Tools to support customers.
We realise times are hard for many New Zealanders. If customers are facing financial difficulty and concerned about paying premiums, there are options we have available that can help lighten the financial load and keep their policy in place.
Built-in hardship provisions.
Depending on the type of cover, it may include options like:
Premium holiday option.This is where customers can temporarily pause their cover and premium for up to 12-months. And when they’re ready, they can simply reinstate this cover by giving us a call. No further health questions or information will be required. This is available for: select Life, Survivor’s Income and TPD covers. Available if customers: become bankrupt, were made redundant, undertake tertiary studies or travel overseas. |
Leave without pay option.This is where customers can temporarily pause their cover and premium for up to 12-months. And when they’re ready, they can simply reinstate this cover by giving us a call. This is available for: select Income protection and Monthly mortgage repayment covers. Available for times such as: compassionate leave, maternity or paternity leave, sabbatical leave, study leave at a registered educational centre or involuntary unemployment. |
Check the policy wording to see if these are included.
It’s important to know that while cover is suspended, there’s no protection in place. This means we won’t pay a claim for any new sickness or injury that occurs, or the customer gets signs or symptoms of, during the time the cover is temporarily paused. Terms and conditions apply – please refer to the policy documents for more details.
Other ways we might be able to help.
90-day deferrals – where we can defer the premium payments for up to 90-days whilst keeping the cover in force.
Temporary hold options – where we can offer a customer the opportunity to place the policy on hold for a maximum period of 6-months.
Payment plan – where we can offer a customer an opportunity to repay arrears premiums over a maximum period of 12-weeks
Terms conditions and eligibility criteria apply to each of these.
Need more information?
If you have a customer in mind and want to know more, speak to your Business Manager or give our Customer value team a call on 0800 88 22 88 – we’re here to help.