How life insurance works
When you are covered by a life insurance policy, your provider will pay a lump-sum benefit to your loved ones in the event of your passing, or to you if you were to become terminally ill.
This money can be used to help your family cover things such as everyday living costs, any outstanding debt, or final costs such as funeral or estate fees.
Each policy has different terms of cover, so always make sure you read the relevant Policy Document to ensure the product suits your needs. Before purchasing life insurance, learn about:
- What's covered and what's excluded under the policy
- What information is needed by your potential insurer
- Information on your premiums and how they may change over time
- Any waiting periods before you can make a claim
- How to make a claim
Life insurance for seniors generally works just like any other age group, but there can be benefits to choosing a policy that is designed specifically for older Kiwis. Seniors Life Insurance is available to New Zealanders aged 45 - 79, and you don't need to take a blood test or fill out any complicated paperwork to apply. Just answer eight questions about your health over the phone and – once approved – you can rest assured knowing that you and your loved ones are protected until you turn 85.