Life is a journey of twists and turns, marked by milestones and moments that shape our path. The best life insurance companies in New Zealand understand this, offering you the flexibility to adjust your coverage as your circumstances evolve and significant events occur. One such remarkable feature that provides you with increased financial security is the Special Events Increase.
Special Events Increase Benefits:
The Special Events Increase is a pivotal built-in benefit that enables you to enhance your life insurance coverage without the need for new medical information. This option becomes available following a significant event in your life that results in greater financial responsibilities. These events are the milestones that remind us of life's transitions, and they include:
Welcoming a New Family Member: Whether by birth or adoption, the joy of a new family member brings increased protection needs.
Taking on the Role of a Caregiver: Becoming a caregiver signifies compassion and responsibility, warranting additional financial security.
Celebrating Love and Union: Marriage or entering a civil union brings not only love but also heightened financial commitments.
Navigating Changes in Marital Status: Divorce or dissolution of a civil union prompts a re-evaluation of coverage.
Coping with Loss: The passing of a spouse or partner necessitates coverage adjustments to align with new circumstances.
Investing in Education: As your child progresses to secondary school, securing their educational future becomes a priority.
Increasing your home loan: Taking out or increasing a home loan for various residential properties opens an avenue to revisit your insurance needs.
Experiencing Salary Growth: A salary increase corresponds to higher financial responsibilities, making this a suitable time for enhanced coverage.
Making the Most of Special Events Increase
Several top life insurance providers in New Zealand offer the Special Events Increase benefit, each with its unique terms and conditions:
Asteron Life: Offers the Special Events Increase every fifth policy anniversary before age 60.
AIA and Fidelity: Provide the benefit before the age of 55.
Applying the Special Events Benefit: What You Need to Know
Call us to see if you qualify for a special event increase for these products;
Trauma/Critical Illness Insurance
Why Special Events Benefit Matters
As life progresses, circumstances change, and so does our health. The Special Events Benefit allows you to increase your life insurance coverage without undergoing new medical tests, making it especially beneficial if your health has changed or deteriorated.
Real-Life Scenario: A Glimpse of the Benefit's Impact
Imagine a scenario where a person takes life and trauma cover, only to be diagnosed with an illness a year or two later. During that time there was a house purchased and there was need for more cover. By leveraging the Special Events Increase benefit, the person increased coverage even though the health issues would normally not allow for more cover to be obtained.
Maximum Amounts and Qualifying Periods
Each insurer has specific guidelines for the Special Events Increase benefit:
Asteron Life: Maximum increase per special event is determined by factors such as sum insured, salary increase, and more.
AIA Insurance: Maximum increase is capped based on original life cover benefit and policy-specific limits.
Fidelity Life: Maximum increase is calculated based on the life cover amount at policy commencement, mortgage changes, and salary increases.
Partners Life: Offers various limits for increases based on different factors like monthly life income cover and salary growth.
A Step Towards Financial Confidence
As life's journey unfolds, the Special Events Increase stands as a beacon of financial flexibility, allowing you to adapt your life insurance coverage to reflect your evolving needs. By harnessing this benefit, you can navigate the twists and turns with confidence, secure in the knowledge that your loved ones' financial future remains safeguarded.
For personalized assistance and guidance on utilizing the Special Events Increase benefit, don't hesitate to contact our team today. We're here to help you embark on a path of financial security, no matter where life's milestones take you.