Your guide to our 1-May 2024 product enhancements.
These updates are available for eligible covers across Lumley, Protection Plan and Platinum products.
If you're looking for the 23-November 2023 enhancements to Platinum Plus, Platinum Plus Level Term and Mortgage Protector, click here.Eligibility.
Enhancements are available to existing customers with relevant cover types across:
- All ‘Lumley’ products, and
- ‘Protection Plan’ and ‘Platinum’ products that were sold on or after 1-April 2001.
Please note these enhancements are for events and conditions that occur after 1-May 2024 and will be subject to any relevant terms and conditions.
1. ‘Special events’/'Personal events' benefit changes.
New events include the insured person:
- Taking out a mortgage for their own investment property, vacation home, or residential block of land.
- Co-signing on a new mortgage for a child.
- Being pregnant at 28 weeks gestation. Note: the insured person cannot apply for both the pregnancy and birth of the same child.
- Claiming for the ‘terminal illness’ or death of a spouse, de facto partner, child or civil union partner. Note:
- The terminal is required to be diagnosed by an appropriately qualified medical practitioner, who confirmed a prognosis of less than 12 months to live.
- The insured person cannot apply for both the terminal illness and death of the same person.
- Financially supporting a dependent child through a first course of full-time tertiary education.
Changing requirements:
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- When an insured person permanently stops work to provide full time physical care for the first time for a dependant relative, we have removed requirement that the dependent relative must be someone who ‘didn’t require full time physical care before the start date’.
- Now only require a salary increase of at least $5,000 (previously $10,000) or a salary increase of at least 10% of the insured person’s salary.
- Where applicable, we have lifted the limits you can increase the sum insured by to the lesser of $250,000 or 50% (previously 25%). Note: this enhancement is excluded from Survivor’s income covers.
Covers within:
- ‘Lumley’ products, and
- ‘Protection Plan’ and ‘Platinum’ products that were sold on or after 1 April 2001
that have a ‘Special events’ or ‘Personal events’ benefit listed within the policy wordings.
2. ‘Special events’/'Personal events', ‘Business events’, ‘Business future insurability option’, and ‘Future insurability’ benefits exclusionary criteria removed.
For customers with covers that include the 'Special events'/‘Personal events’, ‘Business events’, ‘Business future insurability option’ benefits or ‘Future insurability’ benefits, we are removing any exclusionary criteria or conditions from the wordings or policy schedules that currently prevent them from exercising these benefits due to having a loading or exclusion.
Which covers does this apply to?Covers within:
- ‘Lumley’ products, and
- ‘Protection Plan’ and ‘Platinum’ products that were sold on or after 1 April 2001
that have a ‘Special events’/‘Personal events’, ‘Business Events’, ‘Business Future Insurability Option’ benefits or ‘Future insurability’ benefits listed within the policy wordings.
3. Introducing a ‘Repatriation benefit’ on ‘Life covers’.
Introducing a ‘Repatriation benefit’ allowing for the reimbursement of the defined direct cost of repatriating the insured person’s body, from the country of death to New Zealand, or from New Zealand to their home country, or the country of death to their home country.
The total combined payments we will reimburse under this benefit, is the lesser of:
- The defined direct costs paid for repatriating the insured person’s body, or
- 10% of the insured person’s Life cover sum insured, or
- $20,000.
Terms and conditions apply. Please refer to our Platinum Plus Life Cover policy wordings for more details.
Which covers does this apply to?Life Covers within:
- ‘Lumley’ products, and
- ‘Protection Plan’ and ‘Platinum’ products that were sold on or after 1 April 2001