Whole Life Insurance NZ
Whole life insurance is a life insurance policy that covers you for life, without any time period limits. If you feel that a term-based policy is not sufficient to cover for your needs, you may want to consider whole life insurance. Cash value can accumulate over time with this policy, as it features a savings component in addition to its standard coverage. It’s also possible for the policyholder to withdraw or borrow the cash while they are still alive.
Whole life insurance helps beneficiaries cope by issuing payment in the event of the policyholder’s death (as long as they were able to make regular premium payments). Death benefits are based on a set amount at the time of the contract, however the policyholder can have their dividends purchase additional benefits, increasing the total amount paid out.
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If you’re interested in having cover for life, you should opt for a whole life insurance policy. To help you decide on the right provider, glimp has compiled multiple deals for you to choose from in your own time. You can compare offers quickly and easily, without needing to alternate between multiple websites.
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Having a difficult time honing in on a 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.
Fortunately, glimp has already done the hard work and research, in order to narrow down the possibilities and leave you with just the relevant options. Best of all, it’s free to compare!
Simply provide us with a few details about what you need, and our tool will bring up a list of all the providers that match your specifications. Save yourself a significant amount of research time and find all sorts of policies when you compare whole life insurance with glimp.
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Whole life insurance FAQ
What are the benefits of whole life insurance?
Whole life insurance provides cover for the duration of the policyholder’s life, unlike a term policy, which only provides coverage for a set period. Additionally, it allows the policyholder to have a cash value that does grow over time, albeit at a low set rate. Once accumulated though, it can add up over time to a significant amount, so it’s is recommended to take advantage of this benefit.
When is the best time to take out a policy?
As with term life insurance, it’s recommended to take a policy out early, while you don’t have any significant health issues. This important for whole life insurance as well, thanks to the cash value component. Additionally, you may also want to consider taking a policy out after a significant life event such as leaving your job, marriage, or moving to a new place.
What should I keep in mind when taking out a whole life insurance policy?
As with any purchase or investment, there are certain considerations you need to think about prior to taking out a policy. For instance, the cash value benefit may seem appealing, but you shouldn’t make the mistake of relying on it for your retirement savings. It’s recommended to keep these separate, so you don’t end up running the insurance savings too thin and decreasing the payout.
Additionally, you should not forget to name a beneficiary, in order to ensure that your policy remains non-taxable. You should also update your beneficiaries after significant life events (e.g. death or divorce), or else you may run into complications.
Another factor to consider is that you may not need that much coverage for a long time, especially as you grow older and start clearing your debts. Accurately estimate your needs and consult with an insurance expert in order to arrive at a reasonable figure and purchase a policy that works best for you. Look for a company with a trusted credit rating. Take advantage of whole life insurance calculators provided by different insurers. To help you on your search, we have already vetted these providers out for you. Compare whole life insurance providers today using our free and easy to use comparison tool!