Lejamez

Hey guys,

A wee question regarding Life Insurance - the only life insurance we have is connected to our mortgage and when we pay off the mortgage we (probably) wont have life insurance. Should I try and keep our life insurance or forget it and start a fresh in NZ - if I'm starting afresh will I be able to take out a policy before we arrive or will I have to risk bring uninsured till I can arrange it in NZ.

Any help guidance would be appreciated as I'm getting bogged down with having to think about all things money related

Laura

Reylan

Hi There, we have decided to keep our current life assurance (after checking with the company that it would still be valid in NZ). The main reason being, we took it out about 20+ years ago so we are considerably older now and it would be more expensive.

florabundi

Hi, it's worth checking with your current mortgage lender. Although a lot of policies are sold to protect your mortgage, it might be that yours are stand alone products which you should be able to continue. As long as the cover is valid in NZ, that might be you cheapest option. If you decide to do that ~ do check that the level of cover stays the same or increases over the term as some policies were designed to reduce the amount of cover in relation to your reducing mortgage balance.

Browner_

It sounds like you have a simple low cost life insurance policy underwritten sometime ago, in which case you are almost certainly better off keeping it.
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