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7 November 2022
New Zealand’s largest locally owned life insurer Fidelity Life has announced further improvements to its underwriting terms for the benefit of customers and released new resources and tools to make things easier for advisers.
The latest updates, including increased financial limits, were unveiled during Fidelity Life’s recent Unplugged adviser roadshow and follow the company’s higher non-medical limits announced in July.
Fidelity Life Head of Underwriting Monique Ravening says the enhancements were a direct response to adviser feedback and reflect the importance of providing certainty to New Zealanders - especially in uncertain times.
“This package of enhancements, coupled with the higher non-medical limits announced as part of our new reinsurance treaty with GenRe in July, demonstrate our unwavering commitment to put our customers first.
“Life insurance is about providing certainty and delivering on our long term promise to customers at claim time. With rising living costs placing increasing pressure on families and businesses, protecting what’s most important is key. These enhancements aim to make protection more accessible to New Zealanders, as well as maintaining our competitiveness in market.”
- Increased financial limits for Life and Total Permanent Disability (TPD) covers.
- No financials required for up to $2.5m cover, previously capped at $2m.
- All occupation classes will require a Statement of Advice (SoA) or a completed Financial Questionnaire (FinQ) for cover over $2.5m.
- Full financials required for cover exceeding $4m, higher in some cases, dependant on occupation class.
- Increased financial limits on Trauma covers.
- No financials required up to $1.5m, with a FinQ and full financials only required beyond this benefit limit.
- Increased Income Protection (IP) financial limits for Indemnity covers.
- No financials required for up to $12,500 for employed applicants, higher in some cases, dependant on occupation class.
- Increased maximum benefit for IP Indemnity cover.
- Now lifted to $60,000 per month, available as a top up to its previous limit of $30,000.
- The additional $30,000 is indemnity only, available on a two-year benefit period.
New tools and resources are now available to help advisers understand and apply the new enhancements. These include:
- New quick reference guide - detailing both the latest enhancements and the recent higher non-medical limits.
- Simplified financial questionnaire (FinQ) - easier to understand, while the requirement to have the FinQ signed by an accountant or solicitor is no longer needed.
- New Insurable income calculator - designed to help advisers more accurately assess self-employed applicants.
“We choose advisers as our main channel because they produce better long term outcomes for our customers,” says Monique.
“That’s why we’re focused on making things easier for our adviser partners, so together we can help more New Zealanders get protected.”
Fidelity Life will be hosting online training workshops from 29 November to 1 December to demonstrate the Insurable income calculator to advisers. To register, please visit: info.fidelitylife.nz/Insure-inc-calc-workshop.html
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