About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, January 25th, 8:41AM
rss
Latest Headlines

Insurers must have Waiver of Premium benefit in offering

With the competitive pressure on insurers these days, there can be no justification for an insurer to not have a Disability Waiver of Premium benefit in offering.

Wednesday, October 29th 2008, 10:49AM

by Graeme Lindsay

This cover provides that if the insured is disabled through illness or injury for longer than a qualifying period, (four, eight, 13 weeks), then premiums on the whole policy are waived for the time you remain so disabled, or to age 65.

Most income protection contracts automatically include Disability Waiver of Premium, and the others offer it as an optional benefit.

Points to watch are:

  • Is the premium waived on the whole contract, or only on the income protection component?
  • Are premiums waived on all lives insured in the contract, or only on one life?

I suggest that there can be no justification, in a family insurance planning scenario, for the adviser to not offer such a benefit. The premium is usually minute, and the potential benefit enormous.

Are you recommending Disability Waiver of Premium in all family insurance plans you complete?

Graeme Lindsay runs Strategy Financial which provides research to advisers on insurance products. The comments in "Strategy Thoughts" outlines his view on recent product and policy changes.

« Practice management: Becoming a businessPractice management: The beliefs that run our lives »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Southern Cross launches advisory group
Southern Cross Health Society has announced the establishment of a Māori governance advisory group in a first for New Zealand’s health insurance sector.

HealthLink and Konnect NET to merge
Healthcare technology companies HealthLink and Konnect NET are merging.

Fidelity scores top award for third consecutive year
Fidelity Life has been named 2019 Life Insurance Company of the Year by ANZIIF for the third consecutive year.

Suncorp invests in wellbeing
Suncorp New Zealand has now invested a total of $20 million into wellbeing bonds as part of its focus on identifying sustainable investment opportunities that can deliver positive community outcomes.

News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

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