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Life insurance doing me noodle!!! Please help!

Life insurance doing me noodle!!! Please help!

Old Jan 25th 2008, 4:52 am
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Default Life insurance doing me noodle!!! Please help!

I bank with ASB and they have been extremely competitive as far as car insurance, contents, building and mortgage rates go. But just one more insurance remains - Life.

They drew me pretty diagrams, we danced around with some figures, and came out with a cost of ~$61 a fortnight.

This seems like a lot. So I punched in the same figures into a few online quoters, and they are suggesting $15 a fortnight. As far as I can see I am asking for the same cover.

So why the hell is it so much more? Their answer is our cover is 'agreed'.

Ok so we dont want to start divulging all our inner financial details, but lets assume you just bought a 5 bed house in Porirua and took out 80% mortgage. How much Life insurance are you paying?
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Old Jan 25th 2008, 6:27 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by dreamfish View Post
I bank with ASB and they have been extremely competitive as far as car insurance, contents, building and mortgage rates go. But just one more insurance remains - Life.

They drew me pretty diagrams, we danced around with some figures, and came out with a cost of ~$61 a fortnight.

This seems like a lot. So I punched in the same figures into a few online quoters, and they are suggesting $15 a fortnight. As far as I can see I am asking for the same cover.

So why the hell is it so much more? Their answer is our cover is 'agreed'.

Ok so we dont want to start divulging all our inner financial details, but lets assume you just bought a 5 bed house in Porirua and took out 80% mortgage. How much Life insurance are you paying?
Well, we've got an 80% mortgage and pay $85.50 a forthnight with Sovereign because our mortgage is with them BUT we bank with ASB. So all I have to say is...... I'm going to call ASB in the morning!
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Old Jan 25th 2008, 6:33 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by Batty View Post
Well, we've got an 80% mortgage and pay $85.50 a forthnight with Sovereign because our mortgage is with them BUT we bank with ASB. So all I have to say is...... I'm going to call ASB in the morning!
this ASB quote was underwritten by Sovereign.

Did you get a really comprehensive - "if you sneeze twice in a year you get a pay out" kinda thing??!!!

i really think we are about to get ripped off. Starting to hear from people with the kinda borrowing we have and they are paying HALF.

ANd get this - check out your Sovereign documents. Does it give you a forecast over ten years??

In year 1 our premium will be $1444 (or something)
In year 10 it will be $3111

Ok, we will be ten years older..... but the mortgage will have been reduced by a third.

So why is the premium going up??! We may have more kids by then - we will be paying more into our life insurance than our mortgage at this rate!!!
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Old Jan 25th 2008, 6:39 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by dreamfish View Post
this ASB quote was underwritten by Sovereign.

Did you get a really comprehensive - "if you sneeze twice in a year you get a pay out" kinda thing??!!!

i really think we are about to get ripped off. Starting to hear from people with the kinda borrowing we have and they are paying HALF.

ANd get this - check out your Sovereign documents. Does it give you a forecast over ten years??

In year 1 our premium will be $1444 (or something)
In year 10 it will be $3111

Ok, we will be ten years older..... but the mortgage will have been reduced by a third.

So why is the premium going up??! We may have more kids by then - we will be paying more into our life insurance than our mortgage at this rate!!!

I'll have to get out the docs but I believe it's index linked so as the cost of living goes up, it does too - I think that's what it means anyway It went up $50 a month this year I hadn't actually thought about it before now - I must investigate - tomorrow
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Old Jan 25th 2008, 6:41 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by Batty View Post
I'll have to get out the docs but I believe it's index linked so as the cost of living goes up, it does too - I think that's what it means anyway It went up $50 a month this year I hadn't actually thought about it before now - I must investigate - tomorrow
that sux ass!!!!
how can they justify a $50 increase?

you can understand why me noodle is , er, noodled!
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Old Jan 25th 2008, 6:50 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by dreamfish View Post
that sux ass!!!!
how can they justify a $50 increase?

you can understand why me noodle is , er, noodled!

I can! Our house & contents was with AON until September last year when we got a letter saying they were increasing their charges due to [sic] the high cost of claims! I got antsy and changed to ASB who were only a few dollars cheaper but it was the principle of the thing - I hadn't claimed from them so why should my insurance go up? yeah, I do know why but all the same!

