently disabled and is unable to work. The payout can be used to cover living expenses or other costs associated with the disability.
- Trauma Cover: This benefit provides a payout if the policyholder experiences a traumatic event, such as a heart attack or stroke. The payout can be used to cover medical expenses or other costs associated with the trauma.
- Income Protection Cover: This benefit provides a regular income if the policyholder is unable to work due to illness or injury. The income can be used to cover living expenses or other costs associated with the disability.
These additional benefits can be added to a life insurance policy for additional coverage or can be arranged separately, and can provide added peace of mind and financial security for policyholders and their loved ones.
Conclusion
Life insurance is a key type of insurance that can help provide financial protection for loved ones in the event of the policyholder’s death. Whether you are looking for basic coverage or additional benefits to provide additional financial protection, there is a life insurance policy that can meet your needs. We specialise in taking your specific circumstances and needs into account and tailoring you a policy at the best available price that gives you everything you need and nothing you don’t. Contact us anytime (contact form is below) for a free, no obligation chat and take advantage of our team’s decades of experience providing security to everyday Kiwis just like you.