Understanding Seniors Life Insurance
Life insurance for seniors doesn’t have to be complicated. In fact, once you understand the basics, it can feel like a simple, straightforward decision.
In a nutshell, Seniors Life Insurance allows Kiwi adults aged 45-79 to apply for a policy and should they pass away, their loved ones receive a lump sum payment that can help with anything from daily expenses to paying off debt. Also, should they receive a terminal illness diagnosis, they may be eligible for a payout to themselves.
Why life insurance matters
If you’re at the point where you’re typing “Should I buy life insurance” into Google, then you’re likely in the perfect position to consider it as a solid backup plan for protecting your family’s financial future.
In the words of the Reserve Bank of New Zealand, “life insurance coverage softens the financial impact of events such as death, disablement and major illness, allowing insured individuals and their families to maintain their living standards".
And we really couldn’t put it much better than that ourselves. The benefits of life insurance can be wide ranging depending on your circumstances, from the practical aspect of having funds during a challenging time, to peace of mind that your family can be taken care of should something happen to you.
Keep in mind, there is a difference between life insurance and funeral insurance.
Comparing Seniors Life Insurance with other NZ options
Deciding what life insurance policy to apply for is a big decision, and while we believe we offer a great option for seniors, the ultimate decision is yours to make.
Set aside an afternoon and look at different policy providers, keeping in mind that price isn’t the only indicator of the product you’re getting. Shopping around is a good idea to see what’s on offer, and what it might cost you.
Some useful things to compare:
- Coverage limits
- Premiums
- Eligibility
- Flexibility
- Customer service
- Application process
- Advance payout options
Life insurance quotes these days can be quite easy to obtain and are obligation-free, so be sure to ask for a few so you can compare each one.
Key Features of Seniors Life Insurance
Seniors Life Insurance from New Zealand Seniors sets itself apart in multiple ways. Here are some of our favourite features:
- Flexible cover: You choose how much your family can receive if you pass away or become terminally ill, anywhere from $10,000 up to $200,000.
- Triple payout for accidental death: Where death occurs within 90 days of the accident (maximum $600,000).
- Easy application: We won’t make you get a medical or fill in endless forms. Our application process is quick and easy over the phone.
- Advance payout for funeral costs: When your family makes a claim, 20% of the benefit may be released immediately with the intention to use towards a funeral or other immediate expenses.
- A dedicated claims specialist: We’ll assign a dedicated specialist to look after any claims, so you or your family won’t have to keep repeating the same story.
- Designed for seniors: This insurance is designed with Seniors in mind – only those aged 45 to 79 can apply to take out a policy.
Calculating Your Needs
Not sure how much you think you or your family might need?
A life insurance calculator can give you a starting point to consider. You’ll input your unpaid debts, current expenses, future spending, and funeral costs, as well as savings and any other offset payments, and it will give you an estimate of how much would be suitable for your situation.
Of course, a personal financial advisor is another good option, and they will be able to take into account your age, retirement status, dependents, and any other relevant factors.
Next Steps
So, what to do with all this new information?
If you haven’t already, take the first step in protecting your family’s financial future with Seniors Life Insurance and request a quote. It will give you a good idea of not just how easy it all is, but what you may expect to pay for the level of cover you’re after.
9 Apr 2025