Just realised that theres something I havent explained properly.
In the UK, how much your premium costs ususally realtes to the age you were when you took out the policy.
So if you took out a 15year term life policy when you were 25 - it would cost say £15 a month. Take out the same policy when you are 30 and it will cost £25 a month for the same amount of cover. Whenever you take out the policy - the premiums remains the same through the whole term. So taking out life insurance when young can bw well worth it - especially if you get "whole of life" policies which las as long as you do - even if its till you are 103 years old!
If you cancel your UK policies and then try to take out a policy here and compare it with takeing out a policy in the UK - you may find that NZ looks good to start with (but it may not) - the problem is it wont stay good.
A friend who works in Life Insurance here in NZ says that thier biggest problem is retention of customers - because as soon as the premiums start increasing - they cancel the policy. Wouldnt happen so much if the premiums were kept at the same level.
Originally Posted by
Cardiff irons
but also worth looking into policies available in NZ that cover just your mortgage (can't for the life of me remember what they're called). I understand these might be relatively cheap (we're having quotes on them at the moment).
Have a look at Income Protection instead of mortgage repayment insurance. IP pays out not only your mortgae - but for all other bills as well - it can replace most of your salary. Better still - IP is tax deductable (I think thius is the case whether you are an employee or self employed but I cant swear to that) - so your premiums cost less in the end.