Fidelity Life has announced updates to its pricing, aiming to make its products more competitive.
The insurer stated four key highlights of the pricing update include:
1. Discounts – for lump sums insured of $500,000 and above. Fidelity Life’s Life Assurance, TPD and Trauma all benefit from changes to its large sum insured discount. Where the lump sum is accelerated (except for Trauma Multi Cover) the large sum insured discount from the Life cover flows through – this can be up to 20% for amounts greater than $2.5 million or more.
2. Trauma Cover and Trauma Multi Cover – underlying rates will be reduced by up to 7.5% for ages 28-54.
3. Monthly Mortgage Repayment Cover which includes the Claims Escalation Option – underlying rates for this combination will be reduced by an average of 7%.
4. Level cover – for new business these updates flow through to Fidelity’s level rates – where level is truly level.
The new prices come into effect from 8 August 2019 for new customers, and from 1 October 2019 for existing customers.
Fidelity Life Chief Distribution Officer, Adrian Riminton, says the new pricing is a result of adviser feedback.
“We’re always looking to lift our game and advisers told us we needed to look at our pricing,” he said. “So building on the success of last year’s Life Upgraded campaign and our 40-plus product upgrades, we’re about to update our pricing. The good news is we expect to be more competitive than before.”
Riminton noted the changes aim to make it easier for advisers to help more Kiwis become insured.
“Fidelity Life’s goal is to set ourselves and advisers up for a sustainable and successful future, with the customer at the centre of everything we do,” he said.
Click here to view details of Fidelity Life’s pricing updates.