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: Tuesday, June 15th, 6:10PM

Insurance

rss
Latest Headlines

Funeral cover dead and buried

Partners Life puts its funeral cover product in the ground in response to regulator concerns.

Monday, June 15th 2020, 1:21PM

"In the recent Life Insurer Conduct and Culture review from the FMA and RBNZ, guaranteed acceptance products such as Funeral Cover were highlighted as a potential area of poor customer outcomes due to both the relatively high premiums and the often limited benefits as well as the possibility of misunderstanding of coverage and eligibility from the types of clients who seek these covers," the company says.

"While we know Funeral Cover is a good solution for some clients, we have had a very low level of demand throughout the existence of the product, as most of our clients are provided with full advice and fully underwritten products.

"As such, we have made the decision to discontinue Partners Life Funeral Cover for new policies effective today (15th June 2020). While this change may seem sudden, we had originally intended to discontinue Funeral Cover earlier in the year, however wanted to ensure it did not get swept up in, or lost amongst Covid-19 related changes and communications.

"Of course, clients with existing policies will continue to remain covered and receive product enhancements and full support from Partners Life for as long as they stay in-force, as is the case for all existing Partners Life policy holders. Additionally, we will continue to honour any active Funeral Cover quotes already generated and presented to clients prior to the June 15 until their expiry (30 days from the date the quote was generated).‚Äč"

Tags: Partners Life

« FAP or Fiction - Five CluesAll clear for AMP Life sale »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Vero asks customers to use mental health support benefit
Vero insurance has urged its rural customers affected by flooding in the Canterbury region to make use of the mental health benefit available on their rural insurance policies.

AIA NZ helps raise $30k for India's Covid-19 relief fund
The AIA NZ team let their feet do the talking on Wednesday as they ran to raise funds for the people of India devastated by Covid-19 as part of the global Relief Run initiative.

AIA offers Canterbury flood victims premium relief
AIA NZ is offering customers affected by flooding in the Canterbury region a one-month premium relief on life and health insurance policies.

Fidelity Life steps up for Canterbury farmers
Fidelity Life is helping its farming customers affected by the recent Canterbury floods with a special financial relief offer.

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