Wills & Estates Practice Area: Life Insurance & Death Benefits

The Wills & Estates practice area in New Zealand focuses on what happens to a person's belongings and money after they pass away. One important part of this area is Life Insurance and Death Benefits. This involves understanding how life insurance policies work and how to claim the benefits when someone dies.

What is Life Insurance?

Life insurance is a contract between a person and an insurance company. The person pays regular amounts of money, called premiums, and in return, the insurance company promises to pay a sum of money to the person's family or chosen beneficiaries when they die. For example, if John has a life insurance policy and he passes away, his family can claim the money from the insurance company to help cover expenses like funeral costs or to support their living expenses.

Understanding Death Benefits

Death benefits are the money or other benefits that are paid out when someone dies. This can include life insurance payouts, but it can also involve other types of benefits, such as superannuation funds or certain government payments. For instance, if Sarah has a superannuation fund and she passes away, her family may be entitled to receive the money from that fund as a death benefit.

Why is This Important?

Understanding life insurance and death benefits is crucial for families in New Zealand. It helps ensure that loved ones are financially supported after a death. It also helps to avoid disputes over money and belongings, which can be stressful during a difficult time.

How Can We Help?

In our Wills & Estates practice, we can assist you with:

• Setting up a will to clearly state who gets your belongings.
• Understanding your life insurance policy and ensuring it meets your needs.
• Helping your family claim life insurance and death benefits after your passing.
• Resolving any disputes that may arise regarding these benefits.

By working with us, you can have peace of mind knowing that your wishes will be respected and that your loved ones will be taken care of in the future.