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What age should I be when I first purchase Life Insurance?

There is really no right or wrong answer. There is no reason why a 20 year old should not have Life Insurance if they are planning for their future, remember that Life insurance may not always be possible to obtain if you already have certain health conditions at the time of application. So, the earlier the better from that point of view.

Other than that the usual answer to when should Life Insurance be taken is when you get married, or have dependants or have some debt (like a mortgage).

I am aged 28, have a mortgage of $500,000, a lovely wife and 1 year old twins, how life insurance do I need?

How much can you afford to pay in premiums?, that might be a good place to start. If you were to pass away with no life insurance then most likely your wife and children would struggle financially for many. many years. It is likely they may also lose the home. Realistically, anything less than $1,000,000 life insurance would be insufficient but at least it would may the mortgage and leave some money in the bank to live on. Try to get as much cover as you possible can, maybe $2,000,000?

Do I need a medical examination when applying for New Zealand Life Insurance?

For many applicants the insurance companies rely solely on the information you disclose on your application. So, if there is nothing to disclose or it is minor the insurer will make a decision based on that and you would not need to be tested. However, if any medical conditions that you disclose are of concern the insurer may request your medical notes from the GP (often at their own cost) or they may request you to complete some tests.

Some other people may require a medical examination. This is usually related to your age ie if you are over 60 it may be a requirement or if you are seeking a very high level of cover, regardless of your age, you may also be asked to complete some tests. These two situations are because the insurer is at a higher risk for those who are older or where the cover amount is very high. 

How much life insurance should I have?

Life Insurance premiums are mainly determined by your age, sex, smoker status and amount of cover. So, an older male smoker will pay a lot more than a young female non smoker.

Premiums must be affordable going forward (as they usually they increase as you age) so firstly make sure you can afford whatever premiums are set at the time the policy is taken out. Allowing for that, usually the amount of cover would be the amount of any major debt (usually a mortgage) plus an amount over that to provide your dependants with an amount that is sufficient to provide financial support for the short to medium term. If money allows (for premiums) the financial support should be for the long term.

Can I buy life insurance online?

There are two answers here. Typically with online applications this is just a means to submit your information to the insurer. So, with most you are not then covered instantly, you have to wait for the insurer to access your application and come back to you within the next few days. In some instances they will subsequently advise that your application is accepted and in some instances they may require further information from you or your GP.

There are also some options, very limited, where the online application is accessed instantly online and if you meet the criteria (will need good health) then the policy is accepted there and there without any human intervention. When determining your requirements we can guide you through the whole process