Who can have Life Insurance?
Anyone between the ages of 16 & 74 who is either a NZ Citizen or a permanent resident is eligible to apply for life insurance.
Note: If you are in NZ on a work visa and are currently in the process of applying for residency, you may also be eligible.
Why do I need Life Insurance?
Looking after those important to you in the event of your or your partner’s untimely death provides them with the financial stability to cope. It is a wise and practical choice that offers the reassurance that the future financial welfare of your loved ones will be secure.
* Source: Heart Foundation
- 16 New Zealanders die each day, or one person every 90 minutes from coronary heart disease.*
- 1 in 10 women will get breast cancer in their lifetime and a quarter will die from the disease.**
- 53% of female and 42% of male claimants are under 50. 26 years is the age of the youngest claimant.***
** Source: The New Zealand Breast Cancer Foundation
*** Source: TOWER Claim Information
What benefits are included in my Life cover for no additional premium?
Special Events Increase Benefit
This is a valuable benefit that recognises your increased needs and financial responsibilities as your life evolves. If you marry, have a child (by birth or adoption), divorce, increase your mortgage, or move house and as a result take out a mortgage, this benefit allows the sum insured under Life Cover to be increased regardless of your state of health.
Terminal Illness Benefit
Being told you have less than a year to live would be devastating. In such a situation you deserve to spend your money on the things that matter to you rather than worrying about bills and expenses. In recognition of this, our Provider will pay the sum insured in advance if you are diagnosed with a terminal illness and your life expectancy is no greater than 12 months.
Bereavement Support Benefit
We recognise there are immediate expenses associated with the death of a loved one. In order to assist with these expenses, this benefit pays a lump sum of $5,000 in advance immediately upon written notification of the death of a life insured.
What options can I add to my Life Insurance cover?
Inflation Protection Option
If you choose this option your sum insured will automatically be increased at the policy anniversary date by the annual rate of increase in the latest CPI. The premium will be recalculated for the increased sum insured. You will have an opportunity to decline the increase each year. There is no additional premium for this option.
Future Insurability Option
This option allows the sum insured to be increased, regardless of the life insured’s state of health, by up to 20% on every third policy anniversary date. This could be particularly useful if your health has deteriorated since taking out the original life cover, and it has not been possible to obtain new life cover. An additional premium applies to this option.
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