A life insurance quote is the actual premium which a person of a particular age, gender and smoking status would pay in the first year of a policy, provided that a higher premium rate is not calculated by the underwriter due to the person’s medical history, occupation or pastimes.
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No it is not. The quote is based on some basic details about you, and a firm and fixed quote can only be provided following assessment of your application. However, for the majority of applications no change is expected in the quote following assessment.
When calculating your quote, we assume that you have no health, occupational or other factors that would warrant a higher rate. We make that assumption because, until you complete an application form, we have no knowledge of any factors which may present a specific insurance risk. In most cases though, your premium will be as quoted.
Yes, there is. Take, for example, a 40-year old male non-smoker. The premium for $200,000 in Life Cover is $12.04 per fortnight, or 6.02 cents per $1,000 of cover. The premium for $500,000 in cover is $21.43 per fortnight, or just 4.29 cents per $1,000 of cover. That is a significant reduction.
Yes, you do. If you pay your premiums annually you will receive a discount of approximately 4.8% on the total benefit cost (everything except the policy fee). This discount is automatically calculated when you get a quote and select an annual payment frequency.
Premiums for Life Cover are fully exempt from GST, as such, there is no GST in your premium. This means that 100% of your premiums go towards your cover. Life insurance is one of the few supplies in New Zealand which is exempt from GST.
This simply reflects differences in mortality rates in New Zealand between males and females.
Non-smoker rates are significantly lower than smoker rates. This simply reflects higher morbidity and mortality rates among smokers due to smoking-related diseases.
Yes, you can. If you quit smoking for at least 12 months and you have no intention of resuming, you can have your rates changed to non-smoker rates for any current Sovereign policy you have. To effect this change, you simply need to complete a Non-Smoker Declaration Form.
If you are about to apply for cover and you have been a non-smoker for less than 12 months, you should still apply for cover as soon as possible. You can submit your Non-Smoker Declaration as soon as you have completed 12 months as a non-smoker.
Yes, it will. Premiums are quoted on a Rate for Age basis. Your premiums will change each year on the anniversary of your policy, based on your age at that date. In most cases your premium will go up, but in some cases it will stay the same, and sometimes it can even go down.
Please see our FAQs for other frequently asked questions about Life Cover.
The premiums quoted on this website are the premiums which would apply (subject to acceptance) in the first year of your policy. Learn why premiums change each year.
Any quote provided to you on this website is not a formal offer of insurance, as it is based only on the most basic details about you. Learn about underwriting and the offer of terms.
This website does not provide personalised advice, and it takes no account of your personal insurance needs or circumstances. In particular, the information in this website is not personalised financial advice for the purposes of the Financial Advisers Act 2008 and should not be relied upon in making a decision about insurance. If you are unable to (or do not wish to) determine your cover requirements on your own, then read our section about obtaining advice.