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Life Assurance : Life cover ,disablement etc.

Life Assurance : Life cover ,disablement etc.

Old Dec 5th 2014, 2:28 am
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Default Life Assurance : Life cover ,disablement etc.

I'm sure some of you must have this.

Any recommendations please?

Mr BEVS is currently covered through Sovereign but I think maybe I should be shopping around.
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Old Dec 5th 2014, 7:40 am
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Default Re: Life Assurance : Life cover ,disablement etc.

It is my understanding that some types of super funds come with Life cover etc. I know mine does. You can't be too careful at your age...
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Old Dec 5th 2014, 11:28 pm
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Default Re: Life Assurance : Life cover ,disablement etc.

Originally Posted by bearskin View Post
It is my understanding that some types of super funds come with Life cover etc. I know mine does. You can't be too careful at your age...


My age is immaterial.

His age on the other hand, is younger than my age.
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Old Dec 6th 2014, 6:38 pm
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Default Re: Life Assurance : Life cover ,disablement etc.

I've just started looking in to this myself last week. I've just received a quote from Partners Life for Income protection, Trauma, Life, TPD and Medical. Yeah it's not cheap - a few hundred dollars a month for me and my partner! Ouch!
I've not taken out the policy yet, I need to think about whether it's worth it, so keen to hear anyone elses thoughts too.
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Old Dec 7th 2014, 12:31 am
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Default Re: Life Assurance : Life cover ,disablement etc.

It's nigh on impossible to compare with one another as it will vary according to age, circumstances and amount of $$s you need to cover. If he's covered by a pension scheme then that's usually part of the deal and you don't pay separately for it - it's usually 'free' as part of the scheme providing a lumpsum of X amount times your salary and enough for the dependent to get by on for a while.

I have always been rather averse to any other sort of life insurance, as we don't have any dependents and neither of us entirely reliant on the other to pay the mortgage payments and living costs. There's enough money in the house if sold to pay off mortgage and for the other to downsize when one of us karks it - we both have a hotch potch of pension history but absolutely no idea what likely retirement income will be. Besides, I don't feel inclined to be providing himself with an income should I die.

I just did a quoty thing here and the cost are way too scary to even contemplate: Health Insurance Quotes, Life Insurance Quotes NZ - Insure Me
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Old Dec 7th 2014, 9:36 am
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Default Re: Life Assurance : Life cover ,disablement etc.

We can't afford life insurance either, we'll just irresponsibly wing it and hope for the best ... we did both have drop dead insurance for a while but decided that if either of us died we would want to the sell our property and downsize anyhows .
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Old Dec 7th 2014, 9:33 pm
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Default Re: Life Assurance : Life cover ,disablement etc.

He is not covered by any sort of pension scheme. He is a trade plumber working for a firm.

We are reliant on his income . If he becomes seriously ill or disabled -remembering he works in the trades - then we/I would need enough to survive . The same if he died . I would need enough for income to survive until I could sort out the affairs & thereafter.

Yes, downsizing is part of the options however residual equity from that might not be enough to cover living and household expenditure. In this area there is no certainty I would be able to find work to cover that.

Currently we no longer have the hotch potch of past pension schemes. We brought that lot over a while ago under qrops. Since then those monies have been frozen twice due to shonky practice and we were hit for the retrospective taxation. Some of that money is still not available to us.
No - we aren't risk takers. We peg at very low risk.

We haven't the usual Kiwi rental as a superannuation fund either.
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Old Dec 8th 2014, 1:45 am
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Default Re: Life Assurance : Life cover ,disablement etc.

I've got life and mortgage protection insurance from Sovereign, probably not the cheapest; but I was more concerned with their financial rating when I choose them.
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Old Dec 8th 2014, 9:23 pm
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Default Re: Life Assurance : Life cover ,disablement etc.

I found life insurance to be a very personal conversation in the end and understandably so may as well be honest about it so no one is left in hole.

So I spoke to an insurance adviser who was actually bloody helpful in detailing the ins and outs, the do's and do not's, etc.

Sure, they sell a little bit on fear but in my opinion they answered questions much better than calling the companies direct and speaking to someone on the phone. A much more consultative approach, I suppose.

They'll also assist you down the line when/if you need to make a claim, which is useful.

I used a chap from Edge Insurances, but I know a couple of chaps, mates of mates of mates who have their own insurance advisory and brokerage - Haven Advisers.


As for costs, it's understandible. But I think something is better than nothing. Especially if you have kids. I really struggled with the idea of my wife having to try and sell a house whilst trying to carry on with "normal" life for the kid if I was gone. If the mortgage was covered, that would give a lot of breathing space.

Equally, if my wife was the one to go I could perhaps rent the place out and go back to the UK for a bit and consider my options without worrying about selling in a hurry. I could even leave it empty in this instance.

In basic terms, if I or my wife carks it or is so ill that working is impossible the insurance company will pay out to cover our mortgage.

Each situation is different of course according to age, how much cover and what's being covered, etc.

All told, we pay about $80 a month and we would get $330k if something really bad happens to one of us.

Last edited by TommyLuck; Dec 8th 2014 at 9:36 pm.
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