Term Life

This type of life cover provides a lump sum if you die while the policy applies. It's a way to take care of people who depend on you, so it's especially important if you have children or other financial commitments. The lump sum can be used for any purpose, such as clearing debt, replacing income or investing for the future.

Good reasons to get Term Life cover

• Death benefit: It could pay a lump sum (the sum insured) when you die, to help those left behind.
• Terminal illness benefit: If you are diagnosed with a terminal illness and are likely to die within 12 months, you can claim up to 100% of the sum insured.
• Bereavement support benefit: An immediate lump sum payment of the lesser of NZ$10,000 (or the life cover benefit) may be available in the event of your death. This can be used for grief counselling, estate advice, flights and accommodation, or whatever your executors see as appropriate.
• Special events increase facility: Lets you increase cover without the need for medical evidence at certain times, such as when you move house, increase your home loan, have a child by birth or legal adoption, get married, get divorced, or become responsible for the care of a close relative.
• Children's funeral benefit: Could pay a lump sum of the lesser of NZ$2,000 (or the life cover benefit) if your child between the ages of three and ten dies solely as a result of an accident within 90 days of the date of injury.
• Option of future insurability: Lets you increase cover $1 million or twice your original sum insured (whichever is the lesser) during the term of your policy without providing further medical evidence.
• Part of your plan: This cover may be written in conjunction with the full range of ASB Lifestyle Security Plan benefits.
• Underwritten by Sovereign: You have the security of knowing that your policy is underwritten by Sovereign Assurance Company Limited, New Zealand's leading life insurance provider.

Quick facts