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Life insurance for the empty nesters.

When your kids leave home and start independent lives, it can feel like you’ve crossed the finish line. But your earning years may not be over yet. If something like injury or sickness came along, how could you protect your empty nester lifestyle, keep chipping away at the mortgage and secure your hard-earned savings, so that you arrive at retirement in better shape?

Here are our thoughts on reinforcing your financial position during your 50s and 60s, a time when the risk of coming down with a long-term health problem gets higher every year.*

How to prepare for an extended time off work

If a health problem results in weeks off work, what happens when sick pay runs out? Research shows that 47% of New Zealanders between 18 and 64 couldn’t survive more than a month without their income.** That’s why income protection cover can come in handy. It pays a percentage of your income after an agreed time if sickness or injury prevents you from working for an extended period.

Risk of a serious medical condition

As with a car or household appliance, there’s a higher risk of worn-out parts or a system malfunction as you age. You can’t do much about getting older, but you can prepare by having a type of life insurance called trauma cover. If you’re diagnosed with a condition defined in your policy, you receive a lump sum which can help you to take care of day-to-day living costs. A range of conditions are generally covered, some of which are very common - like Alzheimer’s, prostate cancer, breast cancer and heart attack. For some conditions, cover starts 3-months after you’ve taken out the cover.

Keeping dreams alive for your family

Death is a fact of life, but it doesn’t need to add financial impact for those you leave behind. By keeping life cover going, you can help protect the dreams you have for your family, if something was to happen to you. Maybe you want to help your kids into their first homes, pay for a wedding or two, or build an education fund for grandkids? If you’re no longer around to make these things happen, a life cover payment could help support those you leave behind.

Contact us before you consider reducing or cancelling your insurances.


* - 'Risk factors of ill health among older people' 2011

** – ‘How long could you survive without an income? 2015



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