Financial protection for your loved ones
Your life is valuable. You may earn income or provide support for your family’s lifestyle. Life insurance is essential to provide security for the people who rely on you financially in both family and business situations.
Added responsibility and commitments come with important events like getting married, maintain family lifestyle, having a baby or buying a new home. These events are ideal times to consider life insurance cover or to review your existing cover. Life insurance can help your family to maintain their lifestyle and financial wellbeing.
what do I get?
SBS Bank Life Insurance is a term life policy. Receive a tax-free lump sum payment to your estate in the event of your death. This cash payment can also be paid out to you in the preceding 12 months if you are diagnosed with a terminal illness.Use the cash payment for any purposes.
You might use it to: pay medical bills, funeral expenses, day-to-day living costs, to provide for your children’s future education, to pay off any outstanding home loan or other debts,or to invest for future on-going income.
why consider life insurance?
Providing for my family
Ensure your family’s standard of living, including their needs in the longer term and inflation. You might want to ensure there is sufficient cover to repay the mortgage and provide for other immediate needs. Or you may want to ensure that the cover amount would provide a reasonable annual income if it was invested as a lump sum.
Home loan repayment
Provide financial protection while you repay your home loan.
In business situations life insurance can make it easy for surviving business partners to purchase your share of the business or enable your partner to employ a manager to keep the business running.
annually renewable term life
» Premiums are reviewed annually and increase each year. You start out paying lower annual premiums when you’re younger and pay a little more each year as you get older
» By choosing the optional Cost of Living Adjustment, your cover amount is automatically adjusted for inflation each year.
Additional benefits with cover over $100,000:
» bereavement support benefit: An advance payment of $15,000 of your life benefit
» financial advice benefit: Up to $2,500 towards the cost of professional financial advice on how to best protect their future financial security
level premium term life
» Premiums are calculated across the life of the policy and are set at the same amount each year, making budgeting easier.
» Level Premium Term Life is a good long term option because premiums are level for the life of the policy, which makes budgeting easier especially as you age.
personalise your policy
» You can choose the amount of cover you want
» Your premium is based on factors like: your age, gender, smoking status and any medical conditions you have
» The policy will automatically renew annually, so even if your health deteriorates in the future your policy will be there for you
» Premiums are calculated on a straightforward “risk only” basis, so you are not paying for things you don’t need
» You can increase or decrease your level of cover at any time
» You can cancel your cover at any time without penalty
» You can protect your cover from inflation with the optional cost of living adjustments
Term Life Insurance is arranged and underwritten by Southsure Assurance Limited (Southsure) - a subsidiary company of Southland Building Society (SBS Bank). Southsure is licensed under the Insurance (Prudential Supervision) Act 2010 and supervised by the Reserve Bank of New Zealand. Southsure is a member of the Banking Ombudsman scheme. SBS Bank may receive a commission for any successful insurance referral. All insurance cover is subject to underwriting criteria and the individual policy terms and conditions set out in the policy document. Neither SBS Bank nor any other entity within the SBS Bank Group guarantees the obligations of, or any products issued or underwritten by Southsure.This webpage is only a summary of the features and benefits of Term Life Insurance and is intended to be of a general nature.