Is Whole of Life insurance policies still available in New Zealand?

Whole of life insurance policies is not sold anymore in New Zealand.

Bundled savings insurance policies such as whole of life insurance, with savings and investments elements, were discontinued during the 1990s. In part due to public preference for cheaper cover, insurers in New Zealand started offering risk-only products at a lower rate compared to the whole of life policies, because the new policies namely yearly renewable term and level premiums do not include any savings or cash investment options.

 

Sources

¹ https://www2.deloitte.com/content/dam/Deloitte/nz/Documents/financial-services/2020-life-insurance-sector-report.pdf

²https://www.sovlink.co.nz/sovadviserguide/story74.htm?

³https://www.stuff.co.nz/business/112098891/your-old-life-insurance-policy-could-be-more-useful-than-you-think

 

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