Partnerslife is New Zealand’s fastest growing insurance company.
Partnerslife – 6 ways to show We are different.
1. Loyalty discount
One way we show our appreciation and deliver on our partnership philosophy is by giving you a discount on your premiums. Did you know that every Protection Plan includes a loyalty premium discount that increases over time? This means that once you have been a customer for two years your premiums will always be lower than a new customer who shares the same demographics and has the same mix of benefits and sums insured.
This loyalty discount starts 24 months after your policy is taken at 1% and increases every year by 1% until reaching a discount of 10% which then remains for
the life of the policy.
And if at any stage you increase your sums insured or benefits, the discount will apply to your new total, not just your initial protection benefits.
2. Guaranteed policy wording
Providing certainty is another of our key philosophies. We believe it is essential that the terms and conditions that apply at claim rime are at least as good as if not better for you as the ones that applied when the policy was issued.
Our first guarantee is that all of our policy wordings will remain for the life of the contract — including the medical benefit. That means no matter what features and benefits we might restrict or remove for new policies in the future, you will retain your specific original policy wordings for as long as you keep your policy in force. We have not retained the right to detrimentally change your coverage to suit our future profit aspirations as we simply don’t believe it is fair to do so.
3. Free improvements
Our second guarantee is to retrospectively apply any free improvements or enhancements we may make to future new policies to all existing clients who also have the same benefit on their policies. This means you can be sure your coverage will remain relevant and competitive over time and that you won’t need to change policies (and potentially be re-underwritten) simply to be treated as well as new clients are.
4. If it’s grey we will pay
The reason you take insurance out is to protect your family or business in the worst case scenario. And if this happens, you need to know that any claim you make will be managed fairly, ethically, sensitively and efficiently. Internally we like to think of this as being human.
We’ve included our commitment to our claims philosophy in our policy wordings — this means we are contractually obliged to behave this way — and we wouldn’t have it any other way.
To put our money where our mouth is so to speak, we have two key claims philosophies enshrined in our policy wordings.
The first key philosophy is – if it’s grey — we will pay.
What do we mean by this?
When a claim is received and it’s not clear if it should be accepted or declined, and where no further clarifying evidence is available, we have legally obligated ourselves to accept the claim.
In practical terms this means it is not left to you to take legal action to try to prove the claim should be paid. We believe that is a complete imbalance of power and that it is the last thing anyone who is struggling with a distressing life changing event should be doing. We believe it is us, the life company, who should carry that risk — not you.
5. Being fair and reasonable
Sometimes customers leave out crucial information about their circumstances or health at the time of application. If a claim is made, and this new information is discovered, the insurer legally does not need to pay out any insurance cover. But we think this can be unfair and unreasonable. We have decided that should this happen with one of our clients, we will re-assess the original application as if we had known the correct information at the time. We will then consider the claim based on the acceptance terms that should have applied rather than just walking away from it altogether
6. Premium holidays and suspensions
Did you also know about Premium Holidays and Policy Suspensions? We understand that life can throw unexpected curve balls at times and despite best intentions you may find paying your premiums a struggle from time to time even though you might still want and need your protection benefits.
So we have come up with some options that might work for you.
Premium Holidays are exactly like they sound. They are available when unpredictable or unavoidable life events occur that significantly impact on your ability to afford premiums.
These triggers can include redundancy, death of a spouse, partner or child or other traumatic events that rapidly change your life circumstances. If this happens, you have the option of taking a holiday on your premium payments for up to 6 months whilst your cover remains completely in place.
If at the end of 6 months you are unable to commence your payments, there is the option of a Policy Suspension for a further 6 months.
Policy Suspensions are a little different to Premium Holidays in that along with payments, cover is also suspended. A suspension can be taken for up to 12 months (including any Premium Holiday connected to the same event).
The advantage of taking one of these options is at the end of the period, you simply start paying your premiums again, protection automatically re-starts and there’s no need for any underwriting.
Policy Suspensions are available for the same life events as Premium Holidays but can also be used for more easily anticipated events, like Parental Leave, Overseas Travel, Tertiary Education sabbatical.