Welcome to the home of

LIFE UPGRADED

40+ NEW REASONS TO CONNECT WITH CUSTOMERS

We’ve listened to feedback from our advisers and taken action. The result is 40+ upgrades across our product range, delivering improved clarity, consistency and outcomes for customers and their advisers.

The upgrades are live from 28 May 2018.1

Click here to download the LIFE UPGRADED product summary for advisers. 

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Clarity

We’ve upgraded our policy wordings, including cancer and heart attack definitions, to make them clearer to read and easier to understand.

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Consistency

We’ve upgraded our definitions and benefits so, wherever possible, they’re now consistent across different covers, making it easier for advisers to remember and explain to their customers.

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Outcomes

We’ve upgraded our approach to customers’ significant life events in order to provide them with better outcomes.

LIFE UPGRADED - We've upgraded:

  • Our heart attack definition

    We’ve upgraded our wording to align with the language customers will hear from their cardiologist. This means it’s easier for advisers and their customers to know if they’re covered.

    We’ve also replicated the upgraded heart attack definition across covers to remove any confusion and improve consistency.

  • Our cancer definition

    We’ve upgraded our wording so that it’s clear which cancers are covered. This includes extending the definition to include melanomas from 1mm in size, and the addition of a new full payment definition for carcinoma in situ.

    We’ve also made it easier to understand when and how customers will be paid in the event of a claim. This includes splitting partial cancer payments into separate definitions and aligning the payments.

  • Our pre-disability income treatment wording

    Our pre-disability income treatment for Indemnity Income Protection is unique in the market – and we’ve upgraded the wording so it’s easier for advisers and their customers to understand.

  • Our Trauma Multi wording

    We’ve clarified our Trauma Multi wording to make it clear that we’ll allow multiple claims for the same trauma condition where it is unrelated to the original claim.

  • Our Special Events Benefit

    We’ve upgraded our Special Events Benefit by applying the same events to all lump sum covers, making it easier for customers to access.

    We’ve also removed the one month notification requirement and extended the exercising period to include the policy anniversary. This reduces admin and means advisers can consider Special Events as part of their annual customer reviews.

  • New Terminal Illness Partial Benefit

    Recognising that some conditions are considered terminal, yet still have a life expectancy of greater than 12 months, we have added a new Terminal Illness Partial Benefit.

    This allows for a partial payment to help affected customers enjoy a better quality of life than they might have otherwise expected.

Click here to download the full list of 40+ product upgrades.

   

New Adviser tools and resources  

We’ve developed an adviser landing page to provide advisers with all the information they need to talk to their customers about the upgrades.

Click here to visit the Adviser homepage for LIFE UPGRADED.

We have also updated our policy wordings and factsheets which can also be found from the Adviser homepage.

New customer factsheets – to view and download, click here

New upgraded policy wordings – to view and download, click here

Visit our Customer website to read our LIFE UPGRADED media release, 28 May 2018, here

 

Check out the Roadshow highlights

Our 'Life on the Road' roadshow has gone down extremely well, with more than 870 advisers registering to attend one of 12 events nationwide.

Highlights video coming soon!

 

Media Coverage

Adrian Riminton and Philip Muldoon did two media interviews at the Auckland roadshow which generated some positive media coverage:

RiskInfoNZ: Over 800 Advisers Turn Out For Fidelity Life’s 40+ Product Upgrades

Insurance Business: Fidelity Life announces 40+ product upgrades

 

FAQs

  • When do the upgrades come into effect?

    The upgrades go live from 28 May 2018.

  • Do the upgrades apply across the board - are there passbacks?

    Upgrades apply to new Platinum Plus, Platinum Plus Level Term and Mortgage Protector policies issued from 28 May 2018, and to existing Platinum Plus, Platinum Plus Level Term, Mortgage Protector, Lumley and Protection Plan policies sold on or after 1 April 2001, provided the customer was not suffering from a pre-existing condition from 28 May 2018. 

  • When will the ratings houses reflect the enhancements?

    We have provided policy documents to all ratings houses.  The rating houses want to be up to date, therefore it is in their best interest to get the upgrades loaded as soon as possible after we go live on 28 May. 

    We have provisional ratings based on our discussions with them which give us comfort on where the ratings are likely to go.  Our expectation is that on aggregate we will be placed second. The biggest callout will be for our Trauma product where we expect to see a marked improvement in our rating.

  • Will there be price increases as a result of the upgrades?

    Changes in price are due to a number of factors including but not limited to: more customers than expected making claims; forecast cost of claims; and increases in operational costs.  These costs all flow through to the underlying premiums. Our analysis has shown that 80% of new business quotes will see an increase of less than $5.00. Any price changes will come into effect from 1 July 2018.

THANKS! It’s been a massive team effort to develop and launch LIFE UPGRADED, involving people right across the business. There’s too many to name but a big thanks to everyone.

1Upgrades apply to Platinum Plus, Platinum Plus Level Term and Mortgage Protector policies issued from 28 May 2018, and to existing Platinum Plus, Platinum Plus Level Term, Mortgage Protector, Lumley and Protection Plan policies sold on or after 1 April 2001, provided the customer was not suffering from a pre-existing condition from 28 May 2018