Fidelity Life has released details of its hardship provisions following New Zealand’s country-wide lockdown that has lead to people losing their jobs through redundancy and business closures.
Products covered by its ‘premium holiday option’ are:
- Life cover
- Survivor’s income base cover benefit
- TPD
Its ‘leave without pay’ option includes:
- Income protection cover
- Monthly mortgage repayment cover
Trigger events for a premium holiday are redundancy or being declared bankrupt.
Leave without pay is triggered due to redundancy and cover must have been in place for at least 12 months.
The requirement for a customer to be registered with an employment agency has been waived due to people being advised to stay in their homes and not undertake unnecessary travel.
There’s also the option to apply a premium freeze to lock in a Fidelity Life client’s current premium with the sum insured reducing to match if they’ve had cover in place for at least 12 months. The customer must be over the age of 30 (other than an insured child) for this option to be used.
Download the full details here