Why life insurance premiums increase?
Life Insurance Premiums Increase every year.
That is what most NZs are used to.
Very rarely will a Bank or Insurance company clearly show you the lifetime costs you can expect to pay for a Life Insurance policy.
Why do life insurance premium increase with age
About 80% of life insurance policies sold in NZ are not designed for the long term because life insurance premiums increase yearly.
At your annual renewal, the Bank or Insurance company calculates that you are older now (it’s what happens with age) and, therefore, at a higher risk of something unforeseen happening to you.
Therefore, Life Insurance Premiums Increase.
“Rate for Age” insurance payment go up every year.
The problem is that the increases become exponential as you get closer to 40 and 50 and beyond.
You’re at a higher risk.
And banks and insurance companies don’t consider that they have been loyal clients for many years.
Instead, Life Insurance Premiums Increase every year.
Many people cancel because of skyrocketing premiums.
What can you do about it?
