When you're getting cover for your life and the people who are part of it, you shouldn't have to settle or take a guess. This table is a guide to help compare our product against similar life insurance products available in New Zealand. Read on to compare some features and benefits across a range of products.
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|Product feature||OneChoice Life Insurance||Insurer A||Insurer B||Insurer C||Insurer D|
|Age eligibility to apply||16 - 70||18 - 70||16 - 59||18 - 75||18 - 65|
|Joint cover available|
|No medical or blood test to apply||up to $1.5 million|
|Free interim accidental death cover|
|Maximum benefit amount||$2 million||$1 million||$1 million||$2 million||$1 million|
|Advanced funeral or tangi payment||$10,000||$15,000||$10,000||Not disclosed||$10,000 (must hold policy for 24 months)|
|Terminal illness benefit||100% on diagnosis||100% on diagnosis (max $500,000)||100% on diagnosis||100% on diagnosis||100% on diagnosis|
|Serious illness option||up to $500,000||up to $500,000||up to $625,000|
|TPD option||up to $1 million|
|Apply to increase benefit amount|
|Increase benefit amount after life events without answering any underwriting questions||up to $200k per policy term||up to $200k per event||up to $250k per event max 3 events|
|Discount||10% of premiums you've paid back after 12 months||10% first year discount||5% discount on sign up (existing customers only)||10% first year discount (online only)|
This information is accurate as at 8 January 2020. This table compares a sample of policy features but does not compare all aspects of each policy. There are also other policies available that have not been compared. Maximum Cover amounts available are dependent on your age at time of application.
We look out for our family too (that’s you). With OneChoice, you’ll get back 10% of premiums you’ve paid after 12 months. Choice!
Applying without a medical or blood test
You might get asked to undergo a medical exam or blood test when you apply for life insurance with some providers. This is done to assess your health before you take out cover and to help insurers keep their premiums low. But keep in mind that this can make the process of applying take longer than usual, not to mention the added stress if you don’t like needles or other invasive procedures.
If you’d rather do it the easy way, some insurers let you apply over the phone by asking you health and lifestyle questions, without having to undergo any formal medical tests. That can end up saving you a lot of time and let you get covered sooner. On top of that, you won’t have to sit in the clinic’s waiting room reading outdated magazines.
In our comparison, only two insurers in New Zealand allow you to apply for their maximum cover amounts without a medical exam or blood test – OneChoice and Insurer D. However, it’s also worth considering the maximum cover amount offered by these two providers. Insurer C also allows applications online of up to $1.5 million without the need for a medical, however to get the maximum cover amount of $2 million a medical is required.
Free interim accidental death cover
Under certain conditions, you might be eligible for temporary accidental death cover at no extra cost. This is a great way to make sure you’re covered for an accidental death before your life insurance policy has kicked in. This benefit is only offered by two providers in the market – OneChoice and Insurer D. You’ll need to check each provider’s website and Policy Document for everything you need to know about eligibility.
Sort your life out.
Maximum cover amount
Setting the right cover amount can make a big difference when it comes to you or your family coping with life’s financial speedbumps. When you think about your family’s current and future finances, as well as the kind of lifestyle you want for them when you’re gone, you might find that your loved ones need a higher cover amount to take on all the expenses coming their way. Most providers in New Zealand currently offer a maximum of $1 million in cover, but that amount is doubled if you go with OneChoice or Insurer C. This means you can get a maximum cover amount of $2 million (depending on your age) on your policy, letting you plan the future you and your loved ones deserve.
Optional extras for more peace of mind
If you’re thinking about life insurance, it’s important to think about what else can happen to your life besides dying. A serious illness or a lifelong disability could bring on just as many financial challenges for your loved ones. Even if you’re living alone and don’t have kids or a partner to support, the cost of medical treatment and other long-term expenses can put a big dent in your plans for the future.
If you’re after even more peace of mind, you can consider adding optional Serious Illness or Total & Permanent Disability (TPD) cover to your life insurance policy. These aren’t available with every policy so it’s a good idea to compare what options are available in case your needs change in the future. OneChoice, Insurer A, and Insurer C all offer serious illness cover as an optional add-on.
However, only one provider in the direct market offered TPD insurance. OneChoice Life Insurance has optional TPD cover, with a flexible cover amount up to $1 million (depending on your age) in case you suffer a pre-defined disability that stops you from living independently, helping you or your family take on even more of life’s curveballs.
Discounts or bonuses
Getting a discount on your life insurance policy might help with the short-term affordability – or at the very least it could put some money back in your pocket for more of the things you love. Most insurers are straight-up when it comes to the discounts or bonuses they offer so it’s not hard to compare this between policies. In our comparison, Insurer A and Insurer C both offer a 10% discount on the first year’s premium of your policy. These are on par with the OneChoice Bonus, which gives you back 10% of the premiums you’ve paid after 12 months. Going by our findings, these three policies currently offer the highest discount on life insurance in New Zealand. The great thing about these incentives is that the higher your premiums are, the more you will save or receive back.
Insurer B offers a lower 5% discount which is only redeemable if you are an existing member. Insurer D doesn’t offer any specific discount at time of comparison, but instead they donate an undisclosed portion of your first-year premiums to the Heart Kids Charity. Nice go.