While many New Zealanders insure their homes and cars without hesitation, far fewer insure their income against sickness or disability. When it comes to life insurance, only 38% of New Zealanders have cover – and people often delay making a decision because it can be hard to determine the right level of cover.

However, life insurance removes financial pressure during a time of grief. It can cover significant expenses – such as funerals, which in New Zealand can typically cost NZ$10,000 – and provide ongoing financial support, helping loved ones move forward without added financial strain, says Charlotte Finer, marketing manager at Pinnacle Life.

“For the person taking out the insurance, it provides immense security and peace of mind, knowing that if something happens to them, their kids, family, or dependants will be financially supported. This is particularly invaluable if they are the main income earner,” she says.

To address the low numbers of New Zealanders taking out life insurance, Pinnacle Life has developed a digital advice tool, which helps people work out how much cover they may need.

“Our digital advice tool aims to make a complex and often overwhelming topic accessible to everyone, not just insurance experts,” says Finer. “It removes jargon and strips back the overwhelming content typically associated with online insurance quotes and websites.”

Guiding users through a series of questions, the tool builds a comprehensive financial picture and provides personalised suggestions.

“Once this financial information is collected, our tool calculates the amount of money you would need to manage your commitments,” says Finer.

“It then prompts you to consider the purpose of your life insurance, which may be for your family to maintain their current lifestyle; provide a minimum amount for them to get by or just cover bills and debts like a mortgage or credit cards,” she says.

The digital tool also makes it easy to check in and make sure that the amount of cover people have is still suitable for their commitments, adds Finer.

“As life circumstances change – for example, children growing up and becoming financially independent, changes in mortgage status, or shifts in investment portfolios – the tool allows people to check if their current cover remains appropriate,” she says.

While New Zealanders have become significantly more comfortable with using digital platforms for purchasing financial products such as life insurance in recent years, Finer says the tool is designed to go a step further.

“We know that a significant portion of New Zealanders are underinsured, lacking adequate financial protection for themselves and their families, and we want this tool to help people get the cover they need.” 

Get a quote from Pinnacle Life

To get a quote or find out more about the exclusive benefits Pinnacle Life offers CA ANZ members, visit this link.

If you’d prefer to try our digital advice tool first, you can do that here. (Just make sure to lock in your members benefits by starting with the link above.)