Death is one of the few certainties in life along with taxes, inflation, and the certainty that insurance premiums will rise every year. But one life insurance product is bucking the trend. In this months blog we look at how.
Premiums typically go up with your age
Life insurance premiums go up in price each year based on your age, and they can jump a lot as you get into your 50's, 60's and beyond. This can mean having to cancel or lower your life insurance at a time in your life you feel you need it the most.
Life insurance premiums that stay the same each year until you are 100 years old.
You have options to level the premiums so they stay the same each year until you are 50, 65, 80 and even 100 years old. This is great for making sure you will always be able to afford the cover you have in place and budgeting for a period in your life when you know you will need life insurance. Most companies will let you take your current life cover and lock in the premiums so you do not have to apply for more or different cover.
Whats the catch?
Setting up a level premium life cover policy is the same as applying for any life insurance policy, you can do that with us at any time. We can also transfer your current policy to a locked in policy very easily. Initially the premiums are higher than traditional stepped cover but they stay the same each year and it works out in your favor in the long run. Ask us for a quote today.
Can I have some stepped life insurance and some where the premiums are locked in?
Absolutely, this is a great way to make sure you have the correct amount of cover in place for now and then also make sure you can still afford some as you get older. Ask us to put together some options for you.
Email or call us to ask about your options and what is best for you.
reagan@nzadvicegroup.co.nz
0800 230 235