When it comes to protecting your family’s future, life insurance is one of the most important safety nets you can have. But let’s be honest: figuring out whether you need it, how much to get, and who to trust can feel like trying to decipher a confusing movie plot twist. Here’s the good news: it doesn’t have to be that complicated. We’ve broken it down for you so you can make an informed decision about whether life insurance is right for you—and how Quashed makes it easier than ever to find the best option.
What is life insurance?
At its core, life insurance is a financial safety net for your loved ones. If the unexpected happens and you’re no longer around to provide for them, life insurance pays out a lump sum to your chosen beneficiaries. This money can be used for:
Covering everyday expenses (e.g., groceries, bills).
Paying off major debts like a mortgage.
Funding your children’s education.
Covering funeral and medical costs.
Think of it as a way to ensure your family’s financial security—no matter what life throws at them.
Do I need life insurance?
New Zealanders are among the most underinsured in the developed world. According to the Financial Services Council (FSC), only 41% of Kiwis have life insurance, and a staggering 4 in 5 lack income protection insurance. This significant gap leaves many households financially vulnerable, especially if the primary income earner is unable to work due to sickness, disability, or death.
Imagine you’re a young parent in Wellington with a $400,000 mortgage and two kids under five. Without life insurance, your partner might struggle to cover the mortgage, school fees, and daily expenses. That’s why life insurance isn’t just about planning for the worst—it’s about peace of mind for you and your family.
How much life insurance should I get?
Determining how much life insurance you need depends on your individual situation. Consider the following:
Your debts: Include your mortgage, credit cards, and personal loans.
Income replacement: How much would your family need to replace your income for 5–10 years?
Future expenses: Think about education costs or major life milestones for your kids.
If you’re unsure, a common rule of thumb is to aim for 5–10 times your annual income. But don’t worry, Quashed can help you estimate the right amount based on your unique circumstances.
What should you look for in a life insurance policy?
When comparing life insurance policies, focus on:
Coverage: Does the policy cover what you need (e.g., trauma, terminal illness)?
Flexibility: Can you adjust your coverage as your needs change?
Premiums: Are the costs affordable, and are there options to lower them?
Reputation of the provider: Does the insurer have a strong claims record and good reviews?
With Quashed, you can compare policies side-by-side, so you’re not stuck guessing which one fits you best.
How Quashed makes life insurance simple
We know insurance can feel overwhelming, so we’ve made it our mission to simplify the process. Here’s how Quashed can help:
Compare providers instantly: See policies from leading NZ insurers in just 15 seconds.
Clear, transparent information: No jargon—just the details you need to make a decision.
Tailored options: Get recommendations based on your needs and budget.
Save time and money: Find the best coverage without spending hours researching.
The average Kiwi household can save
$2,023.79 a year by shopping their insurance!
Find out how your renewal prices stack up against other options out there!
Ready to get started?
Life insurance isn’t just a policy—it’s peace of mind for you and your family. Whether you’re just starting out or planning for the future, having the right cover can make all the difference.
Start comparing life insurance policies today with Quashed. In just a few minutes, you can find the perfect policy for your needs and take control of your financial future. Let’s make life insurance easy!
Shop smarter with Quashed
Insurance just got way easier with Quashed. Compare, shop and track all your insurance in one place.
FAQs
What is the 'Sum Assured' in a life insurance policy?
The Sum Assured is the amount you choose to insure yourself for. This is the amount that would be paid out to your beneficiaries in the event of your death. It differs from the 'sum insured,' often used in other types of insurance, which refers to the maximum coverage limit but may not always reflect the payout amount.
What is a 'Wait Period'?
The Wait Period refers to the time your policy must be active before coverage takes effect. For example, certain claims may not be eligible for payout if the insured dies within this period. It ensures insurers are protected against claims from pre-existing or undeclared conditions.
What is meant by 'Exclusions' in a life insurance policy?
Exclusions are circumstances in which your life insurance policy does not provide coverage. Common exclusions include death resulting from high-risk activities, breaking the law, or specific medical conditions not disclosed during application.
What does 'Renewal' mean?
Renewal is the continuation of your policy from one term to the next, provided you’ve kept up with premium payments. Most life insurance policies renew automatically, ensuring uninterrupted coverage.
What is 'Premium Loading' in life insurance?
Premium Loading refers to an increase in your life insurance premium. This happens when there is a higher risk of death, injury, or disablement due to factors like age, pre-existing medical conditions, or engaging in high-risk activities.
What is the 'Duty of Disclosure'?
The Duty of Disclosure requires you to provide your insurer with all relevant information about your health, lifestyle, and family medical history. This includes disclosing your age, gender, smoking habits, dangerous hobbies, and occupation. Providing incomplete or false information can result in claims being denied.
Market Scan quotes are direct from insurers
So you won’t pay more with Quashed
