Life Insurance provides for those you leave behind.
It can help them pay the rent or mortgage, put food on the table and pay the bills. It could be used to invest in your children's education or other things you want for your family by paying the policy owner a lump sum if you die.
Pinnacle Life Cover costs from $15.60 per month, including a 10% discount for the first year if you apply online and a potential 10% healthy lifestyle discount.
If you have Life Insurance with us we will pay a tax-free, lump sum to the owner of your policy if you die (or their estate if they have died too), or earlier if you’re diagnosed with a terminal illness.
Life Insurance with Pinnacle Life also includes four other benefits:
Advance Funeral Payment: We'll pay an early payment of $15,000 to help with funeral or tangi costs to help cover immediate costs. We will take the amount paid off the death benefit.
Financial Planning Support: After paying a life cover claim, we'll reimburse up to $3,000 for financial planning or legal advice.
Counselling: We'll reimburse up to $2,500 for consultations with a counsellor, psychiatrist, or psychologist for the insured person, the owner, or a close relative where the support treatment or consultation relates directly to the life cover claim.
Child Funeral Benefit: Losing a child is devastating. We'll pay $10,000 to the life insured if an insured person's biological or legally adopted child aged 18 years or younger dies.
By applying online, you'll get a 10% discount for your first year.
Depending on your health and lifestyle, you may be eligible for another 10% discount.
You choose the right amount for you, from $50,000 to $2 million ($100,000 to $1.5 million online). Our advice calculator may help you decide what you need and see how much it might cost.
To get a policy, you must be between 18 and 74. You can apply online if you are 20 to 69 and living in NZ, Australia, USA, Canada, UK, Ireland, Hong Kong, or Singapore. If you are outside the online age range, please get in touch with us.
You can add critical conditions cover, income protection, or total and permanent disability cover to your life policy. These covers will help you financially if you cannot work or are diagnosed with specific conditions.
If you're accepted online, you'll be covered by the end of the application process; that's straight away, no waiting.
All of our policies have a 30-day 'free look' period. If you change your mind within 30 days of starting your policy, we'll refund your money, no questions asked.
There is no one-size-fits-all for life cover. The best life insurance for you will be what suits you and your family in terms of the protection it provides and your budget.
Once your policy is in place
You may be able to increase your Life Insurance by up to 50%, with no further questions asked if you:
get married, divorced or become a parent,
have a child, spouse or partner who starts full-time secondary or tertiary education for the first time,
Have a child, spouse or partner who dies or is diagnosed with a Terminal illness,
take on the full-time care (for the first time) of a dependent relative,
a new or increased mortgage
You may also be able to increase your cover with no questions asked on the 5th, 10th, 15th or 20th anniversary of your policy.
Your cover, and therefore your payments, will increase with inflation, but you can turn this off at any time.
You can decrease your cover or cancel your policy without penalty at any time.
You can choose how you pay – monthly, half-yearly or annually- by direct debit or credit card.
Your payments will increase each year as you get older.
When you need to claim
If you die, we will pay the policy owner the lump sum you chose when you took out your policy. The payment is tax-free if the policy owner is a person (rather than a trust or company).
If you're diagnosed with a terminal illness and expect to live less than 6 -12 months (depending on your policy), you can have your lump-sum amount paid early.
Your Life Insurance doesn't expire. As long as your payments are up-to-date, your cover will continue until you die, and we pay your claim.
The owner of your policy will receive the lump sum from your claim. It will be paid in NZ dollars anywhere in the world.
Your policy will be reinsured by Hannover Life Re, one of the world's largest re-insurers of life insurance.
Why do I need life insurance - Pinnacle Life (1 min to watch)
Pinnacle Life explain why Life Insurance is important and some of the things you need to know.
Life Insurance provides for those you leave behind if you were to die or become terminally ill. It’s pretty simple. You pay money to an insurance company (that’s premiums) so that in the event of your death your loved ones will be paid a tax-free lump sum of cash, this is your sum insured.
When the money is paid out, this is called ‘making a claim’.
The money can be used for anything your family needs. Such as their rent or mortgage, bills, groceries, funeral costs, school fees, or a holiday!
At Pinnacle Life it’s easy to work out how much you need and to get a quote.
You can even buy your policy online. It takes around 10 minutes, which means you will be covered straight away, no waiting.
Visit pinnaclelife.co.nz.
Why do I need life insurance - Pinnacle Life (1 min to watch)
Pinnacle Life explain how to work out how much Life Insurance you need.
