Many Kiwis choose to invest in life insurance. Anything can happen to us at any given time. Life insurance gives Kiwis the peace of mind that, if they suddenly passed away, their loved ones will be financially protected.
Some providers are offering great deals right now. So, if you have been considering taking out a life insurance policy, or changing to a better deal, now is the best time.
Life insurance is a type of insurance that pays out a lump sump of money if you pass away or are diagnosed as terminally ill. This lump sum will be paid out to the “policy owner” and it is designed to cover mortgage repayments, rent, and other bills so that your family doesn’t have the financial burden when they are grieving you.
Remember, it’s important to carefully consider how much life insurance you’ll need. It’s also a good idea to have regular check-ins to ensure that you have the right amount of coverage as life goes on. If you have significant life changes such as having another child or becoming a first time home owner, it would be a good idea to revisit your policy to make sure you have the right coverage. Our friends at The Insurance Department can help with that!
If you are still considering whether it’s worth it, here are the top 3 reasons why you should invest in life insurance.
1. Protect your Children
If you have children that rely on you financially, you should consider life insurance. Could your children pay your bills such as your mortgage or rent if something happened to you? Life insurance is an invaluable investment for parents, providing peace of mind that your children will be financially protected if you passed away suddenly. Life insurance will protect them from being uprooted from their home following your passing.
If your life insurance policy needs to be claimed, your provider will pay out the lump sum of money (the amount insured) to the policy owner, which can be used to help pay for the mortgage or rent so that your children don’t have to suddenly move out of their home on top of losing you. Life insurance also ensures that the person you have entrusted to care for your children will have some financial security to provide for them.
2. Peace of Mind
Life insurance is a truly invaluable investment, especially in this current economic climate. Providing Kiwis who have dependents and debt peace of mind that their loved ones will be financially protected, and won’t have to take on the burden of paying your bills.
Ask yourself, could your dependents (children or family that rely on you financially) easily pay your bills if you became terminally ill or passed away? If the answer is no, you should invest in life insurance. That peace of mind is truly priceless!
3. Income Replacement
Life insurance acts as an income replacement for your dependents when it matters most—if you become terminally ill or pass away. If your income suddenly disappeared, would you be comfortable with your family having to pay your bills such as your credit card debt or personal loans?
If you are suddenly unable to work anymore, life insurance can ensure that your bills are taken care of and that your family doesn’t have to worry about finding a replacement for your income. Life insurance means that the person who looks after your children, in the event of your passing, can afford childcare including school fees and medical bills, and pay off your debts.
Find the right deal and don’t pay more than you need to!
Right now, some insurance providers are offering some great life insurance deals. If you are ready to invest in life insurance, or want to review your current policy, it’s a good idea to see if you can get a deal. Our friends at The Insurance Department can help you assess the deals and policies to find the right one for you.
- Enjoy one month's free premium with AIA, when you take out any eligible trauma, health or life insurance before 30 June.
- Enjoy up to 2 months free premium with Chubb Life on any eligible life insurance policy until end of March 2026, and a range of other features and benefits such as ongoing discounts for good health and multi-policy discounts.
Here at Money Compare, we are all about helping Kiwis make better choices with their hard earned money, including finding the right life insurance policy for their unique needs and budget. That is why we have partnered with The Insurance Department, a team of leading insurance advisors, who can help you find the right policy and insurance provider for you.
Simply click the button below and enter in just a few details so that a qualified insurance advisor can get in contact with you. Offering free and tailored advice, The Insurance Department will help you find the right fit for your life insurance policy so that you can unlock that precious peace of mind, and ensure that your loved ones will be financially taken care of when it matters most.
