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fixed price life insurance / level life insurance

fixed price life insurance premiums (level life insurance)

Fixed price Life Insurance means your Life Insurance premiums do not go up every year. This means you can afford to keep your life insurance for decades and into your old age.

Companies will quote Life Insurance premiums as ‘Rate for Age’. This means the price increases every year as you get older. Eventually your monthly payment gets very high and becomes unaffordable.  So you would cancel your policy and there is no chance of the policy ever paying out.

Fixed Price Life Insurance locks in the price you pay for your life insurance. This means your life insurance stays within your budget.

Ease Insurance Brokers specialise in Fixed Price Life Insurance policies. We will explain exactly how level life insurance works and which is the most appropriate insurance company for you.

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Fixed price Life Insurance premiums do not go up each year

There are 2 types of premiums in Life Insurance

  1. Stepped or Rate for Age – This premium starts lower but will increase every year eventually becoming unsustainable.
  2. Level Premium (Fixed Price Premium)

Level premiums start off higher than annually increasing, but the price will not be increased each year. The premium is fixed for an agreed period of time, even if your health deteriorates. We can give you a quote for Level Life Insurance, just click on request a quote and we will email you quotes for all companies that offer Level Life Premiums.

 

Level premiums are a great option if you are looking to keep your life insurance policy long term

The price is locked in at the beginning.  Be prepared to pay a higher monthly amount from the beginning, but in most cases this will be worthwhile in the long term as the stepped premium that increases every year will become higher than the Level premium.

The younger you are the more you will save as the level premium is locked in at a lower price so don’t wait contact us and we will get you a great policy and a great price.

We can also convert your existing Life Insurance Policy to a Level premium for you.

Lets compare the two policies

Life Insurance of $400,000 on a 30 year female non smoker.

Rate for age                       Level to age 80

Monthly Premium :         $25 per month                  $60 per month

What will my premium be

At age 49                             $  65 per month                  $60 per month

At age 54                             $   107   ”     ”                         $60  ”          ”

At age 59                             $   183   ”     ”                         $60  ”          ”

At age 64                             $   373   ”     ”                         $60   ”         ”

At age 69                             $   747   ”     ”                         $60   ”         ”

At age 79                             $2,332  ”      ”                         $60   ”         ”

Rates taken from AMP as of 8 Aug 2013

If you want to get a quote for a fixed price Life Insurance, click here to request a quote.

What determines the price of Life Insurance

Your life insurance premiums will vary depending on four different factors.

  • Age
  • Smoker Status
  • Gender
  • Current State of Health

The insurance company will consider your medical history, in some cases they may request that you have a blood test done, and for larger sums insured they may require a medical examination, this is free to you, and is a good thing because it means the insurance company has more information about your health, this makes your policy very robust.


Why have Life Insurance

  • Life Insurance in New Zealand is designed to protect your loved ones, partner and family from serious financial difficulties as a result of your death.
  • Upon your death, your estate or your beneficiaries will be paid the tax free lump sum amount that you have insured yourself as outlined in your life insurance policy.

Life Insurance will pay when…

  • You die from disease or sickness or any medical reason
  • You die in an accident
  • It will also pay out if you are diagnosed with a terminal illness and have been given no more than 12 months to live.

Its smart thinking to have Life Insurance.

Life Insurance can help ensure big debts are paid and immediate costs such as funeral expenses are covered. It can also provide an on-going income for your loved ones when you are gone. We all try to live a long healthy life, but no matter how careful we might be, we have to be realistic that things might not turn out how we planned. Life Insurance is an easy and cost-effective way to provide for your partner or family. Once it’s in place you can rest assured that you have done the right thing for your family, and you only need to revisit it if your circumstances change.

When deciding on the amount of Life Insurance, consider that it will

  • replace a lost income
  • provide financial ‘breathing space’ while coming to terms with the loss of a loved one
  • give a surviving parent or guardian the option to be able to stay home with the children
  • pay off the mortgage and any other debts you may have
  • set aside a nest egg for a surviving partner’s retirement
  • cover the costs of education and healthcare for your family
  • as a minimum, use it to cover the cost of a funeral.

Policy Ownership

If you own your own policy, the proceeds will be paid to your estate. This can cause undue delay for your loved ones getting the money as your lawyer will need to clear probate before the funds can be released. You can have your policy owned by another person or persons, (usually your wife or partner, or your adult children), this way means the insurance company can pay the money directly to the policy owner(s) and it will bypass your estate and lawyers. So the money can be used for the purpose you intended in a timely manner.



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