Apply to have it paid early.
If you’re diagnosed with a terminal illness.
OK first the bad news. You’ve died (sorry). But the good news is, that because you were smart enough to have a policy in place, your loved ones will be looked after – because you left them enough to pay for things like the mortgage and living costs. Life insurance (sometimes called ‘Life assurance’) is something you could consider having throughout your life, from getting married and having kids, to buying a house and beyond.
If you die, we’ll pay an agreed amount as a cash lump sum to your loved ones. You can also apply to have it paid out early if you are diagnosed with a terminal illness (generally meaning you would have less than 12 months left to live) for example.
Well, the debts and bills don't stop, even if you’re not here to pay them. Plus, there’s a terrific reassurance and peace of mind that comes with knowing you're protecting your loved ones.
You pay an amount of money (called a ‘premium’) for a policy. The policy is a contract so you know exactly what we’ll pay out for. As long as you keep paying for your insurance with us, and the policy terms and conditions have been met, we’ll pay out for everything we agreed.
You can even take payment breaks and suspend your agreement with us temporarily in certain circumstances. Plus, if you get married or have a baby for example, you could increase the value of your cover any time before the age of 55 without needing to give us medical evidence (check out the info sheet for details as there are a few conditions). (You can increase your cover at any time up to age 75 though, but we may need to do health and financial checks.)
We’ve compiled a list of the most commonly asked questions about this cover.
For a good overview of the ins and outs, it’s worth reading the info sheet.
Yes - you’ll need to be between 16 and 75 if you want to take out this cover.
We recommend talking to your adviser.
Should the worst happen we’ll pay an early benefit of up to $15,000 to cover some of those more pressing costs (like a funeral). The rest is paid out later as a lump sum for your family to put towards what matters most to them.
You can pay fortnightly, monthly or annually – whatever works best with your budget.
At the start of the policy you can choose whether you want your premiums to increase each year (called Yearly Renewable Term) or be fixed for the life of your policy (called Level Term).
With Level Term, the premiums start out a bit higher than yearly renewable, BUT the amount you pay remains the same for the term of the policy.
With Yearly Renewable Term, your premium increases each year based on things like your age, gender, smoker status and your amount of cover. You’ll receive a note letting you know your adjusted premium.
A combination of Level Term and Yearly Renewable Term can help provide flexibility and certainty. Ask your adviser about this, or give us a call on 0800 88 22 88.
If you’re diagnosed with a terminal illness and given less than year to live, you can apply to access the full amount you’re insured for early. And in some other cases, you might able to apply to have 30% of the full amount (up to $250,000) paid even earlier. The info sheet will explain this in more detail.
There are certain events where you can increase your Life insurance without the need for more medical evidence up until you reach 55. These include when you get married or enter a civil union, have kids, take out a mortgage, or reach a certain age. Take a look at the Life cover info sheet for the full list of these events. Some limits will apply.
* Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best. The rating scale that this rating forms part of is available for inspection at our offices. For more information please visit fidelitylife.co.nz/about-us/our-financial-strength/
Disclaimer – the information contained in this webpage is a summary of the key points of this insurance policy and is general in nature. It is not, and is not intended to be, a policy document.
Details of definitions, benefits, standard exclusions/limitations, terms and conditions are contained in the full policy documentation which is available from your financial adviser. Please refer to current policy documents for specific details. This webpage does not provide a personalised financial advice service.