Here are our answers to some of our most common questions. They’re designed to give you general information about Seniors Term Life Insurance, but they don’t replace your Policy Documents. 

Refer to the Policy Document or contact us on 0800 400 2900800 400 290 if you have any questions about your policy.

General Frequently Asked Questions

Is life insurance and asset?

In general, life insurance policies in New Zealand are not regarded as an asset and do not have an investment or savings component. Seek advice from a Financial Advice Provider for more details.

Why do we need life insurance?

Life insurance provides financial assistance to help take care of your family in the event of you passing away. This could include paying medical expenses, funeral costs, paying off any outstanding debts or loans, relocating or downsizing your home, or whatever else you believe is best for you and your loved ones.

Life insurance can also provide financial support if you’re diagnosed with a terminal illness (usually defined as being given 12 or 24 months or less to live depending on the policy), allowing you to focus on spending time with loved ones rather than worrying about paying your bills. Learn more about the benefits of life insurance.

How much cover is provided in the average life insurance policy?

Each insurance provider will have different amounts of cover offered in their policies that you can apply for. With Seniors Term Life Insurance, you can choose a cover amount that suits you and your family’s needs, from $10,000 up to $100,000 in increments of $5,000, for a term of 20 years or until age 85, whichever comes first.

This means you can rest easy knowing that an agreed amount of money will be paid to you or your nominated beneficiaries when you (or they) need it most. This can give you an added feeling of security for you and your family as you get older and your financial circumstances change. Learn more about Seniors Term Life Insurance.

Can I transfer my life insurance policy to another person?

You can cancel your own policy at any time you wish, however transfer of a policy’s ownership can only be done to a jointly insured person on the policy under certain circumstances.

If you cancel your policy, you need to apply for a new policy so you can be assessed again by your new insurer to make sure they can offer you cover. For this reason, it can be best that you don’t cancel your existing policy until after the new policy has commenced. Always compare the features and benefits of your existing policy to the features and benefits of the proposed policy, and be aware that normal exclusions and waiting periods may apply.

How do life insurance policies work?

Your insurer will agree to cover you until you reach a certain age or for a set period of time, which is referred to as the Term. During this period of time, if you were to pass away or suffer a terminal illness, you or your nominated beneficiaries will receive a lump sum payment to assist with any bills, which could include medical bills, a mortgage, funeral costs or other essential payments. Learn more about how life insurance works.

Is life insurance tax deductible?

While a life insurance payout will usually be tax free for New Zealanders, it is important to note that premiums are not tax deductible in most cases. Always seek qualified professional advice about the tax implications of any insurance product as tax laws vary and may change in future.

How can I reduce my life insurance premiums?

There are many factors that impact the cost of your policy. Staying healthy and avoiding things such as smoking can lower your premium with some providers. Compare policies before buying, and only choose options that you need as this will help lower your premium.

Does smoking void a life insurance policy?

You typically won’t be denied life insurance if you are a smoker, but it could increase the cost of your cover.

Who can buy life insurance?

Any NZ resident aged 45 - 79 can apply for Seniors Term Life Insurance. Learn more about life insurance for seniors.

How to buy life insurance?

Applying for Seniors Term Life Insurance can be done easily, without any complicated paperwork. There are no medicals or blood tests required to apply, just answer eight questions about your health over the phone, and you could be covered today. Learn more about life insurance for seniors.

Can I get life insurance?

If you’re a NZ resident aged 45 - 79 you can apply for cover Seniors Term Life Insurance today by calling 0800 493 0110800 493 011.

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How can we help?

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speak to one of our friendly insurance specialists now