Fixed price Life Insurance premiums

No body likes to get a price increase letter from their insurance company, but most of us will get one.
Did you know that in your 50’s you can be getting increases of about 15% per year ?
This means that your life insurance is going to double in price every 6 years.
Think about it, paying double what you are paying now, its not a nice thought.
Wouldn’t it be nice if there was a fixed price life insurance premium you could have that takes away the surprise of an increase each year.

The reason your Life Insurance is increasing is because the most common type of Life insurance policy that you own automatically increases in price every year.  This type of premium is called “rate for age” or “stepped” and most life insurance policies sold today will be this way, the premium is linked to your age, so the older you get the more expensive your Life Insurance becomes.

When you arranged the Life Insurance the person probably didn’t even explain that you had an option on how the premium is calculated. You may find this annoying, and rightly so, the price of your insurance will start off affordable, but will eventually become very expensive. So over the life of the policy you will pay a lot of money.
Thats great for the insurance company, but not so great for you.

But there is another option, and its called a level premium, Level Life Insurance or Fixed price Life Insurance Premiums.

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How much does redundancy insurance cost

Redundancy Insurance Cover in New Zealand is an insurance policy that will pay you a monthly income if you get made redundant from your job, but how much does Redundancy Insurance cost?

It is a common misconception is that it is a very expensive type of insurance.  The cost will vary depending on how much insurance you arrange.

A redundancy insurance policy is a type of agreed value income protection insurance. Each insurance company uses a calculation to work the amount of insurance they are prepared to offer you.

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Terminal Illness Life Insurance

Terminal Illness with Partners Life

It pays out if you are diagnosed with a terminal illness.  If the Doctors say you won’t live past 12 months your life insurance can be paid out.  You can claim for a Terminal Illness on most life insurance policies. But there are occasions when people are diagnosed as terminal but will survive longer than 12 months. What do you do then ? You can’t access your life insurance money, but you want to make the most of the time you have left.  Partners Life latest addition to their life insurance policy lets you access 30% of the amount of life insurance if you are terminal, but have longer than 12 months.  It’s a fantastic feature allowing you to access part of your life insurance at an early stage and the rest of it when you have less than 12 months to live so you can enjoy what’s left of your life.

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What is Mortgage Protection Insurance

What is mortgage protection insurance

Mortgage protection insurance is one of the only forms of risk protection insurance that could prevent you and your family from becoming homeless. Today in NZ approximately one third of working kiwis will be struck down with a severe injury or illness before they are 65 years old, and this injury or illness will prevent them from working for at least 6 months.   The chances of becoming sick due to diseases such as cancer, stroke and heart attacks are a real possibility.  When you are struck down it will be unexpected and usually sudden.  The financial consequences that occur while you are unable to work can have a catastrophic effect on the family and their finances.

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How much is redundancy insurance

A common misconception is that Redundancy Insurance  is a very expensive type of insurance. However  the price of Redundancy Insurance will vary depending on how much insurance you arrange.

Most insurance companies will only allow you to take out redundancy insurance protection if you also have sickness and accident income protection.

The additional cost of adding redundancy protection isn’t alot, and there are good reasons why you should also combine any life insurance you have or need into the redundancy income protection policy.

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Why do I need Mortgage Protection Insurance

Mortgage protection insurance is group of insurance policies designed to take care of your mortgage when something unexpected happens to you.

Mortgage Protection is an insurance taken out on the mortgage borrower (you, the person who is responsible for repaying the mortgage).

If the borrower for some reason cannot meet their obligations of paying the mortgage to the bank, the mortgage protection policy will take care of those obligations.

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What is Mortgage Protection Insurance?

Wondering what is mortgage protection insurance? Mortgage protection insurance is a group of insurance policies designed to take care of your mortgage when something unexpected happens to you.

This insurance is taken out on the mortgage borrower (you, the person who is responsible for repaying the mortgage).

If the borrower for some reason cannot meet their obligations of paying the mortgage to the bank, the mortgage protection policy will take care of those obligations.

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What is redundancy insurance

Redundancy Insurance Protection is an insurance policy that will pay you a monthly income if you get made redundant from your job.

It will not pay you if you get fired, or decide you don’t want to work anymore, you must get made redundant to be able to make a claim.

If you took out Redundancy Insurance at some point in the past and you are made redundant, the insurance company will start paying you money at the beginning of every month to help keep you afloat financially until you get another job.

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