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KiwiSaver members expect insurance: Mercer

KiwiSaver members expect their providers to offer them insurance, Mercer’s New Zealand managing director says.

Monday, September 7th 2015, 8:44PM

by Susan Edmunds

Mercer has launched two new products that have additional benefits for people who are also members of the firm’s KiwiSaver scheme.

LifeProtect pays out in cases of death and terminal illness. BillProtect insures against inability to work due to redundancy, illness or injury.

Mercer KiwiSaver members who claim on either policy because they are off work will also receive a monthly contribution of $200 into their KiwiSaver scheme account.

The policies are underwritten by Cigna.

Mercer managing director Martin Lewington said research had shown people expected to be offered insurance by their KiwiSaver provides and were highly likely to buy it.

He said there was a high degree of interest in the product.

The policy price would depend on the personal risk profile of the person taking out the policy but would start at $15 a month.

The insurance contributions to KiwiSaver would be enough to give the insured customer the full member tax credit from the Government each year.

Lewington said the impact of the cover would then be amplified because the money would be invested until retirement.

He said the policy, the first KiwiSaver cover in the market, was a way to differentiate Mercer from its competitors.

"Differentiation is about innovation and focusing on customers."

Tags: Mercer

« FMA urges KiwiSaver check-upKiwiSaver start-ups face pressure »

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