Shareable Partners Life insurance knowledge articles, and more daily news

Partners Life has published client-focused insurance knowledge articles on Partners Life Academy and the Partners Life website. The articles are intended to be sharable material to simplify insurance concepts for clients. Advisers will find PDF copies of the articles in the Content Library under Assets.

Topics include:

  • Why your insurance is more expensive than your friend’s
  • Why does my premium go up each year?
  • How do insurance companies pay out big claims, when their customers only pay small premiums?
  • Where there’s a Will there’s a way – Why you should write a will
  • Wielding the stick of power: The importance of having a Power of Attorney
  • Guardians of the Parenting World: Who would you leave your kids to?
  • What is ‘Policy Ownership’ and why does it matter?
  • What are ‘Underwriting-Free Increases’?
  • What are Exclusions and Restrictions?
  • What are Premium Loadings?
  • What are ‘Special Acceptance Terms’?
  • Claims and Medical Requirements
  • PHARMAC or Non-PHARMAC? That is the question…

“Partners Life Academy now hosts a series of short, client-focused insurance knowledge articles that you may find helpful to share with your clients. These articles are also available on the Partners Life website in web format. You may find the PDF format on Partners Life Academy easier to share and discuss.

Insurance is a complex topic, and we know you spend significant time explaining how insurance works to different clients. What if there was a source of short articles you could share that have been specifically developed to help educate clients?

There is.

In Partners Life Academy, you will find these articles in the Content Library under Assets. Each article is one or two pages, and available as a convenient PDF download.”

In other news

nib: medical notes not necessary when submitting applications through nibAPPLY, unless nib specifically requests them

nib: many applications have required manual underwriting which resulted in a backlog of up to three weeks

FSC: Hon Dr. David Clark announced as keynote speaker at the Regenerations gala dinner. Mitchell Pham announced as keynote speaker at the Regenerations Conference

FSC: Outlook 2021/22 with Geoff Bascand in Wellington

FSC: Get in Shape Webinar Series, Code of Conduct and the customer experience with Steven Burgess

FSC: Launch of the latest FSC Research on 'Generation Rent'

Financial Advice: Mid-Winter Blues Webinar Series

Partners Life: Detailed schedule of Partners Life Product Changes and Benefit Improvements


mySolutions full FAP application sessions, and more daily news

mySolutions are set to run full FAP application sessions in the coming months in Auckland, Hamilton, Wellington, and Christchurch. Those living in other cities have the opportunity to attend a session in their city as long as there are a minimum of eight attendees. Those wishing to attend sessions should email their interest to shelly@mysolutions.nz

Prices

mySolution members: $2,500 per FAP

Non-members: $2,850 per FAP

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In other news

Financial Advice: Financial Advice is looking for someone to join as a Business Development Manager 

Cigna: Cigna scholarship boost for aspiring actuary

RBNZ: Monetary Stimulus Reduced

Partners Life: Client Education Resources Published by Partners Life

AIA:  AIA to Research Mental Health Issues Among Financial Advisers


Women in insurance event coming up in Wellington

 A group of Wellington-based insurance professionals looking to network with and support women in the industry have set up a Women in insurance event.  The event is being held on Tuesday 27th July starting at 4.30.pm. This is a free event sponsored by Cigna Life Insurance NZ.

The focus of the event will be to:

-          meet other women in the industry

-          gain skills such as networking and speaking

 All are welcome, we think those who would benefit most from attending are:

-          Those new to the industry

-          Anyone feeling like they might be out of touch with who is still involved in Wellington

-          Those looking to meet new people, learn a few things and have fun

-          Those who have networking on their development plan

It is a relatively informal event so please do encourage those you work with to come along.

Please can you circulate to anyone within your organisation you feel may wish to attend. They will need to RSVP (Sarah Martin sarah.martin@hazelton.co.nz) to secure their spot so we can monitor numbers for catering purposes and contact tracing. More details in the flyer below: 

Download Women in insurance invite 30June (002)

Should there be a change to the alert levels before this event we will look to make alternative arrangements which may include the ability to join online, restricting numbers or in the event of a move to level 3 or above rescheduling the date.


