Protect and Save

When Should You Invest in Life Insurance?

Getting life insurance in New Zealand is a tricky matter. While it's easy enough to get a policy, the biggest question most people have is if they even need to get a policy at all. How do you know whether or not you need a life insurance policy? People's situations vary, but generally the people in the following living situations should look into getting a life insurance policy.

1. Single earner households. 

If you are the sole source of income for your household than it can be a good idea to get life insurance. Those living within your home might have a lot of difficulty paying for bills and basic living expenses if your income suddenly stops, making it a very important decision for the well-being of those you are responsible for. If you are single, this is not as big of a concern and a life insurance policy might be unnecessary.

2. Dual earner households with medium to large living expenses. 

Even if you and your partner or any other member of the household both work and make a living wage it might still be a good idea to take out a life insurance policy. In the event of your death the bills that are paid for your household would not shrink, making it hard for the other earner(s) in the family to keep up with the mortgage, living expenses and other bills. There is one life insurance company in New Zealand that can help you determine if it's a wise move to take out a policy when you're in a dual earner situation.

3. Individuals or couples with dependents. 

Anyone with dependents living in their household should probably consider a life insurance policy. Dependents can be school-age children, babies, elderly family member or a spouse without a living wage of their own- basically anyone who is dependent on you. In many cases it's difficult for families with dependents to cover the costs of funeral services, continue paying the bills on time and recover from the loss of a large source of income without having insurance to assist with the burden.

For this reason life insurance is highly recommended for anyone who has dependents as a part of their household, whether you are single or married. Some couples opt to get a joint life insurance policy that applies to whichever spouse passes on first. This type of policy is helpful when there are dependents because it saves the expense of paying two separate life insurance bills and also covers both people at the same time. 

Compare Life Insurance NZ

If you fit into one of the above categories, it might be a good idea to start looking at life insurance policies available to you. You should always compare policies and shop around to get the greatest coverage for the best price. If you need to make a life insurance comparison in NZ, Discount Life can help you to find a good deal to fit your needs.

Discount Life is an online insurance broker who takes the time & hassle out of finding an appropriate life insurance policy for your needs. Get started on finding the right life insurance plan by comparing NZ life insurance plans online at www.DiscountLife.co.nz today!

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