Life insuranceIn short, life insurance will provide you with a lump sum payout in the event that you are declared terminally ill, or if you suddenly die. When choosing your cover amount, your insurer will take into account your age, medical history, and your line of work. This cover is specifically designed to help you pay off your financial obligations, and give you peace of mind knowing your dependents or significant other will be cared for when you're no longer around.
It's also good to note that there's an immediate release of funds on your life insurance policy in the event of sudden death to help cover funeral costs.
Funeral insuranceFuneral insurance is primarily designed to cover the cost of your funeral and relieve the financial burden for your loved ones. As a result, the cover amount for funeral insurance will generally be less than the cover amount you could get on a life insurance policy.
Funeral insurance is worth considering if you have a history of medical conditions that won't be covered by life insurance, or if you're ineligible due to age. The insurance companies we work with at LifeDirect won't ask you any medical questions when applying for funeral insurance, and acceptance is generally guaranteed.
If you're not sure whether life or funeral insurance is right for you, you can give our Wellington based team a call on 0800 800 400, or start a free quote online.