What types of cover are available?
Our products have the flexibility to provide cover for a variety of needs at an affordable cost. We can provide a complete risk protection solution in one package – this will include a number of features (and benefits to you!) that are not provided elsewhere with a range of premium guarantees for the insured person to 100 years of age. Premiums can be paid annually, or through regular monthly/fortnightly payments.
Provides a lump sum payment upon the death of the insured person. Cover can be purchased in one of two formats – one specific to individuals with businesses, and the other for individuals with families, depending on the type of cover. They include, at no extra cost:
- Special events increase - enabling the insured to increase cover in the event of:
- taking up a new mortgage, or an increase to cover an existing one
- the birth or adoption of a child
- taking full time care of a dependant.
A Bereavement Support provides an immediate payment of $5,000 in the event of a claim – this will immediately assist the family or business whilst the claim is being processed in full.
Provides a monthly income to the insured individual's family (as opposed to a lump sum payment) in the event of death. This monthly payment will continue for a pre-determined period of time.
Not all insurers in New Zealand provide this very popular product.
Is a low cost life insurance policy that pays a lump sum only if death is a result of an accident. This product should only be purchased in circumstances where Life Cover can not be considered.
The short and the long of it
There are two types of cover options, short term and long term cover. Each type has its advantages and is appropriate for different people, depending on their needs.
So what's right for you?
Short term Insurance is designed for short term needs. It is cheaper initially but works out to be more expensive in the long term (think longer than 8 years).
Long term Insurance is more expensive initially but works out to be cheaper in the long term - it is ideal for those people that are likely to want insurance for more than 10 years.
Please contact FAC to speak with an agent who are trained in life insurance and can explain the many different policies and assist in selecting the one which best fits your needs.Return to Questions