Fidelity Life has announced improvements to its product terms and financial limits, while also releasing new resources and tools for advisers.
Key product enhancements include:
Increased financial limits for Life and Total Permanent Disability (TPD)
- No financials required for up to $2.5m cover, previously capped at $2m
Increased financial limits on Trauma
- No financials required up to $1.5m
Increased Income Protection (IP) financial limits for Indemnity covers
- No financials required for up to $12,500 for employed applicants, higher in some cases, dependant on occupation class
Increased maximum benefit for IP Indemnity cover
- Now increased to $60,000 per month, available as a top up to its previous limit of $30,000
The insurer has also released new tools and resources intended to help advisers understand and apply the new enhancements. These include:
- New quick reference guide – detailing both the latest enhancements and the recent higher non-medical limits
- Simplified financial questionnaire (FinQ) – easier to understand, and the requirement to have the FinQ signed by an accountant or solicitor is no longer needed
- New Insurable income calculator – designed to help advisers more accurately assess self-employed applicants
Fidelity Life Head of Underwriting, Monique Ravening, says the enhancements were a direct response to adviser feedback and reflect the importance of providing certainty to New Zealanders:
“This package of enhancements, coupled with the higher non-medical limits announced as part of our new reinsurance treaty with GenRe in July, demonstrate our unwavering commitment to put our customers first.”
Ravening added, these enhancements aim to make protection more accessible to New Zealanders, as well as maintaining the insurer’s competitiveness in market.
Fidelity Life will be hosting online training workshops from 29 November to 1 December to demonstrate their Insurable income calculator. Advisers can register by clicking here.
…And click here for more information and to access the new adviser tools.