Affordable Funeral
Affordable New zealand Life Insurance Policy
A NZ life insurance policy provides life insurance coverage for a specified time period and at a specified premium, or payment amount. Whether you have child life insurance or senior life insurance, if the policy is specified as being a “term” policy, it expires once the insured individual reaches a certain age. Once the individual has passed the agreed upon age and the life insurance policy has expired, no pay out is required.
Good reasons to have Life Insurance include covering mortgage debt, providing money to raise dependent children, funeral expenses and providing day to day living expenses for any family members left behind.
There are numerous NZ Life Insurers. We deal with Sovereign Insurance, Tower Life and Health, OnePath, Fidelity Life, AIA Life, AXA, Partners Life and AMP. All are financially strong and provide excellent product and service levels.
There are other types of Life Insurance in New Zealand outside of Term Insurance. These include Permanent Life Insurance, Whole of Life Insurance, Universal Life Insurance and Endowment Life Insurance.
Permanent life insurance is a life insurance policy that remains in existence until the policy get matured and pays out. The life insurance policy cannot be canceled for any of the reason, except application fraud. Permanent life insurance builds value as the policy holder makes their premium payments. As this happens the risk and expenses for the insurer reduces over time. There are three types of permanent life insurance policies: Whole life, Universal and Endowment.
Whole life insurance provides for a level premium, and a cash value table specified in the policy guaranteed by the life insurance company. The main advantages of whole life insurance are guaranteed cash value, death benefits and fixed annual premiums. Also, expense charges and mortality charges will not decrease the cash value of life insurance policy. A disadvantage of whole life can be that the internal rate of return cannot be competitive with other savings alternatives.
Universal life insurance includes a cash account. Premiums increase the cash account. Interest is paid within the policy on the account at a rate specified by the life insurance provider. Administrative costs and mortality charges are then charged against the cash account. The surrender value of a policy is the amount remaining in cash account, less the applicable surrender charges, if any.
Endowments are policies in which the cash value built up inside the life insurance policy is equal to the death benefit at a certain age. The age this commences is known as the endowment age. Endowments are substantially more expensive than whole life insurance or universal life insurance because the period of premium payment is shortened and the endowment date is earlier.
Accidental death is a limited life insurance policy. Accidental policy is designed to cover the insured in the event of death due to an accident. Accidental death insurance has certain stipulations, and does not typically cover death resulting from suicide or health problems. Because this insurance only covers accidental death, this type of policy is much less expensive than other NZ life insurance.
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John Hill, President of Angelus Funeral Home
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