HOWEVER We're renovating our bathroom and when we pulled the vanity out there had been a slow leak from one of the pipes and the floor was rotten underneath SO, we were going to repair it ourselves but someone said that the insurance might cover it. Many hours of phone calls later they will indeed repair it but wanted us to claim off AON as well because the leak was occurring whilst we were insured with them too Turns out AON don't cover slow leaks (if anyone is still reading this and hasn't lost the will to live - check that your insurance covers things like slow leaks - if you can't see it you don't know it's there!) so ASB are doing the whole thing - get a whole new bathroom floor including the tiles And our excess is only $150
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Old Jan 25th 2008, 7:10 am
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Default Re: Life insurance doing me noodle!!! Please help!

I can't remember how much ours is but only I'm insured as Phil's still officially a visitor. Have been told I can't insure Lauren as she's under 16. I'll check to see how much it is on Tuesday, it's in my work e-mail. I'm insured for, I think, $500K? Far more than it would take to pay off the mortgage, but that's OK.
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Old Jan 25th 2008, 7:51 am
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Default Re: Life insurance doing me noodle!!! Please help!

I got me and Louise insured for $250k each with sovereign for a yearly $490 cost - which is about $19 a fortnight.
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Old Jan 25th 2008, 7:59 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by simonmarkellis View Post
I got me and Louise insured for $250k each with sovereign for a yearly $490 cost - which is about $19 a fortnight.
There's something not quite right here is there? I'm definitely going to investigate tomorrow.
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Old Jan 25th 2008, 8:55 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by simonmarkellis View Post
I got me and Louise insured for $250k each with sovereign for a yearly $490 cost - which is about $19 a fortnight.
I got quoted $25 a fourtnight each (Jac and I) by BNZ today, thats basied $350k each
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Old Jan 25th 2008, 9:02 am
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Default Re: Life insurance doing me noodle!!! Please help!

Put me down for the 'I'm investigating tomorrow ' brigade. We are with ASB. We pay $52.80 per fortnight for just insuring the husband on about $200K only. We are a wee bit older though. Himself is 48. Non-smoker. Very fit. Nice legs ,if a bit short.
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Old Jan 25th 2008, 9:56 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by Maz View Post
Have been told I can't insure Lauren as she's under 16.

I suspect that's because by definition of her age she can't have any dependents and thus doesn't need the insurance. Thus your insurance is actually for her, and Phil. Usually to cover the cost of the mortgage at a minimum in the unfortunate event of the worst happening.

Is corporate life insurance normal in NZ? As in say 3 or 4 x annual salary being paid to a pre-designated beneficiary (spouse usually) by one's employer?
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Old Jan 25th 2008, 10:02 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by uk+kiwi View Post
I suspect that's because by definition of her age she can't have any dependents and thus doesn't need the insurance. Thus your insurance is actually for her, and Phil. Usually to cover the cost of the mortgage at a minimum in the unfortunate event of the worst happening.

Is corporate life insurance normal in NZ? As in say 3 or 4 x annual salary being paid to a pre-designated beneficiary (spouse usually) by one's employer?
ref 'death in service' benefit - i asked this question to *evil* life insurer woman. She said its not sthg all companies do - and quite often you have to have been employed by the company for a few years before you can qualify for it.

so by the sounds of that, its not a done thing - but dont take the word of a thieving insurance sales person
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Old Jan 25th 2008, 10:35 am
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Default Re: Life insurance doing me noodle!!! Please help!

Originally Posted by dreamfish View Post
ref 'death in service' benefit - i asked this question to *evil* life insurer woman. She said its not sthg all companies do - and quite often you have to have been employed by the company for a few years before you can qualify for it.

so by the sounds of that, its not a done thing - but dont take the word of a thieving insurance sales person

Ah thanks. That's a bummer. Thankfully we have the benefit of this cover, although just thinking about it, maybe I'll investigate additional insurance too to slow down a super fast spiral into full time slave employment should dearly beloved be transported into a parallel life.

Hate to think about such things. And the cost is extortionate.
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Old Jan 25th 2008, 10:48 am
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Default Sauce with that noodle, sir??

If I recall correctly (and I think long and hard) we had a mortgage of NZ$120000 and the life insurance was NZ$30 per month.

We then paid off most of the mortgage and but the life insurance remained the same.

When we moved to Oz the National wanted us to continue paying the lifer but..............unlike endowment policies underwriting a mortgage at the end of the term one gets bugger all back, under those circumstances and the fact we'd have to leave dosh in NZ we said no.

Strange but true fact, it is common practice for the bank to employ a person of persons for the sole purpose of checking out the National Obituaries, their theory being that bereaved family will be so distressed by their loss they (the bank) will take care of the financial side.

Ain't it cute being Downunder??
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