Your guide to our new product enhancements.

Your guide to our new product enhancements.

These updates are available for covers across Platinum Plus, Platinum Plus Level Term and Mortgage Protector.

Eligibility.

Enhancements are available to new and existing customers with relevant cover types, who hold Platinum Plus, Platinum Plus Level Term or Mortgage Protector products only. We’re currently working through the passback approach for other products and will update you once confirmed.

If you have customers who have completed an application with us in the last 12 months and want to access the increased limits - they can do so simply by completing a Health declaration form.

1. Mortgage repayment benefit percentages increased.

  • Increased our maximum benefit percentages (as the basis of cover) from: 
  • 40% of gross income to 45%, and
  • 110% of mortgage repayments to 115%.

Any increase to an existing cover will be subject to the usual application and underwriting assessment process.

Which covers does this apply to?

Applies to the following covers:

PRODUCT

COVERS

Mortgage Protector

Monthly mortgage repayment cover

2a. ‘Special events’ benefit changed. 

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:

    • 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.
Which covers does this apply to?

Applies to the following covers:

Product

Covers

Platinum Plus

Life cover

Survivor’s income cover

Total and permanent disability cover

Trauma cover

Trauma multi cover

Platinum Plus Level Term

Life cover

Survivor’s income cover

Total and permanent disability cover

Trauma cover

Trauma multi cover

Mortgage Protector

Life cover

Survivor’s income cover

Total and permanent disability cover

Trauma cover

Trauma multi cover

2b.   ‘Special events’, ‘Business events’, ‘Business future insurability option’, and ‘Future insurability’ benefits exclusionary criteria removed. 

For the ‘Special events’, ‘Business events’, ‘Business future insurability option’ benefits:

  • Removed the exclusionary criteria ‘The sum insured at the start date includes a premium loading greater than 100%.’ 

For the ‘Future insurability’ benefit:

  • Removed the exclusionary criteria ‘The monthly benefit at the start date includes any loadings or exclusions.’ 
  • Added a criteria that any ‘special terms and loadings that applied to the sum insured at the start date will also apply to the increase on that cover’. 

IMPORTANT: If your customer has an endorsement on their policy preventing access to the ‘Special events’, ‘Business events’, ‘Business future insurability option’, and ‘Future insurability’ benefits, please reach out to have us review the endorsement to see if it is no longer applicable.

Which covers does this apply to?

Applies to the following covers:

Product

Covers

SE

BE

BFIO

FI

Platinum Plus

Life cover

N/A

Income protection cover – agreed value

N/A

N/A

N/A

Income protection cover – indemnity value

N/A

N/A

N/A

Retirement contribution cover

N/A

N/A

N/A

Survivor’s income cover

N/A

N/A

N/A

Total and permanent disability cover

N/A

Trauma cover

N/A

Trauma multi cover

N/A

N/A

Platinum Plus Level Term

Life cover

N/A

N/A

N/A

Income protection cover – agreed value

N/A

N/A

N/A

Income protection cover – indemnity value

N/A

N/A

N/A

Retirement contribution cover

N/A

N/A

N/A

Survivor’s income cover

N/A

N/A

N/A

Total and permanent disability cover

N/A

N/A

N/A

Trauma cover

N/A

N/A

N/A

Trauma multi cover

N/A

N/A

N/A

Mortgage Protector

Life cover

N/A

N/A

N/A

Income protection cover – agreed value

N/A

N/A

N/A

Income protection cover – indemnity value

N/A

N/A

N/A

Retirement contribution cover

N/A

N/A

N/A

Survivor’s income cover

N/A

N/A

N/A

Total and permanent disability cover

N/A

N/A

N/A

Trauma cover

N/A

N/A

N/A

Trauma multi cover

N/A

N/A

N/A

Special events (SE), Business events (BE), Business future insurability option (BFIO), Future insurability (FI).

3. ‘Key person new to business cover’ and ‘Key person for farmers cover’ monthly benefit limits increased.

Increased the maximum monthly benefit for ‘Key person new to business cover’ from $4,000 to $6,500. 

Increased the maximum monthly benefit for ‘Key person for farmers cover’ from $5,000 to $9,000.

Which covers does this apply to?

Applies to the following covers:

Product

Covers

Platinum Plus

Key person cover for farmers

Key person cover for new to business

4. Introducing a ‘Repatriation benefit’ on ‘Life covers’.

Introduced 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.

Check out the full policy wording for more details.

Which covers does this apply to?

Applies to the following covers:

Product

Covers

Platinum Plus

Life cover

Platinum Plus Level Term

Life cover

Mortgage Protector

Life cover

5. ‘Stand-down period’ commencement change for new covers.  

For Trauma covers and disability type covers which contain the ‘Specified medical condition’ benefit we have changed the period for when the stand-down period starts for new covers. For new covers, the 3-months now starts from the date we receive the application for the cover.

Application: A completed application form for this cover, accompanied by either the first premium payment or the receipt of a valid payment instruction by us.

Note: for reinstatements or increases in cover, the 3-months will continue to apply from the date of reinstatement or date of any increase coming into effect.

Which covers does this apply to?

Applies to the following covers:

Product

Covers

Trauma

SMC

Platinum Plus

Income protection cover – agreed value

N/A

Income protection cover – indemnity value

N/A

Rural key person cover

N/A

Survivor’s income cover - trauma cover

N/A

Trauma cover

N/A

Trauma multi cover

N/A

Platinum Plus Level Term

Income protection cover – agreed value

N/A

Income protection cover – indemnity value

N/A

Rural key person cover

N/A

Survivor’s income cover - trauma cover

N/A

Trauma cover

N/A

Trauma multi cover

N/A

Mortgage Protector

Income protection cover – agreed value

N/A

Income protection cover – indemnity value

N/A

Rural key person cover

N/A

Survivor’s income cover - trauma cover

N/A

Trauma cover

N/A

Trauma multi cover

N/A

Specified medical condition (SMC)

6. Increased ‘Life cover’ and ‘Trauma cover – standalone’ limits for children.

We have increased the sum insured limits for children to $250,000 for:

  • Life cover (previously $200,000)
    • Aged 10-15 (inclusive).
  • Trauma cover - standalone (previously $60,000)
    • Aged under 16.
Which covers does this apply to?

Product

Covers

Platinum Plus

Life cover

Trauma cover - standalone

Platinum Plus Level Term

Life cover

Trauma cover - standalone

Mortgage Protector

Life cover

Trauma cover - standalone