Partners Life launches new products

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Partners Life has unveiled four new products, five new benefits and more than 30 benefit improvements as part of the company’s nationwide adviser roadshow.

Thursday, February 21st 2013, 6:00AM 2 Comments

by Benn Bathgate

Managing director Naomi Ballantyne said the majority were a sult of adviser feedback.

The new products are: Household Expenses Cover, Life Income Cover, a Partners Funeral Plan and Business Protection Plan.

Product manager Chris Ballantyne said the Funeral Plan offered cover from $5000 to $20,000 with guaranteed acceptance for clients aged between 55 and 75 and a premium rate guaranteed for life.

The Household Expenses Cover is aimed at tenants and covers expenses including rent, rates, electricity, water and phone in the event the client suffers a total or partial disability and uses expenses information for three months prior to the claim to ascertain the payment levels.

Ballantyne said clients also had the option to switch some of the benefits to Partners’ Mortgage Repayment Cover in the event of a house purchase.

The Life Income Cover provides a monthly benefit to surviving dependents and can be tailored to a particular payment term. The policy also includes a special events increases option, allowing the cover amount to be increased in the event of events such as a marriage, divorce, birth of increase in salary.

The Business Protection Plan offers a mix of business insurance solutions including ownership buyout cover, debt protection cover and permanent loss of key person cover.

Partners Life has altered its definition of a heart attack to death of a portion of the heart muscle.

“Those who have suffered a heart attack should have no trouble proving a claim,” said technical general manager Steve Wright.

Wright also said the majority of policy enhancements would be automatically applied to existing policies, except for benefits that required an additional premium or underwriting.

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

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