Planning for the unexpected is one of the most important steps you can take to protect your family’s financial future. Life insurance offers peace of mind, ensuring your loved ones are supported if the worst should happen. At IFO Peace of Mind Advice, our dedicated life insurance advisors are committed to helping you find the perfect policy, tailored to your needs, with appealing features like AIA’s Suspension of Cover Benefit.
Why Life Insurance Matters
In 2024, New Zealand’s population reached 5.42 million, yet the Financial Services Council NZ reported a decline in life insurance policies, dropping from 4.2 million in the first quarter to 4.15 million by the third (riskinfonz.co.nz). This trend underscores the need for reliable financial protection. Life insurance provides a tax-free lump sum in the event of your passing or if diagnosed with a terminal illness. With the help of our life insurance advisors, you can secure coverage that eases the financial burden on your family, covering critical expenses like funeral costs during challenging times.
Flexibility with AIA’s Suspension of Cover Benefit
Choosing AIA’s life insurance through our life insurance advisors means accessing the Suspension of Cover Benefit. This feature allows you to pause your premium payments and coverage for up to 12 months without losing it entirely, provided you meet the policy’s conditions. Whether you’re navigating temporary financial difficulties, on parental leave, leave without pay for any reason, become unemployed or redundant, experience at least 20% reduction in pay, or self-employed and experience a 30% reduction in revenue, this benefit offers flexibility to maintain your policy without penalty.
What this also means is during the suspension, you won’t pay premiums, but you also won’t be covered for any claims. If you choose to reinstate your life insurance policy, this is straightforward and automatic, with no need for new medical underwriting if the suspension is 12 months or less, and this feature makes AIA’s life insurance policies adaptable, allowing you to maintain long-term protection while managing short-term challenges.
Connect with Our Life Insurance Advisors Today
Our life insurance advisors are here to guide you every step of the way in the event you need to use the Suspension of Cover benefit. They provide personalised guidance, helping you protect what matters most. Contact one of our life insurance advisors today for a free quote and take the first step toward a secure future.
Source
Life Insurance Industry Spotlight: Population Rises – Life Policies Down (riskinfonz.co.nz) https://riskinfonz.co.nz/2024/11/08/life-policy-numbers-down-while-population-rises/