it’s my story 


Life is full of planning. There’s the big stuff – saving for a home, getting married or starting a family — but also small, everyday tasks like making shopping lists or arranging after school pickups. No matter the task, if you’re planning it now, then it’s probably important to your future. 

Planning for the future is often exciting, but not always. Imagining life after you’re gone is probably one of the most difficult things you may need to consider. However, having a plan for if the worst happens could help your family carry on if you’re ever unable to provide for them in the future.

That’s where life insurance could make a difference. Life insurance is one way to help secure your family’s financial future for years to come.

What is life insurance?

Life insurance is a type of insurance policy designed to help provide financial assistance to you or your family in the event of a terminal illness diagnosis or unexpected death.

Whilst many families use a life insurance benefit to help replace a loved one’s salary, the money can actually be used for anything they may need. This may include short-term concerns, like paying household bills or covering the cost of a funeral. It could also help provide funds for bigger needs, such as paying off a mortgage or covering school fees.

Why do people buy life insurance?

No matter how the money is used, the general idea behind a life insurance benefit is to provide peace of mind to those left behind. Instead of worrying about money, your family members can instead focus on what’s really important: providing emotional support to each other and taking care of themselves.

This might mean that your partner can take time off work to provide care during your final days, or to grieve after you’re gone. They could have funds to help pay for day-to-day expenses, like groceries or utility bills, that don’t stop just because you’ve lost a loved one. Your children may even be able to achieve their future goals, such as paying for university or having a nest egg to help start them off in life.

For many people who get life insurance, a policy means that their family will be able to live the life their planning now, even if they’re unable to live it with them.

Life insurance or funeral insurance?

If you’re looking for life insurance, you may have also heard about funeral insurance. The type of policy you decide to get will depend on your budget and financial needs. However, there are a few things you may want to consider:

• How old are you? Life insurance is designed to help provide long-term financial support, often by replacing the insured’s income should they die unexpectedly. Funeral insurance is primarily meant to cover the one-time expense of a funeral. For this reason, life insurance may be more useful to younger people with ongoing debts, a spouse who depends on their pay cheque, or school-aged children.

• How do you want to help your family? Because life insurance policies are often built with younger families in mind, they typically offer larger benefit amounts than funeral insurance. If you plan on providing your family with financial support for a number of years after your death, then life insurance may better suit your needs.

• How much are you able to spend? Life insurance premiums are partially based on your age and health. Younger, healthier individuals can often find great rates on cover that closely meets their needs. Some insurers will also lower premiums if you take steps to improve your health, such as quitting smoking.

Getting covered

Planning for an uncertain future may not be fun, but it could be easier than you think. If you’re ready to get a life insurance policy, or just have some questions, give us a call. Our friendly staff would be happy to tell you more about our policies and provide you with a free, no-obligation quote.


All product information is correct at the time this article was published. For current product information, please visit the Momentum Life website.

About Author: Momentum Life is a leading provider of Life insuranceFuneral insurance and Accident insurance in New Zealand.

Disclaimer: The information provided in this article is of general nature, and does not take into account your personal situation. You should consider whether the information is appropriate to your needs or seek professional advice, where necessary.

TAGS: life insurance, life cover,