Life Insurance

Are you expecting Life-Changing events like the birth of a baby, marriage, purchase of a house, just to name a few? Then it might be the right time to think and talk about Life Insurance.

Life Insurance provides financial security and peace of mind that your loved ones will be financially looked after in the event life throws a curve-ball at you and things just do not work out as planned.

At the time you set up life Insurance, you agree to a sum, an amount of cover, that is paid out if you die or become terminally ill.

 

With life cover you are paying for a promise, choosing the right Insurance provider to be their for your family is important and you need to get it right. - so contact us to steer you in the right direction.

When do I get the money from my Life Insurance?

Life Insurance pays the Sum Insured in two scenarios:

  1. You are terminally ill, different policies define this differently but most say if a specialist doctor gives you a life expectancy of less than 12 months.

  2. In the event of your death.

 

Are there differences in Life Insurance that I have to be mindful about?

 

There are many differences between different policies and until we have sat down with you to determine what you need its hard to say what type of cover would be best for you.

 

 

What are premiums and how do they work?

 

Premiums are the cost you pay for having the protection.

Are there different types of cover?

There are two main types life cover available in the market today, Term Life Insurance and Level Life:

Term Life Insurance

  1. This cover is meant to be cost-effective over the short term while you have liabilities
    such as, young children or debt.

  2. Premiums are calculated based on your age, gender and smoker status.
    You become a higher risk as you grow older and your premiums reflect this.

Level Life Insurance

  1. Level Life cover is meant for the long term.

  2. Level Life gives you certainty about your premiums as they will not increase.

  3. The term of the policy can vary.

 

Which one is best?

Often it can be beneficial to put in place a combination of the two, this ensures you are protected for both short and long term, however it depends on your specific personal circumstances.

 

Which provider should I put my cover with?

When it comes to choosing the Insurance provider, it comes down to a range of factors: price, policy rating and the company’s financial standing (you want to be sure they don’t go bankrupt before it comes to claim time). We can help you find the right option and the right level of cover for you.

 

How does life cover makes a difference?

One example that we wish to share:

One of our advisers, Bob Lockwood, died only two months after he was diagnosed with pancreatic cancer. He was the bloke you would say would outlive all of us as he was fit as can be, frequently running, swimming, sailing, loving the outdoors and eating health-consciously with regular portions of fruit, nuts and oats. It hit us all totally unexpected and he is greatly missed by everyone, especially his wife and children.

Bob's Life Cover was paid out early due to doctors giving him a life expectancy of less than 12 months and so him and his wife could take off work immediately and spend quality time together. Financial responsibilities like groceries, power, water, etc. were paid from the life cover pay-out and it removed so much pressure from Bob knowing he had taken care of the ones he loved.

Bob's son Rowan is continuing his dad’s legacy and he will be more than happy to help you select the best Insurance for your personal circumstances.

 

Why do ​bank's often require you to have life cover?

When you purchase a new house, your bank will often ask you to take life cover for at least the amount of your mortgage and can require it to be in place for the length of the mortgage. The bank uses this as a security that the mortgage will be paid by your life insurance in the event of your passing. You don't need to buy it from the bank though, we can help you secure better value cover in most circumstances.

What if I already have Life Insurance?

Please get in touch, even if you already have life insurance but you are, unsure if you have the most suitable cover for your personal circumstances [best cover for the best price] or if you are wanting to increase your existing Life cover due to tidal changes.

Whatever your query is, our team of specialised advisers will be happy to assist with all your Insurance needs. 

Don't delay it - contact us today! We look forward to assisting you achieve a safer future!

Tel: 0800 161 831

E: info@genesisadvice.co.nz

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Building 4, 195 Main Highway,

Ellerslie,

Auckland.