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: Thursday, May 23rd, 2:32PM

Insurance

rss
Latest Headlines

Simplifying redundancy with new product

DorchesterLife has released a simple, easy-to-understand redundancy insurance product to help provide a financial ‘stop-gap' for families affected by redundancy.

Friday, October 2nd 2009, 11:17AM

Stop-Gap provides a set monthly benefit, from $500 to $2,000, for up to 120 days for redundancy, and the additional benefit of a lump sum payment for death of $10,000, $30,000 or $50,000.

It also provides a lump sum payment of three times the monthly benefit in the event of bankruptcy.  Premiums are defined in age bands, where customers choose their monthly benefit and level of life cover.

"The vast majority of workers in New Zealand no longer have redundancy provisions in their employment contracts, yet most income protection products don't cover redundancy unless you have a mortgage," says Henry Lynch, DorchesterLife's chief executive.

"Many of the products currently on the market are also very complex and too costly for the average New Zealander to afford. Stop-Gap is a realistically priced product that will give customers the added peace of mind in knowing that if they lose their job, it is not going to affect their families too hard until they find employment again."

Although the product is not designed to fully replace customers' incomes, one of its key advantages is that there is only a seven-day stand-down period, compared to most redundancy insurance products that have minimum stand-down periods of between 30 to 90 days.

« Insurers need to improve consumer confidenceResetting the insurance scene »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

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

Fidelity Life relaunches customer engagement initiative
Once again Fidelity Life wants to recognise advisers who go above and beyond to deliver amazing customer service.

Asteron Life unveils product enhancements
Asteron Life is proud to announce a series of enhancements and clarifications to multiple covers across Personal and Business Insurance product offerings, reflecting its commitment to understanding and meeting the evolving needs of customers, and making it a more seamless experience for advisers.

Partners helps fund depression recovery centre
New Whakamātūtū Wellington Depression Recovery Centre gets financial boost from Partners Life.

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