261 Morrin Road, St Johns, Auckland 1072
Life insurance
INSURANCE BEENFITS
New Zealand Life Insurance
Why you need life insurance?
Life insurance, a common type of coverage in New Zealand, secures financial protection for families in the event of the policyholder's death, be it due to accident, illness, or natural causes. The insured agrees with the insurer on a predetermined sum, such as $1 million, which is paid to designated beneficiaries, not for the insured's own use but as a responsibility towards their loved ones and family. This ensures that even in absence, one can provide for their family's future.
For more detailed insights on life insurance and its importance, consider consulting a financial advisor or exploring insurance providers' resources in New Zealand.
Life is invaluable for a person or family.
Life doesn’t always go to plan. Life insurance could compensate the loss of a person's death, from a financial perspective.
A lump-sum claim will be paid out, if the insured person unfortunately pass away. This amount of payment can be used for any purpose, including but not limited to family mortgage, living expenses, children's education.
We will give you suitable life insurance proposal and quotation from our strong product providers, including,
AIA | Chubb | Partners Life
INSURANCE BEENFITS
Why we need life insurance:
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Discussing life and death can be uncomfortable for many, especially within the Chinese community where cultural norms often lead to avoiding such topics. Yet, in New Zealand, addressing the inevitable becomes essential.
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Life insurance isn't for the individual it insures but serves as a safeguard for the family's future. Imagine a scenario where the primary earner of a family unexpectedly passes away, leaving behind not just emotional turmoil but a financial void challenging to fill. Or consider someone responsible for significant loans; their untimely demise could transfer this financial burden onto family members. And what about children who are yet to stand on their own? Isn't it the responsibility of the parents to ensure they are protected financially?
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These considerations underline the crucial role of life insurance in providing a financial safety net for families, ensuring that the well-being of loved ones is secured in the face of life's uncertainties.
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Repayment of liabilities, such as mortgage, busisness loan
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To cover family living espenses
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To cover dependents' alimony and education cost
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A compensation to your families and people you love
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Even a part of legacy
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In a conclusion, you should plan you life insurance based on your situations and needs.
Determining Life Insurance Coverage
1. Assess Financial Risks
When deciding on the amount of coverage, it's essential to evaluate your potential financial risks. For instance, if someone has a mortgage of $800,000, the coverage should ideally encompass this debt. Similarly, estimating the annual household expenses and considering a coverage that secures 10-20 years of these expenses can be a wise approach. However, for a tailored advice that fits your unique situation, consulting with a regulated insurance advisor is recommended.
2. Consider Your Premium Budget
Certainly, not everyone selects their coverage solely based on financial risks, as the budget for premiums plays a critical role too. In reality, many people balance their risk and budget to decide on their plan. The expenditure on life insurance should also align with the family's financial situation.
How to Choose a Life Insurance Premium Payment Plan?
1.Rate for each
Renewable premiums mean that the cost is recalculated annually based on the insured's age and factors like inflation rates. This premium model tends to be more affordable in the early stages and while the insured is young. However, as one reaches middle age, the annual increase in premiums can become significantly steeper.
2. Level Premiums
If you're planning on long-term coverage from the start, you might opt for a premium that doesn't increase with age over a certain period, known as Level premiums. For instance, a Level 10 plan means the premium won't rise for ten years; Level to age 80 implies premiums stay consistent until you turn 80. Initially, this model is pricier, but over the long run, it becomes considerably more cost-effective, especially after entering middle age.
Chubb
1. Catering to Your Needs
Chubb offers a diverse range of products tailored for individuals, families, or businesses, ensuring comprehensive protection. We steer clear of one-size-fits-all insurance plans; instead, our independent financial advisors deliver personalized recommendations that align precisely with your unique needs
2. Efficient and Straightforward Coverage
Chubb is dedicated to offering simple and affordable protection, especially through our Level Premium options that ensure greater value for policyholders. We extend a Lifetime Reward of a 10% premium discount to eligible healthy individuals.
3.Global Insurance Company
Chubb Group, a global insurance powerhouse, boasts a 200-year heritage. With operations in 54 countries and territories, our portfolio includes life insurance, fire insurance, commercial insurance, general insurance, and reinsurance. Among the world's largest publicly traded insurance companies, we have assets exceeding $200 billion.