Detailed schedule of Partners Life Product Changes and Benefit Improvements

Partners Life Product Changes and Benefit improvements 

Special Events Increase benefit limits increased from 75% to 100% for aggregated sum insured and new special event added

Counselling Benefit increased “use by” time to 12 months after claim

Financial and Legal Advice Benefit increased “use by” time to 12 months after claim and the maximum benefit increased to $3,000

Special Events Increase deal on offer to customers who missed policy anniversaries. Customers will have a have an additional 12 months added to their 60-day time limit that applies to their immediate past anniversary

Dependent Child Funeral Support Benefit updated to include unborn child age moving to 20 weeks or weighing more than 400 grams

Bed Confinement Benefit added under the daily care of a registered nurse as an alternative requirement

Alzheimer’s Disease, Dementia, Aplastic Anaemia, HIV (medical acquired), Multiple Sclerosis, Major Organ Transplant, Diabetes definitions changed in Trauma Cover

Non-surgical Benefit (Private Hospital and Serious Illness Benefits) annual limit increased from $300,000 to $500,000

New Public Treatment Top-Up Benefit means Partners Life will pay for some treatments after customer has covered treatment in public system.  

$5,000 maximum limit removed for Second Opinion Benefit (Private Medical Cover)

New cover for mental health consultations has a maximum of $2,500 under Surgical and Non-surgical Benefits (Private Hospital and Serious Illness Benefits)

Optional Specialists and Test now includes Podiatrist as a specialist for consultations

Cancer definition simplified in Excess Waiver Benefit.

 

Income and Expenses Cover

Income and Expenses Cover is designed to include sustainability features, remove over-insurance and moral hazard opportunity, and provide customer support

Benefit is the greater of pre-disability income less offset x 75% of life assured’s share of pre-disability monthly domestic expenses

The cover term for Income Cover and Expenses Cover is to age 65 with payments term options of 2 years, 5 years and to age 65

Pre-disability income is the same as Income Cover

Disabled for occupation classes 1-4 includes 10 hours or 75% of activities but it moves from own to reasonable occupation after 12 months

Customers will be considered to be in occupation class 5 if they have been unemployed, on unpaid leave, working less than 25 a week, incarcerated in a penal institution, or legally barred 12 months before disability

Income Cover offsets apply to Income Cover and Expenses Cover

Income and Expenses Cover has a payment term restriction that applies for medically unevidenced claims. These are not a fixed restriction for mental health claims

Unevidenced claims in the Income and Expenses Cover are paid for up to 12 months

Fixed payment terms reset for new disability for the Income and Expenses Cover, although customers must be back to full time work for more than 12 months to reset.

Disability within 12 months of claim for any reason is a recurrent disability

Income and Expenses Cover ancillary benefits include Bed Confinement Benefit, Return to Work Benefit, Increasing Income Benefit, Recovery Support Benefit (reduced to 6x SI), and Vocational Retraining and Rehabilitation Benefit (reduced to 3x SI or max $10,000)

Income and Expenses Cover ancillary benefits don’t include Lump sum TPD, Critical Illness Benefit, Specific Injury Benefit, Child Care Assistance Benefit, Death Benefit, and Return to Home Benefit

YRT option only applies.

Moderate Trauma Cover

Partners Life desires to get back to the principle of indemnification meaning that customers don’t need claims paid unless they have financial losses, and they don’t need to pay premiums that doesn’t indemnify against loss

Moderate Trauma Cover allows price efficiency, cutting out claims with immaterial financial consequences. This enables customers to afford higher sums insured.

Moderate Trauma Cover will mean future prices will be sustainable and will allow advisers to fine tune severity based on trauma solutions

Moderate Trauma Cover will have more defined conditions for Alzheimer’s Disease, Dementia, Aplastic Anaemia, Angioplasty, Blindness, Cardiomyopathy, Chromic Kidney Failure, Cancer, Diabetes, Heart Attack, Intensive Care, Loss of Cognitive Function, Motor Neurone Disease and Muscular Dystrophy, Multiple Sclerosis, Severe Rheumatoid Arthritis, Stroke.

Designed to be 20% cheaper than Trauma Cover (TC), price differential expected to grow

Designed to be a mid-range trauma cover (between TC and Serious Trauma Cover)

No built-in TPD, customers that need TDP will need to take TPD Cover.

Moderate Trauma Cover can be combined with TC and STC to create a severity-based trauma option.


AIA announce new AIA Vitality partnerships, and more daily news

AIA New Zealand has announced that Countdown has replaced New World as the AIA Vitality Active Rewards Grocery Partner. AIA Vitality members can receive a Countdown gift card when weekly Active Rewards targets are met. Members can earn up to $300 worth of Countdown gift cards each membership year when they continue making health-conscious decisions and remain active on AIA Vitality. New Balance has also joined the AIA Vitality partner network, offering members a 30% discount off full priced footwear and accessories. Additional AIA Vitality partnerships are set to be announced next month.

