What are the benefits of life insurance?

Life insurance acts as a financial buffer, allowing you or your loved ones to cover immediate bills if you were to become terminally ill or pass away.

According to a recent study, 54% of Kiwis have inadequate cover. With the average life expectancy in New Zealand now at 82 years, it’s never too late to look into life insurance to help protect the things that matter most to you.

Whether it’s helping your adult whānau get a financial head start or maintaining the comfortable lifestyle that you’ve worked so hard for, life insurance can give you the peace of mind you need to focus on the more important things in life.

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Everything you need to know about life insurance

Key benefits of life insurance

Losing a loved one can have a significant impact on your family’s ability to maintain the lifestyle they’re used to. With Seniors Term Life Insurance, you can help protect your family’s financial future with a lump sum payout if you pass away or become terminally ill within the policy term.

Once the benefit is paid to you or your family, the money can be spent however it’s needed. So it can go towards things such as a mortgage, medical bills, funeral costs or legal fees, and help your loved ones have a secure financial future after you pass away.

Peace of mind

Your life insurance benefit can be used to cover mortgage payments, outstanding loan or credit card balances, and other expenses that arise after you pass away or are diagnosed with a terminal illness. This can give much needed peace of mind to your loved ones in a difficult time.

Financial assistance in the event of terminal illness

A terminal illness diagnosis often comes with a number of costs associated with palliative care, medications and specialists.

If your doctor diagnoses you with a terminal illness, a life insurance payout can help make sure your family won’t struggle financially while dealing with their grief. You can choose to use the money to pay your medical costs, or prepare any final arrangements ahead of time and make things easier for your loved ones.

Flexibility

When you take out life insurance, there are a number of product options to choose from, such as single or joint cover, payment frequency, and the amount of cover, giving you flexibility to tailor your policy to your specific needs.

No tax on life insurance payouts

A life insurance payout is usually tax free in New Zealand. That means that if you were to pass away or suffer a terminal illness, any money you or your loved ones receive as part of your payout can be put towards your expenses or bills without having to pay taxes on it.

You should seek the assistance of a tax expert for advice on your personal situation, but under current New Zealand taxation law, you or loved ones aren’t required to declare the lump sum payment as income received from a life insurance payout, since it isn’t subject to income tax.

Reduce debt

According to the Reserve Bank, household debt in New Zealand increased to 168.60 percent of gross income in 2021, which means Kiwis are servicing nearly two-thirds more debt than their pre-tax income.

Whether it’s a car loan, credit card or the cost of a recent home renovation, life insurance can help make sure your family doesn’t face financial struggles after your death due to any outstanding debts.

To discuss how life insurance might benefit you and your loved ones, call one of our friendly team members for a personalised quote today.

Life insurance tailored for over 50s

Many insurance providers make it difficult for older Kiwis to get affordable life insurance, but with Seniors Term Life Insurance, you can rest assured that once you are approved your family will be protected with an award-winning product designed specifically for people aged between 45–79.

New Zealand Seniors was launched to meet the specific needs of the over 50s market. We place our customers at the heart of everything we do, providing affordable products and services that are simple to understand and use so everyone from hard-working over 50s to self-funded retirees take control of the things that matter most to them.

With Seniors Term Life Insurance, you don’t need to take any medical assessments or blood tests to apply, and there’s no complicated paperwork. Just answer eight simple questions about your health over the phone, and you could be covered in minutes.

At New Zealand Seniors, we’re dedicated to understanding older Kiwis so we can provide the best possible insurance for their needs. Talk to the over 50s insurance specialists now, and enjoy the peace of mind that comes with knowing your family’s finances will be protected after you’re gone.

Protect the people that mean the most to you

What is the main purpose of life insurance

How would your family cope if you were to pass away unexpectedly? Most Kiwis take out cover for big things like their home, car or health, but what about their most precious asset of all – your own life?

The main purpose of life insurance is to provide a way to help your family cope financially if you were no longer able to provide for them. Having this kind of cover means your loved ones won’t be left with the financial stress of how to pay for funeral costs, everyday bills and any outstanding debts, or have to deal with a loss of income.

How can New Zealand Seniors help?

With New Zealand Seniors, you can tailor your policy to suit your individual needs and budget. Choose the level of cover you need, and rest assured knowing you’re backed by a respected and award-winning insurer.

Benefits of choosing Seniors Term Life Insurance

Flexible cover amount that suits you

Choose how much you or your family will receive if you pass away or become terminally ill. You can set a benefit amount from $10,000 up to $100,000.

Easy to apply with no medicals

Simply answer eight questions about your medical history over the phone. Once approved, you can get covered in minutes.

Immediate cover

Once your policy is set up, you’ll be covered straight away for death by any cause, and for terminal illness (excluding suicide for the first 13 months).

20% advance payout to cover funeral costs

When your family makes a claim, we’ll give them 20% of the benefit amount in advance, so they won’t have to worry about the cost of your funeral or other immediate expenses.

Triple payout for accidental death

Your family’s benefit amount will be tripled if you pass away from an accident, helping with any last-minute expenses they might face.

Your own personal claims specialist

If you or your family need to make a claim, we’ll assign you a dedicated claims specialist to look after everything. No need to explain things to multiple people.

We’ll keep your premiums manageable

Unlike some life insurance policies, your annual premium increase won’t be based on your age which will help with budgeting later in life. Plus, we offer lower starting premiums for non-smokers.

Cover for when you need it most

We know that the older you get, the more you have to protect. That’s why our cover is designed for people aged 45 to 79, protecting you and your family for the next 20 years or until you turn 85 – whichever comes first.

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How to get life insurance

If you’re a New Zealand resident aged 45 to 79, the process is quite simple:

  1. 1 Request a quote

    Answer eight questions about your health and we’ll get you a quote in minutes.

  2. 2 Choose your cover

    Tailor your policy and choose the level of cover you need.

  3. 3 Get covered

    Rest easy knowing the people you care about most are in safe hands.

Need more help deciding?

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Everything you need to know about life insurance

How can we help?

To find out more about New Zealand Seniors,
speak to one of our friendly insurance specialists now