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Why reviewing your policy annually can save you stress (and money)

Many people treat life insurance as a set-and-forget product, but that’s a mistake. Life changes constantly, and your coverage should reflect that. An annual review of your policy helps ensure your insurance still meets your needs.Here’s why it matters:Your income may have increasedYou might have paid off debt or taken on new responsibilitiesYou may have added dependents or experienced a lossNew products or riders may now be availableYour health may have improved, qualifying you for better r...

Life Insurance for a stay at home parent: Why it matters

Stay-at-home parents are the backbone of many families. From cooking and cleaning to childcare and emotional support, they provide services that would be incredibly costly to replace. Yet, many overlook life insurance for non-working partners.If a stay-at-home parent were to pass away unexpectedly, the surviving parent might need to pay for daycare, hire help, or reduce work hours. This could have a significant financial impact. Life insurance ensures the family can maintain stability during a d...

How major life changes affect your insurance needs

Life is full of big moments — and each one can change your financial picture. It’s important to review your life insurance policy regularly, especially after milestones such as:Getting married or entering a long-term partnershipHaving a baby or adopting a childBuying a home or taking on major debtStarting a businessGetting divorced or separatedExperiencing a significant income changeEach of these events can impact your coverage needs. For example, if your family grows, you may need more cove...

What happens when you make a claim?

Understanding the claim process is essential to ensuring your loved ones feel supported when it matters most. Fortunately, life insurance claims in New Zealand are generally straightforward.Here’s what the process typically looks like:Notification: The insurer is notified of the policyholder’s passing.Documentation: The beneficiary submits a claim form, along with a death certificate and other supporting documents.Assessment: The insurer reviews the claim. If the policy is valid and premiums...

Top 5 Myths of Life Insurance in New Zealand

Life insurance can be surrounded by confusion, and myths often prevent people from making informed decisions. Let's bust some of the most common misconceptions:Myth 1: Life insurance is too expensive.Truth: Many policies cost less than your daily coffee. Starting young helps you lock in low premiums.Myth 2: Only the main income earner needs coverage.Truth: If a stay-at-home parent passes away, the cost to replace childcare, transportation, and household help can be significant.Myth 3: I already ...

How much Life Insurance do I really need?

Figuring out how much life insurance to get can feel overwhelming. It involves thinking through uncomfortable scenarios and trying to plan for an unpredictable future. But it doesn't have to be complicated.Start by considering your current income and expenses. A popular rule of thumb is to aim for 10 to 15 times your annual income. However, more accurate coverage calculations include:Existing debts (mortgage, personal loans, credit cards)Living expenses for your dependentsChildcare or education ...

Life Insurance vs Mortgage Protection - What's the Difference?

It’s easy to confuse life insurance with mortgage protection, especially since both offer financial support in the event of illness or death. However, understanding the difference is key to making the right choice for your situation.Mortgage protection insurance is usually linked directly to your mortgage. If you pass away or can’t work due to serious illness or injury, the policy will pay off the outstanding loan balance. While this ensures your home stays in the family, the payout typicall...

Why Life Insurance is not just for the Elderly

Life insurance is often thought of as something to consider later in life, perhaps when retirement is on the horizon. But in truth, getting life insurance when you're young and healthy can be one of the most financially savvy moves you can make. Premiums are typically much lower the younger you are, which means locking in a policy early can save you thousands over time.Younger adults may not think they need life insurance because they don’t have dependents yet. However, if you have any financi...