Life Insurance provides for those you leave behind if you were to die.
When thinking about how much cover you should have, consider what your family would need to live on if you weren’t there to provide for them.
Would they need to pay rent or a mortgage?
Do you have any savings they could live off?
How many more years will there be children at home?
Do you have any other dependents, such as elderly relatives, who depend on you?
You should also think about how much you can afford to pay in premiums on an ongoing basis.
Our calculator may help you decide the amount that's right for you and you’ll be able to get a quote straight away.
Visit pinnaclelife.co.nz.
Why do I need life insurance - Pinnacle Life (1 min to watch)
Pinnacle Life explain what underwriting is and how it can affect your policy.
Before you can be offered a life insurance policy you need to be underwritten.
Basically this means you answering some questions so that the insurance company can assess your risk of dying earlier than the average person of your age and gender.
If they think you are no more likely to die earlier than the average person they’ll offer a life insurance policy at the standard price.
On the other hand if there is data suggesting you may die earlier than average, the policy will be modified to suit your circumstances.
This may mean an increased price or specific causes of death being excluded from your policy.
Underwriting also considers your pastimes.
If you participate in dangerous pastimes, such as hang gliding or scuba diving, you may be offered a higher price so that those activities are covered or you may be given the option to keep the same price but not be covered for those activities.
This assessment job is done by an ‘underwriter’.
At Pinnacle Life most of our policies are underwritten directly online through an expert software system. If that doesn’t work for you we also have a great team of people who can do the work.
This means that 3 out of 4 people can buy their Life Insurance online, in under 10 minutes. No waiting.
Visit pinnaclelife.co.nz today
Working out what life insurance is right for you and your family can be confusing and challenging. We know not everyone wants to talk to an adviser but that you do want to make the right choices.
You don’t have to talk to an adviser to get advice about life insurance, because we’ve developed a tool that does the same job.
Life insurance pays for any cause of death, including terminal illnesses and accidents and yes, life insurance policies do cover suicide, It is however typical for policies to not provide cover for suicide for at least the first 13 months. The main reason for this is to make sure that people who may be thinking about suicide aren't influenced by thinking that their family will be financially looked after immediately – when really the most important thing to the family is having that person around in the future.
How does life insurance work?
Life insurance is usually paid out upon your death. However, you can also get it paid out early if you are diagnosed with a terminal illness leaving you with only 6-12 months (depending on your policy) or less to live.
How much is life insurance?
There are a number of factors that affect the premiums you can expect to pay on your life insurance. These are tailored according to your age, gender and smoking status and can also be affected by your health and lifestyle.
How much Life Insurance cover do I need?
We have a range of tools to help you work out the right amount of cover for your needs. Go through our no-obligation online advice process to find out what we recommend for you. Or find out what level of cover others of your age and genderhave asked for.
To find out more about our products, and what needs they meet, please contact us on 0800 22 22 23 or by email and we’d be happy to advise you based on your current needs and circumstances.
How to choose life insurance
When choosing your Life Insurance start by choosing a provider that you trust. Then compare prices and any extra cover that you want, for example, Critical Conditions or Disability Cover.Life insurance premiums increase over time as you age and to keep up with inflation (you can turn this off at any time). It’s up to you to choose the lump-sum amount of your life insurance when you first take it out. If you get stuck our customer service team at Pinnacle Life are able to help you make the best decision for you or try our free advice tool.
How to get life insurance
At Pinnacle Life, our priority is to help you provide for those you leave behind. We believe Life Insurance should be accessible to everyone and that you should be able to sort it yourself if you want to. You can get Pinnacle life Insurance all online in under 10 minutes or if you get stuck our customer service team can help you work out the right life insurance cover for you.
What does life insurance cover?
The purpose of Life Insurance is to relieve your loved ones of any financial burden when you die. When you take out your policy and are deciding how much cover you need, consider how much debt you have and what you don't want your family to have to deal with. That might include things like a mortgage, funeral expenses, rent, schools fees and more.
What is life insurance?
Life insurance takes care of the ones you leave behind. It is there to ensure that when you pass away, your loved ones will receive a tax-free, lump-sum payment of money.
Why do I need life insurance?
Life Insurance provides for those you leave behind and helps them after you are gone. Having life insurance means that those you care about can have some peace of mind around making sure the mortgage and the bills are paid at a time when everything else can seem tough. A life insurance policy helps your family maintain their lifestyle if you become terminally ill or if you die unexpectedly.
