Stepped vs Level Premiums

Generally, insurance premiums are worked out based on your age. In your youth, your premiums are inexpensive and easy to manage. As you grow older your risks become greater so your premiums will increase and become steadily more expensive.

Stepped vs Level Premiums

 

Generally, insurance premiums are worked out based on your age. In your youth, your premiums are inexpensive and easy to manage. As you grow older your risks become greater so your premiums will increase and become steadily more expensive.

There is a solution. You can choose to place your cover onto our Level Premiums which do not increase with age. They function as a kind of ‘smooth pay’ over your lifetime, so you are not hit hard by sudden increases later in life. Costing more initially, they do not increase annually and you will make significant savings over the years.

Level premiums are the ideal option if you intend to keep your cover over a long period of time. Talk to your adviser about what you wish to achieve with your personal protection cover and they will be able to inform you if this is the right choice for your situation.

* Please note not all insurers will guarantee level rates and certain conditions may apply, your Lifetime Adviser will be able to provide specific details for your situation.

Example shown for illustration purposes only, actual values dependent on level of cover, provider and conditions.

12th Nov by Carmen Lapthorne

Health benefits can play a critical role in retaining existing staff and attracting new talent to your organisation. Lifetime financial adviser Carmen Lapthorne warns business owners and HR managers against making these common mistakes.

5th Sep by Lisa Davis

From relying on only Pharmac-subsidised drugs to thinking you’re fully covered by your work health insurance, Lifetime adviser Lisa Davis warns of the common mistakes we make when selecting health insurance and how best to avoid them.

17th Jul by Garry Mann

Moving from the default ACC Cover Plus to ACC Cover Plus Extra might sound like an expensive exercise, but when topped up with appropriate personal cover, it can cost you less per year for more comprehensive cover that pays out in circumstances of illness as well as injury.