Fidelity Life as lifted the offsets thresholds for its monthly mortgage repayment cover and mortgage protection cover from $5,000 to $7,500.
Customers now have the option to base their cover on 115% of their rent payments, alongside the existing measures of gross income or mortgage repayments.
Chief Commercial Officer Bronwyn Kirwan says the enhancements come in response to advisers’ feedback.
“We’re constantly reviewing our products to ensure they meet New Zealanders’ evolving needs, and our north star is the feedback we receive from advisers,” says Kirwan.
“These enhancements deliver more support and security for customers, whether that’s through keeping more money in their pockets before offsets start to apply, or offering greater support for renters.
“By providing more options, we aim to help more New Zealanders get the cover that works for them.”
Fidelity Life has also simplified how offsets are applied at claim time for these covers.
We have streamlined the underwriting process for these covers…
Previously offsets were calculated using multiple factors and differed depending on a customers’ mortgage status. Now, when offsets begin to apply, they’ll be tied to other income regardless of whether or not they have a mortgage.
“We have streamlined the underwriting process for these covers whereby we no longer require confirmation, as part of the customer’s application, as to whether rental income is received or not,” says Kirwan.
The company has also launched a new and improved E-App that Kirwan says streamlines the underwriting process for all applications.
The enhancements are available now to new and existing Fidelity Life customers. Click here for terms and conditions.