Term Life Insurance NZ
Term life insurance is a type of policy that provides coverage for a certain period of time. This means that your beneficiaries will only be paid the sum insured if you’re diagnosed with a terminal illness, or if you pass away, during the specified time period. It also offers its own built-in benefits, such as funeral cover and financial advice, in order to help you sort out any unfinished business.
Your premiums are determined based on the value of your policy, or the payout amount when you first purchase your policy. Your age, gender, and health all factor into the total cost, and in some cases, a medical exam is required. The cash benefit that your beneficiaries receive is non-taxable and can be used to pay off personal or mortgage debt. Of course, term life insurance in NZ is renewable, though your premiums will be recalculated based on your age at the time of renewal.
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Here at glimp, we’ve compiled a list of term life insurance policies from NZ’s leading insurance providers, allowing you to compare options in your own time! You can easily find your preferred deal in just minutes when you use our comparison tool.
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Having a difficult time honing in on a term life insurance policy that works for you? You’re not alone! With so many great companies out there offering competitive deals, many Kiwis find it hard to choose and often end up spending several minutes poring through all the details.
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Term life insurance FAQ
What is covered in a term life insurance policy?
This policy is designed to provide financial aid to your beneficiaries in the event of your passing. Depending on your policy, you may only have enough to cover immediate expenses like funeral costs, however, any surplus can be used to help with debts and mortgages.
Is term life insurance taxable?
It’s generally not taxable if you’ve named a real person as a beneficiary. However, there are some scenarios where it could be taxed. For example, naming your estate as a beneficiary would make it subject to taxes. Always seek advice if you have further questions about this.
When is the best time to purchase term life insurance?
Despite being a safety net in the untimely event of your passing, it’s actually advisable to purchase term life insurance early, as the costs do increase with age. Ultimately, you can buy life insurance at any stage of your life, although it’s best to do so before developing any severe health challenges.