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Stepped vs Level Premiums.
Rate for age vs Fixed Premiums.
Increasing Premiums vs Premiums that don’t increase with age.
They all have many names. The results are the same: because once you have decided to purchase life insurance, then you need to start thinking how you want to pay for it.
Banks and many online insurance companies do not offer level premiums, and will not tell you about it. They offer only stepped premiums, at a competitive rate, because they have trimmed the product to a basic of the shelf product.
The best life insurance companies in New Zealand offer stepped premiums and automatic conversion options to level premiums if you should decide to do so at any time.
Understanding stepped vs level premiums is paramount in determining how much you will be paying now, tomorrow and in the future.
For life insurance and trauma cover, you have the option to choose between stepped and level premiums.