Partners Life is migrating BNZ Life policies to the firm’s admin system. The move follows the company’s purchase of the business from National Australia Bank in 2022.
As part of the migration, several changes will become visible to clients whose policies have been moved to Partners Life’ system…“So we’re writing to let them know what they can expect, in this letter“.
Partners Life says the former BNZ Life Policy administration system has policies older than 20 years, and that the products have gone through a number of iterations and versions.
“Until their next renewal, Partners Life has ensured that the existing premiums for lifecare and business lifecare will remain unchanged,” states the firm. “For heritage products, the premium structure remains unchanged throughout the life of the policy.
“Migrating to Partners Life administration systems means direct debit payments will be moved to our account with Westpac, which will look slightly different on client’s bank statements.”
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See our report BNZ Completes Sale of Life Business to Partners Life