Life Insurance
Life Cover provides a lump sum payment in the event of death. This lump sum can help family reduce debt, pay for final expenses, create an investment fund for children or help restructure a business. The purpose of the funds is entirely yours to decide.
Common Life Insurance Additional Benefits
Inbuilt Funeral Cover
To assist with immediate expenses, most life insurance policies include a Funeral Support Benefit that pays out up to $25,000 of the Life Cover immediately upon notification of death.
Grief Counselling
Sometimes life insurance policies will have provision for funding counselling sessions for remaining family members.
Terminal Illness
Usually upon diagnosis of a terminal illness or non-survivable accident the life insurance can be paid out early. This can significantly reduce financial stress at a already stressful time.
Worldwide Cover
Most life insurance policies will cover you wherever you are in the world.
Special Events Increase
There are many life events which could increase the need for life insurance (e.g. taking on debt to purchase a home). A special events increase benefit allows you to raise you level of cover without further medical underwriting.
Life Insurance FAQ’s
-
Life insurance is crucial for many individuals because it provides financial protection and peace of mind to their loved ones in the event of their untimely death.
It offers a payout, known as a death benefit, which can cover funeral expenses, outstanding debts, mortgage payments, and ongoing living expenses for the beneficiaries.
Life insurance is especially important for those with dependents, such as children or a spouse who relies on their income, as it ensures their financial stability and helps them maintain their standard of living after the insured's passing.
-
In general, Life Insurance is one of the most affordable types of insurance. It can cost as little as a few dollars per month.
The cost is calculated using several factors including your: age, sex and amount of life cover required. Additional increases in price can also be caused by being a smoker or some health issues.
-
Almost everyone in NZ has some need for life insurance. This need can range from as little as $30,000 all the way to millions.
The main factors that dictate this amount are:
Debt levels
Dependents (such as a partner, children or elderly parents)
The type of funeral you want
We will help examine your situation and recommend an amount for you.
Try out our new Life Insurance Calculator in the mean time!
-
There is no perfect time, but generally earlier is better. Let me explain:
As we age, we take on more responsibility. We get into relationships, we buy homes, we might even have kids. At these points, life insurance becomes increasingly critical to protect your loved ones.
However, as we age our medical record also develops which can make it harder to get life insurance. If a significant illness decides to appear then it can prevent us from getting any cover at all.
Locking in a little bit sooner rather than later protects against this. You can then increase the amount of cover (within certain limits) later on without any medical questions asked.
-
The person/people you are trying to protect with the insurance.
This ensures that the payout goes quickly & directly to those who need it, without getting entangled in estate settlements.
Elan Client Story - Life Insurance
24/05/2023
David was 64 and owned a butchery in Auckland when he unexpectedly suffered a catastrophic heart attack whilst serving a customer in 2015. He was a generally fit & healthy man who had a wife and two children.
David and his family had been clients since early 2001 and had $450,000 of Life Insurance in place. This was paid out in full to the wife within a few days of David’s passing. This first allowed the family to cover the immediate legal and funeral fees and soon after allowed them to reduce their remaining debt to 0.
Unfortunately, David and his butchery were also the main source of income for his family, therefore his passing created not only huge emotional stress but also potential financial stress.
The life insurance proceeds allowed the wife and children to not only pay off the debt they had left, but also provide some future earnings for the wife to help her and the children get back on their feet.
Elan assisted the family throughout this incredibly stressful time, helping process claims and making sure the family received full benefit from their insurances. We continue to help David’s wife and his children to this day.
-
“Their service puts the customer first - not their wallets.”
Lisa Garrud
-
“Oliver has always been knowledgeable, helpful and friendly.”
Juan Alvarez De Lugo
-
“Elan got us the cover we needed and saved us money as well.”
Justin Wood