Life Insurance

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Life Insurance in New Zealand: Protect Your Family and Business

Ensure your Protection for your family or business remains financially secure if the unexpected happens. Life insurance provides a safety net, giving you peace of mind that your loved ones or business may be covered financially in your absence.

What Is Life Insurance?

Life insurance, also called life cover, is a policy that typically pays a lump sum to your beneficiaries if you pass away or are diagnosed with a terminal illness. It may help your family or business cover expenses, maintain their lifestyle, and meet future financial goals.

Why You Need Personal Life Insurance?

Having life cover allows you to live stress-free, knowing your family’s financial security is protected. Key areas life insurance can cover include:

Mortgage/Debt Protection

Can help cover your mortgage repayments in the event of your death or illness depending on the cover amount.

Funeral Costs

Cover the cost of funerals in New Zealand, which typically range from $12,000 to $15,000.

Income Replacement/ Lifestyle Maintenance

Provides funds to manage day-to-day living expenses in your absence.

Terminal Illness Support

Access an early life claim if diagnosed with a terminal illness to support yourself and your family.

Legacy Planning

Leave a financial inheritance for your family, even if your current savings are limited.

Built-In Benefits of Life Insurance

These features typically come standard with most life insurance policies, at no extra cost often without affecting the amount of premiums:

Funeral Support

Provides an immediate lump-sum payment after death to help the family cover funeral and related costs.

Parents Grieving Benefit

Pays a support amount if the insured loses a child, helping cover time off work and emotional recovery needs.

Special Events Increase Option

Allows you to increase your life cover without medical questions when certain major life events occur (e.g., marriage, new baby, buying a home).

Financial and Legal Advice Benefit

Contributes towards the cost of getting professional financial or legal advice after a claim is paid.

Counselling Benefit

Covers or reimburses the cost of counselling services for emotional support following a major life event or claim.

Premium Holiday Option

Lets you temporarily stop paying premiums for a period without losing your cover, subject to policy conditions.

Premium Structures for Life cover

Rate to Age

Starts lower but increases annually. Ideal for short-term coverage, such as a business loan

Level Term

Premiums remain fixed until a selected age (Common structures: 10 years, 65, 80, 100). Suitable for long-term protection and legacy planning.

Hybrid Structure

Combines Rate to Age and Level Term for a balanced, cost-effective approach.

Key Things to Consider Before Choosing Life Insurance

Worldwide Coverage

Ensure your policy remains valid if you move abroad.

Policy Exclusions

Be aware of exclusions, such as suicide or self-harm within the first 13 months.

Financial Strength of Insurer

Choose insurers with high ratings for reliability. Check ratings with Standard & Poor’s or A.M. Best.

Built-In and Optional Benefits

Compare policies to ensure coverage matches available options.

Medical and Financial Disclosure

Full disclosure is crucial to avoid claim declines.

Policy Ownership and Will

Properly assign ownership and include your policy in your will to prevent disputes.

Connect with us now for an expert Insurance Advise

Why Choose Global Finance?

Tailored Protection for What Matters Most

Life insurance isn’t just about money — it’s about protecting your loved ones. At Global Finance, we partner with New Zealand’s top insurers to obtain cover that suits your health, goals, and family needs — ensuring financial protections are in place when it matters most.

Expert Guidance on the Right Cover

Our advisers simplify complex choices like level vs. stepped premiums or accelerated vs. standalone cover. We compare multiple insurers to help you balance affordability, stability, and protection — so you pay only for what truly matters.

Valuable Benefits & Flexibility

As your life evolves, it is important to review whether your insurance cover remains suitable for your needs. Many insurance policies may offer features such as future insurability options, early terminal illness benefits, or the ability to link covers such as trauma or cancer upgrades. The availability and terms of these features vary between insurers and policies.

End-to-End Claim Support

During difficult times, we aim to support you and your family by assisting with the claims process where possible. From helping with disclosure and ownership structure at the outset to providing guidance during a claim, Global Finance works to facilitate clear communication with the insurer and provide support throughout the process.

Frequently Asked Questions

The amount depends on your financial situation, including income, debts, mortgage, education costs, and future financial goals. Global Finance advisers can help calculate the right level of cover for your needs.

Insurance policies may include a Future Insurability Option which may allow you to increase your cover at certain times, such as policy anniversaries without requiring further medical evidence. The availability and conditions of this feature vary depending on the insurer and policy terms.

Premiums are based on factors such as your age, health, occupation, lifestyle, and the amount and type of cover you choose. Policies can be structured as Rate to Age, Level Term, or Hybrid depending on your needs.

Many policies offer worldwide coverage, but it’s important to confirm this with your insurer, especially if you plan to move or travel abroad.

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