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Why have life insurance in your 40s?

Life in your 40s is usually full of responsibilities. You may have a young family, a family-size mortgage and parents who need increasing support. If your ability to earn is impacted by extended sickness, injury or something worse, life insurance may help you continue to play your part, financially.

Here are some reasons why people in their 40s decide to get covered:

Serious illness becomes more likely

The older you get, the higher the chance of suffering from a serious medical condition that may completely change your ability to work. If you have trauma cover, you could receive a lump sum payment if you’re diagnosed with a medical condition defined in your policy. These can include things like Alzheimer’s, Parkinson’s, cancer, heart attack, stroke, blindness and multiple sclerosis. For some conditions cover starts 3-months after you’ve taken out the cover.

Higher debt increases financial risk

Many New Zealanders in their 40s have a substantial home loan or some other kind of debt. It can seem affordable when they’re earning quite well, but what if the income comes to a halt, due to sickness or injury? Life insurance can provide a financial backup to help clear debt or meet ongoing repayments if you’re sick or injured.

Your savings would only last so long

It’s possible you have savings, in case something happens. But how long would your savings last if you were sick or injured for an extended period? In this situation, income protection insurance may be a good option. It can pay a percentage of your gross income per month, in monthly payments. When you take out your policy you choose the monthly amount, how long you’ll wait before payments start and the maximum time monthly payments continue for.

Loved ones depend on you

If you’ve started a family, your partner and children may depend on your continued financial support. To help protect their financial future, if you die or become seriously ill, we can help build a plan focused on what’s right for you.

You’ve started your own business

Many New Zealanders seek further business opportunities in their 40s. This may involve financial investments or business loans. If you die or become seriously ill there are types of business protection insurances that can help to keep your business operating and could help to repay loan.

Connect with us now to find out how we can help.



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