tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, July 13th, 10:20AM

Insurance

rss
Latest Headlines

Fidelity's new long term care policy

Fidelity Life has launched a trauma product that is unlike anything else in the market due to the way it pays out claims.

Monday, April 30th 2001, 4:06PM

Fidelity Life, in an industry first, has launched a critical care product that allows policyholders to have ongoing cover once a claim has already been made.

Normally a trauma or critical care policy expires after a claim is made and a lump sum payment is paid out. With Fidelity's Life Care Benefit the policy stays in force and future claims can be made.

However, instead of having the total amount of cover paid first up, just 20% of the sum assured is paid when a claim occurs with the remaining cover left intact for the eventuality of further critical illnesses.

Fidelity has developed the product because people still need to have critical care cover, even if they have claimed before.

Statistics from the Swiss Re Underwriting manual indicate that a person who has suffered one of the four main critical illnesses has an increased likelihood of suffering further critical health incidents.

Two of the issues with standard products are that once a person has claimed they are unlikely to get cover again, also costs become prohibitive for people aged over 55.

Fidelity marketing executive Roseanne Zigliani says people can get cover and claim up to five times with the Fidelity policy even if they have previous conditions.

"People can claim for the same illness provided there is a period of six months between diagnosis," she says.

Also, she says the Life Care policy is significantly cheaper than a traditional trauma product and it appeals to older people.

She says premiums on the policy are about 21% of standard critical care products.

Fidelity Life is confident this cost-effective benefit will appeal to a broad market, in particular those who wish to retain the benefits of critical illness insurance in later years when the cost of standard cover may prohibitive. It offers the security of ongoing financial protection for continued health crises for up to 34 conditions.

« Moratrium on genetic testing mootedDate set for SX appeal »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Why nothing else?
We wanted to dedicate this email solely to Graeme Lindsay; That's why there are no other stories.  A full newsletter will follow.

PIC Insurance Brokers partners with RE/MAX New Zealand
PIC Insurance Brokers has entered into a new strategic partnership with real estate company RE/MAX New Zealand as the exclusive insurance broker.

New customers get 3-months' premium-free on Fidelity Life
Fidelity Life has announced a special offer to cover new customers’ premiums for the first 3-months of their policies.

Premium relief for customers in drought areas
Fidelity Life offers premium relief to drought-affected customers

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x