Chief Product and Vitality Officer Len Elikhis has said that it’s great to see the tangible benefits being delivered.  Elikhis shared that 25,000 members received over 164,000 Active Rewards, it was also revealed that members collectively took over 10 billion steps, claimed 3,400 free AIA Vitality health checks, and nearly 1,000 discounted MoleMaps..

“AIA Vitality members can turn their healthy habits into healthy food with the addition of a new Active Rewards Grocery Partner, Countdown.

Members can receive a Countdown gift card every time they reach their weekly Active Rewards target.

Countdown has replaced New World as a grocery partner and also joins Airpoints as an AIA Vitality Status Rewards partner, and members can earn up to $300 worth of Countdown gift cards each membership year by making healthier choices and continuing to engage with the AIA Vitality programme.

“We’re thrilled to have Countdown come onboard as our new Active Rewards Grocery Partner," says AIA NZ chief product and vitality officer Len Elikhis.

"With 180 stores nationwide, we are confident this is a benefit that members will be able to enjoy wherever they live in Aotearoa.”

Members can also get into gear with the addition of New Balance, who have joined the AIA Vitality partner network offering a 30% discount off full priced footwear and accessories.

“As we approach the second anniversary of AIA Vitality in New Zealand, it’s great to see the tangible benefits we’ve been able to deliver for Kiwis,” Elikhis says.

“Our nearly 25,000 members have received over 164,000 Active Rewards and improved their health by collectively taking over 10 billion steps.

“What’s more, our members have taken steps to learn more about their health and wellbeing, by claiming 3,400 free AIA Vitality health checks, and nearly 1,000 discounted MoleMaps.

"By regularly evolving the programme, we continue to motivate our members to live healthier, longer, better lives. With our latest partners, we’re set to take the programme to a whole new level."

Since launching in August 2019, AIA NZ has continued to enhance the AIA Vitality programme to deliver more value and rewards for members.”

In 2020 it launched the Apple Watch benefit, and in March this year welcomed new partner brands Samsung, Event Cinemas, and the Allen Carr Easyway Quit Alcohol programme.

More AIA Vitality partnerships will be announced in August 2021.” Click here to read more

In other news

Financial Advice: Bring in the Experts webinar - Are your record keeping processes compliant for the new regime?

From Good returns: Ending a 40-year career - the true cost of a FADC decision

From Insurance business mag: CPD: Are advisers doing it right?

RBNZ: RBNZ issues Relationship Charter survey results


Quotemonster version 3.8.9b is now live!

We are excited to announce that we have made several improvements in the latest version of Quotemonster! 

Some of the major changes include: 

  • The ability to view bank and non-adviser company premium estimates in the benefit screen
  • Two additional report features have been added – Heatmap and Benefit Overview

The Heatmap Research report is a visual experience that quickly shows which features are better via colour-coding and single words

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The Benefit Overview Research report is another useful addition to your tool kit, for the client who wants a simple benefit overview with a “yes” or “no” to show what is covered

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You also have the option of interchanging between these reports at the Research stage and can even default to your preferred option by clicking through to “Settings”, “Quote Settings” and “Default Research Report”

New

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If you are interested in joining our zoom meeting on Thursday, 22 July 2021 11:00 am-11:30 am where we will be introducing and detailing these new features, please email us on info@quotemonster.co.nz

  • For Advicemonster users, we have improved the way Joint Assets are displayed in Appendix Two of the Statement of Advice (SOA)

Please note our next Advicemonster demonstration will be on Thursday, 29 July 2021 11:00 am-12:00 pm – please email your interest through to info@quotemonster.co.nz

The changes above should already be live upon your next login, however if they are not showing, please use our troubleshooting instructions below:

  • Refresh your browser and scroll to the bottom of the page to ensure you are on version Web v.3.8.9b

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  • If you’re seeing a blue screen with our dinosaur munching away, please refresh your browser or push F5 on your keyboard

Happy Crunching!


Legal and regulatory update for the life and health insurance sector

9 July 2021 – Department of Internal Affairs provided clarification on the obligation to undertake customer due diligence for nominee directors and nominee general partners under the Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2021, which came into force today. https://www.dia.govt.nz/New-regulation-for-nominee-directors-and-nominee-general-partners

12 July 2021 – The Productivity Commission welcomed the Government’s response to its 2020 Technological change and the future of work inquiry, which confirms work will start on measuring the gig economy. https://www.productivity.govt.nz/news/commission-welcomes-moves-to-measure-the-gig-economy/


Fidelity Life ratings under review, and more daily news

It has been reported that the A- (excellent) Financial Strength Rating and the A- (excellent) Long-Term Issuer Credit Rating are under review. This is a normal development in the case of substantial acquisitions. AM Best's decision comes after it was announced that Fidelity Life is set to purchase Westpac Life. AM Best have applied an "under review" status with developing implications status on Fidelity Life’s ratings to assess the financial and operational impacts the purchase will have on Fidelity Life. The rating status will remain in place until the purchase is complete, and AM Best is able to conduct an assessment of Fidelity’s credit rating fundamentals. Click here to read more

“SINGAPORE--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fidelity Life Assurance Company Limited (Fidelity Life) (New Zealand).

