Life Insurance for every stage of life - what’s right for you?

Life Insurance for every stage of life - what’s right for you?

You can buy life insurance from Pinnacle Life if you’re aged between 18 and 74 (and you can do it online if you are 20 to 69). But there’s more to think about than just how old you are when working out what life insurance you might need.

Insurance prepares you for the things you don’t see coming, the unexpected; usually, the things you hope won’t happen. Whether it’s getting seriously ill or injured or even dying, having life cover in place can ensure you’re prepared to cope. Our needs change as we move through life, including what we need from our life cover.

Life Insurance for singles

If you’re single, and especially if you live alone, you may not have anyone else to support you if things go wrong. Think about what you would want to happen if you got sick or suffered a permanent disability; having life insurance could help you pay for any care you need and even stay in your own home rather than move to a care facility.

  • Income Protection will replace your income if you can’t work due to illness or injury, meaning you can keep paying your bills, so you don’t have to ask anyone else for help.
  • Critical Illness Cover can be used for anything you need if you get any of the conditions listed in the policy.
  • Life Insurance could pay for your funeral and any debt making sure your family aren’t left stuck with it.

Life insurance for couples

There are more couples-without-children whānāu than any other family type in NZ. If you’re part of this group, it’s good to think about your future financial situation.

Your biggest expense is likely to be housing. The average rent in NZ is $400 for a 1-2 bedroom home, but if you live in Auckland, you can expect to pay more, with the average rent now $600pw. If you buy your own home, you can expect your mortgage to be even more. Without life insurance, the financial blow of you or your partner passing away would be devastating. You should also consider how you would cope if one of you were sick and unable to work.

  • Critical Illness or Disability cover can ensure that you won’t be set back financially if medical costs pile up.
  • Income Protection can continue to pay your mortgage, rent or other bills for six months and up to 3 years if you are sick and unable to work.
  • Life Insurance can protect the future you have planned together by clearing any debt, including a mortgage.

Life Insurance with kids

Once tamariki are in the picture, our lives begin to centre around their well-being. As well as thinking about having insurance that will help keep them in the family home, you should also think about education and extra-curricular activities and having enough money to pay for an ever-increasing food bill.

  • Life Insurance can help those you leave behind to pay the rent or mortgage, put food on the table and pay the bills, or you can use it to invest in your children’s education or other things you want for your family.
  • Having Income Protection means that if you can’t work, you can still have money coming in, so you and your whānāu can keep on with your life even though you’re not earning.
  • Critical Illness or Disability Cover can cover the medical bills and other expenses and come up when you are seriously sick or injured, including in-home care or alternative treatments.

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Life Insurance for single parents

Single parents are a growing trend in NZ. If you’re going through a divorce, it might seem like Life Insurance is not essential, but in fact, it’s critical and should at least be discussed, especially who will be the owner of any policies. The owner has the right to add, change or remove beneficiaries without the life insured's consent, which becomes extra important for separated parents.

  • Life Insurance can provide your children with the future you wanted for them if the worst happens to you, from paying for their education to helping them into their first home or covering the cost of a wedding.
  • Critical Illness or Disability Cover will help you pay for any expenses that come up because you’re sick, including paying for someone to help with the kids, a cleaner or alternative treatments.
  • Income Protection will protect your income, so even if you’re unable to work, you can maintain your child support commitments and look after yourself.

Life Insurance for the older and wiser

At some point, (hopefully!) the kids move out, and debts get paid off. Your life insurance will likely have gotten more expensive as premiums increase as you get older. This is definitely a time to reassess your needs.

  • Life Insurance – you may want a small amount to pay for your mortgage or any other end of life expenses and debts, so your family won’t be financially impacted by your passing.
  • Income Protection – if you don’t have ‘rainy day’ money set aside, it could still be worth having income protection for if you can’t work. Think about your option; how could you get by if you couldn’t work due to sickness or injury for six months?
  • Critical Illness or Disability Cover – critical illness and disability cover are only available if you keep your life cover.


Life can throw some nasty curveballs. Whether you’re young and free or a veteran, life insurance helps you weather them. If you’re unsure what is suitable for you, our advice tool can give you personal advice on how much you might need. And you can work out how much it will cost in just a few seconds with our quote tool.

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