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23 November 2023
Fidelity Life has more than delivered on its promised product enhancements, with six being launched to market today – this includes an additional enhancement since they were initially previewed at its Engage 2023 conference in September.
The extra enhancement includes additional increased sum insured limits for children with Life cover or Trauma cover - standalone.
All enhancements were delivered in direct response to adviser feedback and reflects Fidelity Life's commitment to getting back in the game with advisers and better meet the changing needs of New Zealanders.
Here’s what’s new.
- Monthly mortgage repayment - cover benefit percentages have increased from 110% to 115% of mortgage repayments and 40% to 45% of income, to better reflect the high cost of living.
- Special events and Future insurability – changes to benefits and removal of some exclusionary criteria.
- New triggers have been added to Special events as reasons for optional cover increases such as buying investment property, land, holiday home, co-signing a child’s mortgage or supporting a child with fulltime tertiary study.
- Some exclusions for Special events and Future insurability (i.e., for customers with loadings or special terms) have been removed to give a wider range of customers access to these benefits.
- Key person new to business and Key person for farmers - monthly cover limits have increased from $4,000 to $6,500 for Key person new to business, and from $5,000 to $9,000 for Key person for farmers covers to acknowledge increasing labour costs.
- Repatriation benefit – now available on applicable life covers, the newly added benefit is on top of the life cover sum insured and is accessible to repatriate a body home from or to New Zealand.
- Stand-down period commencement - the stand-down period for specified trauma conditions have been adjusted for new covers to start on the date of a completed application submission, not on underwriting, to acknowledge pressures within the healthcare system which can cause underwriting delays.
- Increased sum insured limits for children – new limits for children now stand at $250,000 for both Life cover and Trauma cover - standalone, a notable rise from previous limits of $200,000 for Life and $60,000 for Trauma cover - standalone.
The enhancements apply to new and existing customers with relevant cover types who hold Platinum Plus, Platinum Plus Level Term or Mortgage Protector products.
For the full adviser guide, including information on eligibility, please visit Adviser hub.
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