Some things you, maybe, didn’t know about life insurance:
Life cover costs DON’T have to go up every year.
You could save, literally, hundreds of thousands of dollars over the period you need cover.
If you buy life cover that goes up in price every year, you will probably cancel it before you need it and lose all you have paid.You need to read this IF:
- you already have yearly increasing life cover (often also called renewable or stepped). It may not be too late to review it all or, at least, consider converting a portion of it to level premium to help keep your cover affordable for your future.
- you don’t have life insurance yet. A combination of some stepped and level premium cover is likely to be the more appropriate course to meet both your short and long term needs for life cover.
Everyone needs life insurance at some point in their lives. Usually, it’s when you are buying a house or taking on some other big debt or when you are starting a family. Once you have it you, generally, keep it or get more of it. Mortgages get bigger, more children come along, you want them to have a good education or you want their life style to stay the same. All things which need paying for if you are not around.
A few years later and your monthly life insurance costs have kept going up and up, you begin to find it unaffordable.
So you cancel the policy. All those years paying premiums for nothing.
There is an alternative. And it will give you the most chance of having the cover still in place when you do need it.
With Level Premium life insurance, the monthly cost is fixed for the term of the cover. It is available from NZ’s major life insurance companies but is often overlooked as part of the advice options. If you have life cover, did your financial adviser show you the comparisons?
Get in touch and find out all the options so you can make an informed decision.
Or call me on 09 377 0797, text on 027 940 0142 or email firstname.lastname@example.org