Trauma and income replacement price changes.

Trauma and income replacement price changes.

Effective from 1-June 2023.

What's changing?

From 1-June 2023, we’re increasing the underlying premium rates of our trauma and income replacement covers by 2%.

This applies to:

  • New business and existing Platinum Plus, Mortgage Protector, Platinum, Fidelity, and Lumley product covers.
  • New business Platinum Plus Level Term covers.

This does not apply to:

  • Existing Platinum Plus Level Term covers.
  • Ex-Tower covers.
  • Waiver of premium covers or Investment type covers.

Click here to see the full list of covers impacted.

Future projections.

Until 1-June 2023, projections shown in the Illustration for year-2 and beyond will only reflect the current rates. This means that any selection of trauma or income replacement type covers, will not include the 2% increase. We’ll soon be making a change to the Illustration document, that will come into place in early May, to highlight this more clearly to customers.

Please make your customers aware of this by letting them know that ‘if they’ve selected trauma or any income placement type covers, the price shown from year- 2 and beyond is underrepresented by 2%, due to an incoming price change’.

From 1-June, the Illustration will then reflect the 2% increase with all future year projections, accurately represented.

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.

Click below or contact our Customer value team on 0800 88 22 88. 

Read more.