Financial Advice New Zealand has compiled a list of insurance company responses to the financial impact of Covid-19 on its customers.
The PDF, published by Financial Advice NZ says the information is “…a high-level overview of the life insurance companies’ hardship provisions”.
While the document does not include full and detailed terms, conditions and policy wordings, it does provide a starting point for financial advisers who should contact insurance companies for the fine detail and relevant policy wording.
One example in the PDF looks at cover during a life insurance policy suspension with AIA.
In answering the question: “Are claims being paid out during suspension period?” AIA says that no claim is payable for any claim event that occurs during the suspension period.
AIA writes that if a customer holding life cover is diagnosed with terminal cancer during the suspension period. Once cover is reinstated, a terminal illness claim is not payable but a death claim would be payable.
Financial Advice NZ has also produced a list of hardship responses from the banks.