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What Is A Financial Planning Benefit On Life Insurance?
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When you set up a life insurance or any income insurance plan you have a wide range of choices. There will be an array of life insurers offering plans and there will be different life insurance plans to select from. So there are a range of considerations - for example you will want to check the financial strength of the insurer you are considering (do they have an independently assessed financial strength rating?). And cost is always a factor - comparing the current and long term price of the life insurance is important. If plans are from insurers with similar financial profiles and comparable policies, then opting for the most cost effective life insurance plan will make sense. A third consideration is plan quality - what are the specific benefits or features that the plan you are considering offers relative to other life insurance options? We will take a look at one common feature you might be offered - a â€œfinancial planning benefitâ€.
The way this works is simple and easy to understand. If the insured person passes away and the insurer pays out the insured lump sum, they will also pay an additional amount to help with the cost of engaging a financial planner to help with the use of the lump sum. This can use very useful, as life insurance lump sum payments are often very large (many people would never have had a cash lump sum that large before) and people can struggle to know how to use or save the money wisely.
So this can be a very useful benefit to have on a health insurance new zealand plan. There are a few things to check. One is the size of the payment. Around $2,000 is typical, however this can vary, so is worth confirming. There can also be conditions around the payment of the financial planning benefit. One might be that the lump sum payment needs to be above a certain amount (for example $100,000). Or the life insurance plan might need to have been in force for a certain number of years before you qualify for the financial planning grant.
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