The decision by Fidelity Life to improve its underwriting requirements and bring back income protection covers – all intended to benefit advisers and their clients – was the story that engaged most with RiskinfoNZ readers this week…

New Zealand’s largest locally owned life insurer Fidelity Life has announced a package of improved underwriting requirements that it says will benefit financial advisers and customers.

The key feature of the new package is higher non-medical limits for lump sum covers, meaning customers can access higher cover amounts without mandatory medical evidence or testing.

The new underwriting requirements apply to all new business issued from 29 June 2022 and are the result of a new agreement the firm has entered into with global reinsurer
Gen Re.

Fidelity Life Chief Sales and Service Officer Bronwyn Kirwan says: “Our advisers and partners have been telling us we need to be more competitive – we’ve heard their feedback and it’s great we’ve been able to act on it.

Bronwyn Kirwan is to join Fidelity Life as its Chief Sales and Service Officer in August.
Bronwyn Kirwan, Fidelity Life’s Chief Sales and Service Officer.

“As well as the higher non-medical limits, the removal of broad Covid-related restrictions will be of huge benefit to newly self-employed customers who don’t yet have a financial
track record.

“This allows us to bring back income protection covers such as our ‘New to Business and Farmers Key Person products’.”

While additional underwriting considerations are still necessary for new key person policies, blanket restrictions on customers who have been self-employed for less than three years are no longer needed, says the firm.

Advisers will also benefit from simplified medical codes says Kirwan, making it easier to log and update customers’ medical histories in its Adviser Centre.

“We’re conscious that advisers and their businesses are under pressure, including adapting to new regulations and licensing requirements, and the cost of living crisis,” says Kirwan.

“We’re constantly looking to add value to advisers and make it easier to do business with us. We hope this package makes it a just little bit easier for advisers to help more New
Zealanders get the benefits of insurance protection.”

More details can be found on Fidelity Life’s Adviser Hub.