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Thread: Life Cover

  1. #1
    Join Date
    Oct 2010
    Location
    Auckland, formerly Edinburgh
    Posts
    18

    Question Life Cover

    Hi guys,

    I'm trying to source some life cover quotes to replace the joint life 20 year plan we have at the moment with Norwich Union in the UK. I can't seem to find anyone that does joint life OR term policies in NZ. Does anyone know of any good companies?

    All I can find is single life plans where the premium goes up (by an undisclosed amount) each year. Having spend the last 13 years working in the UK finance industry (I have finally escaped!) I find it strange that there is no similar products, and wish there was an NZ moneysupermarket.com! How do Kiwis budget for future life assurance premiums?

    Any help would be appreciated.

    Thanks!

  2. #2
    Join Date
    Apr 2009
    Location
    Rothesay Bay Auckland
    Posts
    364

    Default

    Ours is all through Sovereign, I did find one comparison site but nowhere near as good as moneysupermarket, we went through a broker in the end and got life/health and income protection. We are now far better covered than we were in the UK

  3. #3
    Join Date
    Apr 2009
    Location
    Rothesay Bay Auckland
    Posts
    364

    Default

    Should add that the premiums went up by 5% after first year, I do remember seeing a chart when organising of what the costs would be in future years.

  4. #4
    Join Date
    Oct 2010
    Location
    Auckland, formerly Edinburgh
    Posts
    18

    Default

    Thanks for the quick reply! I'll have a look at them, but perhaps a broker is the way to go as there are a lot of differences here from the UK system. I had been hoping for a policy where you would pay the same premium each month for 20 years, but that just doesn't seem to be an option here.

    Do you have to get separate Mortgage Protection policies here too? (i.e. one each for a joint mortgage application?)

  5. #5
    Join Date
    Jul 2007
    Location
    Sheffield > Tauranga
    Posts
    229

    Default

    We still have our life ins policies with Norwich Union in the UK, premiums just have to be paid from a UK bank account.

  6. #6
    Join Date
    Sep 2006
    Location
    Sydney, Australia
    Posts
    2,691

    Default

    We've kept our UK life insurance policy with Legal & General. The only condition placed upon us to keep it valid is that we must maintain a UK bank account and the premiums must be paid from that account. We spent time trying to find a replacement policy in NZ but could find nothing at a comparable cost that came anywhere close to giving us the same amount of comprehensive cover.

  7. #7
    Join Date
    Sep 2008
    Location
    Poole, UK to Chch, NZ
    Posts
    2,064

    Default

    Likewise for hubby's life insurance, also with L&G in the UK. He's covered as long as we keep paying

  8. #8
    Join Date
    Feb 2010
    Location
    New Zealand
    Posts
    162

    Default

    My understanding is that Norwich Union's policies are still valid in NZ. I have bought some more since we got here and for my age, I feel life insurance is more expensive than in the UK. I suggest you contact NU and see if you can keep the policy.

  9. #9
    Join Date
    Aug 2009
    Location
    Nelson
    Posts
    163

    Default

    We have kept our UK policies going too, I checked with the insurers before we left and there was no problem. Since we arrived we have found a lot of insurance seems cheaper here. Policies for cars, buildings and contents, accidental injury and serious illness have all been cheaper for us than they were in the UK.

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