When should we start thinking about life cover?

If you’ve joined financial forces – sharing a mortgage, rent, bills or future plans – then life insurance is something to consider. 

If something unexpected happened, would your partner be financially, okay? Life insurance helps make sure they’re not left to carry the load alone — giving space to grieve, heal, and adjust without added financial stress. 

And here’s a bonus: the younger and healthier you are, the more affordable your premiums are likely to be (all else being equal).  

How much do you really need?

There’s no magic number. Start by thinking about how much money your partner would need to keep things afloat if you weren’t around. That might include mortgage repayments, debt, day-to-day living costs, or even longer-term plans like saving for a home deposit, raising a family or saving for retirement. 

The key is choosing cover that reflects your lifestyle, goals and budget. An Insurance Link adviser can help you work out a level of cover that feels right: not too much, not too little. 

Is life insurance still relevant if we don’t have kids?

Absolutely. Kids or no kids, many couples share financial responsibilities. If you’ve bought a house together, taken out a loan, or just want to give your partner financial breathing room in case something happens, life insurance can be a smart move. 

Remember, it’s about protecting the life you’ve started building together.

How much does it cost?

Life insurance premiums depend on a number of factors, including your age, health, lifestyle and of course, how much cover you choose.  

That’s why it’s crucial to choose the right level of cover, so that you’re neither over-insured (and pay more than you need) nor under-insured (and more financially vulnerable).  

As insurance advisers, we can help you find an appropriate level of cover. You may even realise that life insurance is more affordable than you think. And the peace of mind it gives you is priceless. 

Do we only need cover for the ‘breadwinner’?

It’s a question we hear often, and the answer is: not always. 
 
In many Kiwi households, both partners contribute, even if one isn’t earning a salary. One of you might be looking after the kids or running the home. If that person were no longer around, life insurance could help cover the cost of childcare, home support, or even taking time off work to grieve and adjust. 

That’s why it’s worth considering cover for both of you — not just the main income earner.  

What other insurance types are there? 

Life insurance can be a great foundation, but it’s not the only option. Looking at your Big Financial Picture, you might also want to explore:  

• Income protection insurance – provides regular payments if you can’t work due to illness or injury 

• Health insurance – covers the cost of private medical treatment and diagnostics, so hopefully you can recover sooner 

• Trauma insurance (also known as Critical Illness Cover) – pays a lump sum if you’re diagnosed with one of the qualifying medical conditions listen in the policy, usually including cancer, strokes and heart disease.  

Not sure what’s appropriate for you? Get in touch: we can help you understand your options and design a personal insurance plan that fits your current budget and covers your most likely risks. 

Your future deserves protection 

Building a life together means planning for both the exciting and the unexpected. Life insurance is about giving each other confidence in the future, no matter what it holds. 

Ready to discuss your needs? Talk to an Insurance Link adviser today. We’re here to make the process easy, and give personal advice.  

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek financial advice. Link Financial Group 2022 Ltd (FSP1004590) holds a licence issued by the Financial Markets Authority to provide financial advice. Link Advisory Services Limited t/a Insurance Link (FSP1004651) is authorised by that licence to provide financial advice 

Please click here to view our full disclosure statement 

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek financial advice.

Please click here to view our full disclosure statement.