When it comes to life insurance, there are plenty of myths that can make it hard to know what’s true. Misunderstandings about cover, costs, and claims can leave people feeling uncertain about their options. To help clear things up, we’re busting some of the most common myths surrounding life insurance. Here’s what you need to know!
Myth 1: You have to take a blood test or medical exam to get life insurance. ❌
Nope! There’s no standard blood or medical test needed to apply for life insurance online.
Depending on your health history, we might get in touch to ask for more information, but that’s often just a confirmation of personal details or health info. Sometimes we will need more information from your doctor.
Myth 2: Life insurance is expensive compared with other insurance. ❌
Not true! Life insurance is surprisingly affordable, with Pinnacle Life rates starting at around $15.60 a month – or $3.60 a week. It usually costs less than car insurance.
Even better, there are plenty of cover options out there, so you should be able to find something that fits your budget. Even a small amount of cover is better than none.
Myth 3: They won’t pay out anyway.❌
Pinnacle Life has paid 95.1% of all claims made since 1998 (as of 14th August 2024) – that’s about as far from not paying out as you can get. The insurance industry as a whole pays around $27 billion in claims every year.
Myth 4: Pinnacle Life sources it’s new business by somehow ‘piggy-backing’ off the hard work of other insurers… ❌
Busted! Pinnacle Life spends significantly on radio/TV advertising and employs its own underwriters and administration staff… fair to say that Pinnacle Life pays its own way for its new business.
Myth 5: Consumers that buy insurance from Pinnacle Life don’t understand what they’re buying… ❌
Busted! It’s patronising to suggest consumers are illiterate and can’t understand a straightforward policy document, particularly when Pinnacle Life won the NZ Write Mark plain English Award in 2009 for its clear and understandable policy wording. We think consumers are smarter than that.
Myth 6: An adviser that switches a policy to Pinnacle Life to achieve a 20% saving for a client, while earning a 75% commission is “shameless”… ❌
Busted! If that adviser is shameless, what do you call an adviser that switches a policy to achieve a 5% saving for a client and then pockets a 220% commission?
Myth 7: Pinnacle Life’s only point of difference is price… ❌
Busted! Besides offering the most competitive prices in NZ, life insurance policies from Pinnacle Life are jargon-free, straightforward and relevant... and can be purchased online in less than 10 minutes...
