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1 August 2019
The country’s largest locally owned and operated life insurer Fidelity Life has announced updates to its pricing which aim to make its products more competitive1.
Fidelity Life Chief Distribution Officer Adrian Riminton says the new pricing is a result of adviser feedback.
“We’re always looking to lift our game and advisers told us we needed to look at our pricing.
“So building on the success of last year’s Life Upgraded campaign and our 40-plus product upgrades, we’re about to update our pricing. The good news is we expect to be more competitive than before.”
Highlights include changes to large sum insured discount rates and a reshaping of Trauma rates.
The new prices come into effect from 8 August 2019 for new customers, and from 1 October 2019 for existing customers.
“In making these changes we want to make it easier for advisers to help more Kiwis get protected with New Zealand’s largest locally owned and operated life insurer and two-time New Zealand Life Insurance Company of the Year.
“Fidelity Life’s goal is to set ourselves and advisers up for a sustainable and successful future, with the customer at the centre of everything we do,” says Adrian.
1 Based on modelling by Fidelity Life. Rating houses are expected to factor in these updates from 8 August 2019.
Updates apply to a number of covers in the Platinum Plus, Platinum Plus Level, Mortgage Protector, Platinum, Fidelity Life and Lumley ranges. Updates are in addition to any other changes applying to a policy resulting from an increase in age, an increase following a CPI adjustment to the sum insured, any other adjustments (e.g. an option or cover ending) and any other change instigated by the customer which changes the premiums. There are no changes to policy wordings
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