Fidelity Life powers up income protection
16 March 2018
New Zealand’s largest locally-owned life insurer, Fidelity Life, has today launched three new enhancements to its income protection products which aim to power up its competitiveness and benefit customers.
The new enhancements, which are the focus of a campaign for financial advisers called 3-2-1-Go!, are:
3. Improvements to waiting period conditions
2. Payment of the Total Disability Benefit fully in advance
1. Agreed Value replacement ratio is now calculated on a tiered basis
Fidelity Life Chief Distribution Officer Adrian Riminton says the enhancements are a direct response to feedback from financial advisers.
“We’ve listened to the feedback we received from the market and made some important improvements to our income protection products which aim to boost our competitiveness and provide even better outcomes for customers. With these enhancements, advisers can be confident that Fidelity Life Income Protection products are now better than ever.”
In addition to the enhancements, Mr Riminton points to three unique features of Fidelity Life Income Protection:
- Fidelity Life Personal Income Protection (Agreed Value and Indemnity Value) is the only product in the market which allows customers to keep working up to 10 hours per week, if they need to, without affecting their monthly benefit payment;
- Fidelity Life is the only provider to offer a Claims Escalation Option1 which increases claim payments on a quarterly, as opposed to annual, basis to protect customers against rising inflation; and
- Fidelity Life is the only provider to offer an Extended Benefit Option1 which continues to pay a claim beyond retirement if customers have a severe disability which lasts beyond retirement age.
The 3-2-1-Go! campaign is supported with a range of new tools and resources to help advisers understand how Fidelity Life Income Protection products stand out in the market, and how they benefit customers.
These include a Product Guide, a Sales Guide and an Enhancements Summary, and can be downloaded from a new adviser webpage at fidelitylife.co.nz/advisers/march2018
The enhancements apply to some existing Fidelity Life Income Protection policies, and to new policies written from 14 March 20182.
“At Fidelity Life our purpose is to protect New Zealanders’ way of life,” says Mr Riminton. “Working closely together with financial advisers, the motivation behind these enhancements is to help Kiwis protect what is probably their most important asset – their income.”
1 In return for an additional premium
2 These enhancements apply to Platinum Plus, Platinum Plus Level Term and Mortgage Protector, and will come into effect for existing and new policies from 14 March 2018. Existing policies are Platinum Plus, Platinum Plus Level Term, Mortgage Protector, Lumley and Protection plan policies sold on or after 1 April 2001.