Reaching their 60s is an important milestone for many New Zealanders. You may be nearing retirement, with the freedom to pursue what’s most important to you on the horizon. Life may be looking pretty good, with family and close friends to share these precious golden years.
This is also a time full of big changes for many Kiwis. You may have sorted some of the big financial responsibilities you had in your youth, but others may become more important. Now might be the time you start reviewing your life insurance.
Downsizing after retirement
Many people choose to scale back some expenses after they’ve retired. You might decide to move into a smaller house, keep only one car or cut back on unneeded expenses. Reaching your 60s might also mean that you no longer have large debts, your children have finished their studies and you’ve created a nest egg for you and your spouse.
All of these things could impact the life insurance benefit you think you will need in the future.
Planning a funeral
Along with a Will, you may decide to put some thought into planning your own funeral. This can be tough to think about, but it can help your family honour your final wishes. It can also help you get a better idea of how much funerals cost and how your loved ones might pay for it.
Many life insurance policies offer an advance benefit payment to help family members pay for the insured’s funeral whilst the rest of the claim is reviewed. However, you may want to check if your policy has an “expiry” date. Some life insurance policies only cover people until they reach a certain age. After this point, no claims can be made.
Another option for covering funeral expenses is a Funeral Insurance policy. Funeral insurance is designed to pay a benefit that can help with your final expenses, and they often offer guaranteed acceptance, fixed premiums and cover for life.
Get the right cover for every stage of life
Thinking about your family’s financial future may be important to you, no matter your age. As you head into your 60s and beyond, you may want to take a moment to consider your insurance needs. It could make all the difference to the ones you love most.
About Author: Momentum Life is a leading provider of Life insurance and Funeral insurance in New Zealand.
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The content provided in this article is for information purposes only. The information is of a general nature and does not constitute financial advice or other professional advice. To the extent that any of the content constitutes financial advice, it is limited to Momentum Life products only and does not consider your specific financial needs or goals. You should consider whether the information is appropriate for you and seek independent professional advice, if required.
All product information is correct at the time this article was published. For current product information, please visit the Momentum Life website.
