These new Fidelity Life underwriting enhancements and tools deliver simplicity for advisers and certainty for customers and are a direct response to the adviser feedback and reflect the importance of providing certainty to Kiwi’s- especially in uncertain times.

Fidelity Life Head of Underwriting Monique Ravening says “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.

“Life insurance is about providing certainty and delivering on our long term promise to customers at claim time. With rising living costs placing increasing pressure on families and businesses, protecting what’s most important is key. These enhancements aim to make protection more accessible to New Zealanders, as well as maintaining our competitiveness in the market.”

These highlights are:

Enhancement highlights: Increased financial limits for Life and Total Permanent Disability (TPD) covers

• No financials required for up to $2.5m cover, previously capped at $2m
• All occupation classes will require a Statement of Advice (SoA) or a completed Financial Questionnaire (FinQ) for cover over $2.5m.
• Full financials required for cover exceeding $4m, higher in some cases, dependent on occupation class

Increased financial limits of Trauma cover

• No financials required for up to $12,500 for employed applicants, higher in some cases, dependent on occupation class

Increased maximum benefit for IP Indemnity cover

• Now lifted to $60,000 per month, available as a top of its previous limit of $30,000.
• The additional $30,000 is indemnity only, available on a two year benefit period.

New tools and resources are now available 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, while 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.

Ravening says, “We choose advisers as our main channel because they produce better long term outcomes for our customers. That’s why we’re focused on making things easier for our adviser partners, so together we can help more New Zealanders get protected.”