A package should reflect the relative value of different types of insurance protection to the person buying that cover. We put weightings on packages because, for example, a package of just life and trauma is less comprehensive than a package of life, trauma, mortgage protection, and medical.

A summary of the weightings is shown below:

Zoom in on the income and mortgage elements for a moment. That was raised by several advisers recently who feel that mortgage cover is the first element of temporary disability protection put in force. Market practice backs this up - quoting by advisers in Quotemonster shows that more mortgage protection is now quoted than income protection. So how were we to revise the package breakdown? We took the view that of the 45% of the package value assigned to MP and IP combined, the scores should reflect the relative weights when MP and IP are typically included in a plan together. MP often covers the first 40% of income insured and IP tops that up to about 75%. Clearly it can vary according to rules specific to each company and products used, but broadly this gives a new weighting as follows:

MP         25%

IP           20%

Total      45% of package value

We value and appreciate all the feedback coming through! If you have any questions or comments please email them through to info@quotemonster.co.nz

Fidelity Life is launching the Sharecare service to their clients in less than one week. Watch this video to see how one woman completes the RealAge test, engages with personalised content and is rewarded with Green Days as she changes her behaviour over time. 

Updated the link which was broken - apologies, fixed now.

Fidelity Life have announced that they will delay the launch of Sharecare slightly. Advisers will now be able to access the app on the 16th of April instead of the 6th. Customers will gain access in early June (date TBC). Learn more about Sharecare here.