Have you been searching for the best term life insurance companies? You are not alone! Everyone has questions about term life insurance companies. And they often have questions about how a term life insurance policy works.
Best term life insurance companies
Here’s the truth about term life insurance. Term Life Insurance in NZ has replaced the old-style policies like ‘Endowment’ and ‘Whole of Life’, these policies were used to build up a cash value over time, but now days we have Kiwisaver to build a long-term cash fund.
Term Life Cover has no cash value, but provides valuable cover for those concerned about the loss of a loved one. Term Life offers various premium options, typically people take a ‘rate for age’ or ‘annually increasing premium’ because this is the lowest priced premium at the beginning, however premiums increase each year with age so can end up very high in the long run.
The other option is fixed premiums, where the premium remains the same for an agreed length of time, such as fixed premium to age 65, or age 80 and some go to age 100.
Term Life insurance will pay out a lump sum if the person insured dies, it can be due to sickness or disease, or an accident. It will even pay out before someone dies in the event that they are diagnosed with a Terminal Illness and the medical professionals say they have less then 12 months to live.
Term Life can be used for anything, but it’s a good idea to get advice from us on the amount your Term Life Cover should pay out, you need to think about things like….
– Do you want to leave your loved ones debt free ?
– Will your family need money to survive financially without you ?
– Do you need to allow funds to help with raising your children ?
– Will your partner manage during retirement without your income ?
The premiums for Term Life Cover are based on certain factors:
• How old are you?
• Do you smoke, drink?
• Your height and weight
• What area do you live in?
• Do you have health conditions?
Term life insurance is simple, basic protection and it’s affordable, but offerings from various insurance companies can differ. So how do you find the best term life policy that offers the protection you need at a price you can afford?
Compare rates between different insurance companies
Since rates change from company to company, it’s important to choose an affordable term life insurance that is reliable and will pay quickly in the event of the death of the insured. Monthly payments should be affordable so they’ll fit in your budget. But premiums should also be sustainable, and a fixed premium can be a good long-term option.
How to get the best life insurance policy?
If you’d like to compare the rates and cover of some of New Zealand’s leading insurance providers, Ease Insurance can help. You can easily compare rates and other details. We help you find the best term life insurance companies. Our website is designed to make it easy to compare and choose from the best insurance products and solutions from more than one insurance company.
Ease Insurance lets you compare Term Life Insurance from up to 6 major Insurance companies in NZ. Get in touch with us today if you have questions or would like to learn more.