These Credit Ratings (ratings) actions follow the announcement on 6 July 2021, that Fidelity Life has entered into an agreement with Westpac Banking Corporation to acquire its New Zealand life insurance business, Westpac Life-NZ-Limited for NZD 400 million. The transaction also includes the establishment of an exclusive 15-year life insurance distribution arrangement with Westpac New Zealand Limited.

Concurrently, Fidelity Life has announced an equity investment of NZD 140 million from a new investor, Ngāi Tahu Holdings Corporation Limited (Ngāi Tahu Holdings), to fund the acquisition partly. Fidelity Life’s current largest shareholder, the New Zealand Superannuation Fund, and Ngāi Tahu Holdings are expected to fund the majority of the acquisition.

The transactions, which are subject to customary closing conditions, including shareholder and regulatory approvals, are expected to be completed by the end of 2021.

The under review with developing implications status reflects the need for AM Best to assess fully the financial and operational impacts of the acquisition and the funding structure on Fidelity Life’s rating fundamentals, including on its balance sheet strength and business profile.

The ratings will remain under review pending completion of the acquisition, and until AM Best can complete its assessment of Fidelity Life’s post-acquisition credit rating fundamentals.”

In other news

nib: nib Health Insurance Protect, Connect & Empower Seminar Series held in Christchurch and Auckland Central

ACC: ACC steps up efforts to support children and sexual abuse survivors

Fidelity Life: Bronwyn Kirwan is set to join Fidelity Life next month as the new Chief Sales and Service Officer


FSC: correlation between finances and mental health, and more daily news

The FSC has found that financial stress is impacting the mental health of more New Zealanders. 55.6% of participants in a recent survey reported that their wellbeing was impacted by financial issues, a 4.3% increase from last year. FSC CEO Richard Klipin has said that the survey indicates that there is a positive correlation between financial stress and the overall wellbeing of New Zealanders. Klipin has highlighted that the financial services sector has a significant role to play in supporting the wellbeing of customers and ensuring that there are support options in place. Klipin continued saying that the survey findings highlight the impact COVID-19 has on wellbeing, especially on the younger generation. Klipin has expressed his desire to see New Zealanders prioritise their financial wellbeing as it impacts their health and happiness.

“An increasing number of New Zealanders are finding that financial troubles are impacting their mental and physical health, relationships and overall wellbeing, and insurers say that a more ‘holistic’ approach is needed when it comes to dealing with customers experiencing difficulty.

A recent FSC survey showed that 55.6% of New Zealanders feel that financial issues have impacted their overall wellbeing - up from 51.3% in March 2020. CEO Richard Klipin said that the survey results clearly show the link between finances and mental and physical health, relationships and stress, and he says the financial services sector has a significant role to play in supporting customer wellbeing by building up their support options and financial resilience.

“While our findings suggest that we’re making progress in some areas, they also highlight that there is more to be done to support the public in building knowledge and gaining confidence when it comes to their finances,” he said.

“What remains clear from the latest survey results is the connection between money and our wellbeing, with over 55% of New Zealanders saying that financial issues have adversely affected their wellbeing.

“This highlights the continued impact that COVID-19 is having on the wellbeing of all New Zealanders,” he said.

“Particularly the younger generations, and we hope the survey results encourage people to prioritise their financial wellbeing, which clearly plays a direct role in health and happiness.” Click here to read more

In other news

nib: nib Health Insurance Protect, Connect & Empower Seminar Series held in Queenstown, Invercargill, and Christchurch

Southern Cross Health Insurance: TBWA\NZ appointed to the role of lead creative advertising agency

From Good returns: [GRTV] Looking after advisers' mental health

Professional IQ: Professional IQ farewells its chief executive

From Good returns: Advisers should talk to advisers about professional indemnity

RBNZ: Reserve Bank confirms consultations “key to the future of how New Zealanders pay and save”

From Stuff: The traumatic process for young women needing a hysterectomy

From NZ Herald: Stuntwoman Dayna Grant recovering from brain surgery after LOTR set injury follow up from When it’s not covered by your health insurer, and daily news