Fidelity Life launch a range of product enhancements
Fidelity Life launch six product enhancements to the market in response to adviser feedback.
· Monthly mortgage repayment - cover benefit percentages have increased from 110% to 115% of mortgage repayments and 40% to 45% of income.
· Special events and Future insurability – new triggers have been added to Special events as reasons for optional cover increases such as buying investment property, land, holiday home, co-signing a child’s mortgage or supporting a child with fulltime tertiary study. In addition, some exclusions for Special events and Future insurability (i.e., for customers with loadings or special terms) have been removed to give a wider range of customers access to these benefits.
· Key person new to business and Key person for farmers - monthly cover limits have increased from $4,000 to $6,500 for Key person new to business, and from $5,000 to $9,000 for Key person for farmers covers.
· Repatriation benefit – now available on applicable life covers, the newly added benefit is on top of the life cover sum insured and is accessible to repatriate a body home from or to New Zealand.
· Stand-down period commencement - the stand-down period for specified trauma conditions have been adjusted for new covers to start on the date of a completed application submission, not on underwriting.
· Increased sum insured limits for children – new limits for children now stand at $250,000 for both Life cover and Trauma cover - standalone.
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