Is Life Insurance Worth It in NZ?

Is Life Insurance Worth It in NZ?

Life insurance is not a requirement in New Zealand, nor is it necessarily needed for all Kiwis. However, many New Zealanders are choosing to invest in life insurance for the peace of mind that their families will be looked after financially if something were to happen to them. 

Here are the top 3 reasons why many Kiwis believe that life insurance is worth it. 

Life Insurance Gives You Peace of Mind

If you were to suddenly pass away, or fall terminally ill, would your children and family be okay financially? This is the question that Kiwis need to be asking themselves regularly in the current economic climate. If you have children, or other family members such as a spouse, or grandparent who depend on your income to pay bills such as a mortgage, rent, and other utilities, you may want to consider life insurance. It gives you the peace of mind that your family will be okay if something were to happen to you. 

Life Insurance Protects your Children’s Home 

If you have children who depend on you to care for them financially, such as the mortgage or rent, you can ensure they will be protected in the event of something happening to you. It’ll mean that your kids would not be forced to uproot from their home in an already difficult situation. The adults charged with looking after them will also have a bit of security as they take on the responsibility of caring for them. If you pass away, your family can claim your life insurance, and the provider will pay out the amount insured to the policy owner, typically either in a lump sum, or monthly payments. This money can help pay the mortgage or rent bills so that your children don’t have to worry about losing their home when they are already grieving your loss. 

You Don’t Want to Burden your Family

If you don’t want to burden your family with bills and debt in the event of the sudden loss of your income, life insurance will be worth it for you! If your family suddenly lost your source of income, would they be able to easily pay for your bills and clear your credit card and loan debts? If the answer is no, you will want to consider investing in life insurance. Remember, life insurance means you are paying a small amount of money to ensure that your family will not have to take on the burden of your bills and debt if you suddenly lose your life, nor will they have to return to work while they are trying to care for you while you’re sick or while mourning your loss. 

Don’t Know Which Life Insurance Policy is Right for You? No Worries!

Here at Money Compare, we are all about making sure you have all the knowledge available to you so that you can make the most informed choice on something as important as life insurance. We have partnered with the insurance brokers at the Insurance Department, who are leaders in the industry. Have a free chat with one of them and request a free quote from them within seconds! Make a fully informed choice and protect your family and peace of mind. 

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What Type of Life Insurance Do I Need?

Don’t Forget to Compare

It is vital that you take the time to compare the different life insurance policies and providers on the market. Not every policy is made the same. By comparing what is out there, you can find the best deal and get the most value for your money. Invest in protecting your family and having peace of mind. 

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Further Reading: 

Do I Need Life Insurance?

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Tuesday, 5 March 2024