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Is life insurance worth it? 5 reasons why we think it is

Having life insurance is a good idea if you have financial obligations that mean your loved ones would suffer if you weren’t around to pay for things like the rent or mortgage, the groceries, or your kids’ education. But is it worth it? Having life cover means paying for something that may never happen. In fact it means paying for something that you REALLY hope won’t happen.

Obviously our opinion is biased, we think Pinnacle Life Insurance is worth it and here’s why:

1.We offer good value. We regularly compare our prices and benefits to other providers so we know that we offer some of the best value life insurance in NZ. Our research shows us that our premiums are generally cheaper than car insurance which most people don’t even think twice about getting.

2.You can change your cover as your needs change so you’re not locked in to what you started with. You can apply to increase your cover anytime right up until you turn 75. We’ll usually have to ask you for updated health details, but if you get married or divorced, became a parent, or take out a mortgage, you might be eligible for our special events increase which means you can increase your cover without asking for updated health information. It’s also easy to reduce your cover just let us know.

3.You’re not immortal. If we want our loved ones to be taken care of if we die earlier than we hope, then Life Insurance can do that for us In NZ luckily for us, the odds of us making it into our 80’s is good.OECD data shows that kiwis have an average life expectancy of 81.4 years. The thing is, that’s an average not a minimum so while we might all hope to live a long and healthy life, many of us sadly won’t.

4.The chance of getting seriously ill is high.

·In NZ, 63 people are told ‘you have cancer’ every day. Luckily many cancers can be cured if they are found and treated in time. It is estimated that in New Zealand, about 1 person in every 3 who gets cancer is cured, however that leaves 2 out of 3 who either die from their cancer or never fully recover. (cancernz.org.nz)

·24 New Zealanders have a stroke every day, and a quarter of these are under 65. Stroke is the second largest killer in New Zealand, affecting about 9,000 people every year. Stroke is also the major cause of serious adult disability in New Zealand. There are an estimated 60,000 stroke survivors in New Zealand. Many of whom are disabled and need significant daily support.(stroke.org.nz)

·1 in 21 adults are living with heart disease, that’s 180,000 people. Cardiovascular disease (which includes heart, stroke and blood vessel disease) causes 33% of all deaths, it’s New Zealand’s biggest killer. (heartfoundation.org.nz)

Pinnacle Life insurance includes a Terminal Illness clause. That means if you’re diagnosed with a terminal illness and expect to live less than 6 -12 months (depending on your policy) you can claim on your policy early.

5.You get peace of mind. This is perhaps the biggest reason to have life insurance! One of the triggers for getting life cover is if you know someone who has been ill or died unexpectedly. The reality families find themselves in in these sad situations can be extremely upsetting and worrying if you have dependents yourself. Getting life insurance means you don’t have to worry about how your loved ones would cope financially without you, because you know you’ve got it sorted.

Paying for life cover means there’s less money to pay for something else. We get that. Only you can make the choice for you and your family about your financial situation and your financial future. But the benefits of having life cover are high. Get started by getting a quote, it takes less than 30 seconds with Pinnacle Life.

Photo by Natalya Zaritskaya on Unsplash

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