4.Solid Financial Rating
Choosing an insurance company is selecting a long-term, trustworthy partner. Chubb Life boasts an "A" financial rating from the international rating agency A.M. Best. This rating demonstrates Chubb's robust strength and instills confidence in policyholders.
AIA
1.Deeply Rooted and Highly Favored
Since its establishment in New Zealand in 1981, AIA has become the largest life insurance company locally, acquiring the well-known insurance enterprise Sovereign. AIA serves over 800,000 policyholders in New Zealand, meaning 1 in every 5 individuals is an AIA customer.
2.Leading a Healthy and Fulfilling Life
AIA champions a healthy, long, and fulfilling lifestyle through the exclusive Vitality wellness program. Policyholders can earn premium discounts, enjoy perks in New Zealand, and even win an Apple Watch by participating in various health activities.
3.Robust Strength, Global Leadership
AIA operates across 18 countries/regions in the Asia-Pacific, including Australia, New Zealand, Greater China, Singapore, Korea, and more, truly embodying a global insurance giant. Consistently ranked as the world's largest life insurance company, AIA stands far ahead in the industry with 41 million individual policies and 17 million group policies, totaling a business value of over $2 trillion.
4.Solid Financial Strength
Selecting an insurance company also means choosing a reliable partner. AIA New Zealand boasts the highest financial rating in the market, “AA”. Last year, it led the New Zealand market with a total claims payout of NZ$646 million and a claim acceptance rate of 93%.
Partners Life
1.Deeply Rooted and Highly Favored
Born and bred in New Zealand (joining Dai-ichi Life Group in 2022), Partners Life thoroughly understands Kiwi needs and enjoys widespread favor, serving 300,000 Kiwi clients. It has also acquired the life insurance business of BNZ Bank, becoming one of the few enterprises in New Zealand valued at $1 billion.
2.Member of a Global Insurance Titan
Partners Life belongs to the Dai-ichi Life Group, a giant that started its journey in 1902 and extends its services across Asia-Pacific, Australia, New Zealand, North America, and Europe. With assets totaling $439.2 billion as of 2022, it ranks among the world’s Fortune 500 companies, positioned at 167th in 2022.
3.Exceptional Terms and Mechanisms
Partners Life exhibits ingenuity in its policy conditions, with its medical insurance terms leading the market. It also offers loyalty discounts, product term protections, and guarantees for product upgrades.
4.Strong Financial Capacity
Selecting an insurance company is also about choosing a long-term, trustworthy partner. Partners Life is distinguished by an “A” financial rating from the international rating agency A.M. Best, showcasing its robust strength and instilling confidence in policyholders.
WE ALWAYS HELP
FAQs
? At what age should you get life insurance?
There is no specific age, this would depend on your
- personal situations and needs
- family situations
- financial responsibilities.
- and more
? Is life insurance affordable for elder people?
The answer cann't be "Yes or No", this is a very personal question. Please get your personal advice, however we shoud in a consideration of many factors, include but not limited to,
- Premium type, rate for age or level
- Sum insured
- Indexation
- and more
? Can I buy more than one life insurance?
Yes, of course. In the field of insurance, person's life is invaluable. You could buy several policies in one company, you could also buy several policies from different insurance companies. However, you are also subject to the insurance company's underwriting requirements. Please disclose your existing covers when you buy another policy.
? How much of the sum insured I can take?
In the field of insurance, person's life is invaluable. Theoretically, you could buy life insurance with any sum insured, such as $1M, $2M etc. However, the higher sum insured, the higher premium. Meanwhile, the insurance company will also need more information for underwriting. In a conclusion, you should choose your sum insured based on your personal siutations and needs.
? Will life insurance cover hazardous sports?
On a case-by-case basis, you should disclose any hazardous sports when you do insurance application, such as skiing, racing, diving, skydiving, rock climbing and so on. The insurance company will give your underwriting result based on the details you provide. It may cover your activity; it may cover your activity with higher premium or special endorsement; it may not cover the death which is related to this acticity.
? Is life insurance worldwide covered?
Yes, the life insurnaces we provide are worldwide covered!
