Life and Living insurance FAQs answered

Here’s what you need to know about nib’s Life and Living insurance options.

1. What is nib Life insurance?

This pays a lump sum of money to your beneficiary if you die, or are diagnosed as terminally ill and are expected to die within the next 12 months. There is no maximum cover amount, so you can apply for as much as you need.

2. What is nib Living insurance?

This provides options for financial support following illness and injury. You can choose from either, or both, of these options:

• Serious Illness Trauma cover – pays a lump sum to you if you're diagnosed with a medical condition defined in the policy, such as severe cancer, a major heart attack, stroke, or paralysis due to injury. There’s a maximum amount of cover of NZD $1 million.

• Income Protection Illness cover – pays you an agreed monthly amount if you're unable to work because of illness), providing you were previously working at least 25 hours per week for a single employer. The maximum amount of cover is 55% of your gross income, up to a maximum of NZD $6,000 per month.

3. What is Funeral cover?

With any of the nib Life and Living cover options you’ve chosen, you also receive a complimentary lump sum payment of NZD $15,000 to help with funeral expenses.

4. What’s the purpose of nib’s Life and Living insurance?

At nib, we want to make it easy for you to plan for anything that comes your way. That’s why our comprehensive Life and Living insurance has options that are flexible and can be curated to your needs. By bundling these together, you’re able to manage your life, trauma, and income protection cover all from one place, so you’ll have the confidence to face whatever comes next.

5. What are the benefits of getting Life and Living insurance?

Having Life and Living insurance provides peace of mind that you and your loved ones are supported at every stage of your lives, with comprehensive solutions for both health and financial security.

6. When should I be thinking about Life and Living insurance?

There are lots of milestones that might prompt you to look into Life and Living insurance. Two common ones are starting a family and buying a home. If there are people who depend on you financially, e.g. children or a spouse, insurance can help protect them from financial difficulty in the case that you become seriously ill (or worse). For example, enabling them to pay the mortgage and cover extra costs like childcare.

7. How much will Life and Living insurance cost me?

The cost, or premium, for your cover will vary depending on your current age, your gender, your health, lifestyle and the types of cover you choose. The minimum monthly premium available is $15 per month and your total premium is not fixed. Each year, as you get older, your premiums will generally increase – even if you were to keep the same amount of cover. This is so you can continue getting the best value out of your cover even as general consumer prices and medical inflation increases, and to cover the increased health risks that come with age.

If you’d like to talk to someone at nib about how your premiums may change as you get older, or how to make sure your cover is right for you and your budget, please get in touch.

If you’d like to learn more about nib’s Life and Living insurance options and how it could work for you, get in touch with us here or speak to your financial adviser today. This article provides general information only and should not be considered as financial advice.