3-months free of premiums.

Frequently Asked Questions.

• What is eligible for the offer?

  The offer is available to new policies only purchased on any qualifying product.  

• What are the qualifying products?

  The offer is available on Platinum Plus, Platinum Plus Level Term, Mortgage Protector and New Zealand Home Loan Life products only. 

• What’s the offer period and eligibility rules?

  The offer period for the promotion is from 1-May 2024 and ends 31-August 2024. Any illustrations that are created during this period and submitted within 30-days of their generation are eligible. This means that the last date for generating eligible illustrations is 31-August 2024, and the deadline for submitting eligible applications is 30-September 2024. The policy must also be issued within six months of the end of the offer period, with the last policy issuance date for the offer being 28-February 2025. 

• How will the three months free premium be applied to new policies?

  In all cases, an amount equivalent to three months’ premiums will be credited to the eligible policy. The three month period will be calculated from the date of policy issuance and will be applied to the policy's premium payments based on the selected payment frequency. This means that: 

  • For monthly payments, the first 3 regular premiums will be waived. 
  • For fortnightly payments, the first 6 and a half regular payments will be waived, which means the first payment the customer makes will be reduced by half.  
  • For quarterly payments, the first payment will be waived. 
  • For half-yearly payments, half of the first payment will be waived. 
  • For annual payments, one quarter of the annual payment will be waived. 
• If a customer has a premium loaded during underwriting, will the loaded premium also be waived for three months?

  Yes. 

• Does the three months free premium include the policy fee?

  Yes. 

• Does the existing minimum premium threshold apply?

  Yes. 

• If a customer cancels their cover under the free look period (14 days), what happens to the ‘free’ premium?

  If the customer has not paid a premium there is no refund due to them for cancellation within the free look period.  If a customer has paid a premium in advance i.e., half yearly, annually, the applicable customer paid premium will be refunded only. For all customers the free premium amount cannot be refunded or exchanged for cash. 

• If a customer wants to reduce or increase their new policy’s cover during the three months free period how will this impact their credit?

  If a customer makes changes to their policy during the three month free period, the new premium amount will apply from the date of the alteration and credited until the end of the issued three month free period. For example, if a policy is issued on 30 May and an alteration is made on 15-July, then the original premium credit applies up to 15-July, then the adjusted premium will apply until 30-August.   

• What is not eligible for this offer?

  The offer does not include reinstatement of a policy or cover. The replacement of any existing policy currently with Fidelity Life is not included in the offer. Any changes made to an existing policy such as adding a cover, increasing cover, or adding a person are not included.   

• Are Group continuation options eligible for this offer?

  Yes

• Are Adviser commissions affected because of this offer?

  No. 

• Can I choose the Policy Fee Waiver or the three months premium free when I submit my application?

  No. Eligibility for each offer is determined by the illustration generation date. The Lifetime Policy Fee Waiver illustration generation date ends 30-April, and the Premium Free offer illustration date starts on 1-May.  

• Will Apollo illustrate the premium free offer?

  No. A flyer will be supplied to help you communicate the offer to your clients. The flyer will show how the three months premium free is calculated based on each payment frequency. 

• If a customer cancels their policy during the 3 month period is there any change to the writeback commission process?

  No. If the policy cancels within the premium free period for reasons other than death, then the commission writeback process applies as normal.