Frequently asked questions.

• How do I know this is not a scam?

  We’re very mindful of the scams related to financial transactions and understand why you might be worried. You’re welcome to visit the Fidelity Life website to read about Remediation and find our contact details. Simply search ‘Fidelity Life NZ’ and use the customer service number found under ‘contact’.  

  A member of our friendly New Zealand-based team will ask a few questions to confirm your identity, then provide information that confirms this letter’s validity. You’re welcome to visit our office on Fanshawe Street Auckland or call us on 0800 343 543. 

• What’s the connection between Tower and Fidelity Life?

  Fidelity Life purchased Tower’s life and income protection insurance portfolios in 2013. At this time Fidelity Life became the insurer and administrator for your policy.  

• What caused this error?

  When we applied your Inflation Protection Option, we didn’t act in accordance with your original terms and conditions. At times, this has resulted in a higher Consumer Price Index (CPI) rate being applied, which increased your sum insured, as well as your premium, more than it should have.

• What is the Inflation Protection Option (IPO)?

  The Inflation Protection Option automatically increases your sum insured at the policy anniversary date by the annual Consumer Price Index (CPI) provided by Statistics NZ (Tatauranga Aotearoa).  

  The premium is recalculated for the increased sum insured and you’re given the opportunity to decline the increase each year.

• What is Consumer Price Index (CPI)?

  CPI is a measure of inflation for New Zealand households. It records changes in the price of goods and services. It influences interest rates and is used to calculate changes to benefit payments and is published quarterly.

• What CPI rate is applied by Fidelity Life?

  The sum insured on your cover is increased at the policy anniversary date by the latest published CPI from Statistics NZ (Tatauranga Aotearoa). Some covers have additional considerations that may impact the increased sum insured. For example, some covers have a maximum insured amount; and once the maximum insured amount has been reached, no further CPI increases will apply.  

• What is Fidelity Life doing to fix this?

  We’ve improved our internal processes to ensure this doesn’t happen again.    

  We identified the customers who were impacted, and you were among them. Now we’re getting in touch, to put things right.

• Why do you need my bank account details?

  If we don’t have your bank account number on file, we’ll need it in order refund you the money you’re owed. Our security measures ensure your bank account details will be safe. It’s important to remember that no one can withdraw money from your personal bank account if all they have is your account number. We will never ask for passwords or login details for your bank account.

• How do we store your personal information.

  We use regularly updated security methods to keep your personal information safe from loss, unauthorised access, use, modification, and disclosure. Read our full privacy statement.  

• How was the interest calculated? 

  To ensure you’re not further affected by our error, we calculated ‘use of money interest’ (UOMI) for the overcharged amount to 31-October 2025. 

  The total you receive will include the refund plus interest and has been calculated using the Civil Debt Interest calculator from the Ministry of Justice according to Interest on Money Claims Act 2016.     

• What if my email refers to 'large sum assured discount'?

  A large sum assured discount refers to a reduction in the premium rates offered to you when you purchased a high sum assured. The discount rate was recalculated each year based on your sum assured.

• I’m not satisfied. What action can I take?

  Customer satisfaction is very important to us. If you’re not satisfied, please email us at getintouch@fidelitylife.co.nz or write to us at Fidelity Life, PO Box 37-275, Parnell, Auckland, 1151. Alternatively, you can complete an online complaint form at fidelitylife.co.nz/contact/making-a-complaint/. 

• Where can I get more information?

  If you have any further questions, please email us at getintouch@fidelitylife.co.nz