|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 5th, 6:23PM


Latest Headlines

One in three Mums have no life cover

Research shows that one in three mothers have no life insurance cover to protect their family if the worst were to happen.

Tuesday, May 16th 2006, 7:07AM
The study, done by AMP, shows that on a regional level, the families of Christchurch mothers are most vulnerable, with 38% of Christchurch mums with no cover. By contrast, only 21% of Christchurch fathers have no life insurance cover.

Further north, 32% of Auckland mothers and 29% of Wellington mothers have no life insurance cover. Not only that, but also one in 10 mothers were completely unaware of the level of life insurance cover they possess.

Of the 67% of mothers who do have life insurance cover, one third of them have less than $200,000 of cover.

Regionally, the average level of life insurance cover for mothers reveals some significant discrepancies, AMP says.

On average, Auckland mothers are insured for around $295,000 with Wellington mothers insured for almost $265,500.

Christchurch mothers draw the short straw with only $195,000 worth of life insurance cover.

“Many New Zealanders struggle when it comes to determining an adequate level of life insurance cover for their families,” AMP general manager corporate affairs Jane Anderson says. “A sum of $200,000 life cover for a mother may seem reasonable, but when you break it down, the numbers often don’t stack up.”

Anderson says there is no simple answer to determine how much cover a woman should have.

You just can’t apply a “one size fits all” approach. It comes down to the needs of each individual family.

She suggests a good starting point would be to determine the number of years left with dependent preschool and school-aged children, as well as a review of current levels of household debt. This establishes a reasonable benchmark from which to make a decision about the degree of life cover needed to safeguard a family from severe financial hardship.

« Southern Cross ups premiumsWaistlines will fatten premiums »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Insurance Briefs

Fidelity Life’s transformation continues with top culture award
Fidelity Life's tech team pick up a gong at IT awards.

Fidelity Life dials up new tech
Fidelity Life says its new telephony solution deliver immediate benefits to customers and advisers.

AIA pimps up its Quick Quote calculator
AIA has enhanced its Quick Quote tool, which it says provides an opportunity to attract new, more qualified customers.

Southern Cross to bring mental health programme to kiwi kids
The programme aimed at helping kiwi kids navigate life’s ups and downs will soon be available free of charge to any primary or intermediate school in New Zealand.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News


Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
Site by Web Developer and