Media release
20 June 2024
Fidelity Life has introduced significant enhancements to its Monthly mortgage repayment cover and Mortgage Protection Cover, in direct response to feedback from Advisers.
From today, the insurer is lifting the offsets thresholds for these covers from $5,000 to $7,500, providing greater certainty at claim time for customers with high incomes or large mortgages.
Customers now also have the option to base their cover on 115% of their rent payments, alongside the existing measures of gross income or mortgage repayments.
Chief Commercial Officer Bronwyn Kirwan says the enhancements come in response to Advisers’ feedback and are the latest example of Fidelity Life’s push to make life easier for advisers.
“We’re constantly reviewing our products to ensure they meet New Zealanders’ evolving needs, and our north star is the feedback we receive from Advisers.
“These enhancements deliver more support and security for customers, whether that’s through keeping more money in their pockets before offsets start to apply, or offering greater support for renters. By providing more options, we aim to help more New Zealanders get the cover that works for them”.
Fidelity Life has also simplified how offsets are applied at claim time for these covers. Previously offsets were calculated using multiple factors and differed depending on a customers’ mortgage status. Now, when offsets begin to apply, they’ll simply be tied to other income regardless of whether or not they have a mortgage.
“We have streamlined the underwriting process for these covers whereby we no longer require confirmation, as part of the customer's application, as to whether rental income is received or not. We’ve also just launched a new and improved E-App that’s streamlining the underwriting process for all applications” Kirwan adds.
The enhancements are available now to new and existing Fidelity Life customers. For detailed information, including terms and conditions, advisers can visit Product enhancements - MMR | Advisers (fidelitylife.co.nz).
Fidelity Life, New Zealand's largest locally owned life insurer, proudly announces a suite of significant enhancements to its life insurance offerings, delivering more choice, greater accessibility, and better value across all life stages - New Life, Through Life, and End of Life.
Fidelity Life is delighted to announce the appointment of Scott Pickering as chair of its Board of Directors effective 1 January 2025.
Fidelity Life is proud to announce that its Information Security team has been awarded the prestigious Security Team of the Year at the 2024 iSANZ Awards.
Fidelity Life has announced it wants to double in value in 10 years and unveiled a suite of new initiatives aimed at cementing the proudly New Zealand owned life insurer as the preferred partner for financial advisers and their customers.