Life insurance policies in New Zealand primarily provide a tax-free lump-sum cash payout to designated beneficiaries upon the insured person's death during the policy term. Beyond standard death benefit protection, many comprehensive life insurance contracts in New Zealand incorporate advanced living benefit riders or optional add-ons. These can include accelerated payouts if the policyholder is diagnosed with a terminal illness, alongside bundled or standalone trauma (critical illness) cover and total and permanent disability (TPD) insurance protection.
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