Why you should be careful who you buy life insurance from!
Yes, I am about to put it out there, not all life insurance is the same.
For example, if you have ANZ Life and Living Insurance cover you will find that according to their policy wording as at 13/09/2015, you will have some exclusions to your insurance that are not industry norms.
Most new life policies have suicide exclusion for the first 13 months.
ANZ have 36 months in their policy wording.
What’s more, they also have a non-New Zealander exclusion and an unlawful acts exclusion.
Is an unlawful act a car accident if you have been drinking?
Independent research house, Quality Product Research Limited, has ANZ ranked at only 90% with a FOUR STAR rating. In fact, most of the Bank owned life companies don’t have FIVE STARS.
If you have your cover with ANZ, then I would suggest you check what your terms and conditions are. If you don’t like them, get a broker like Plus4 to check out what else is in the market. The main companies we deal with—Asteron Life, Partners Life, and Fidelity Life—all have 100% product rating scores for their life cover and in most cases, you won’t be paying what the bank charges you.
The ANZ wording is attached below.
So, if you have your cover with ANZ NZ, maybe it’s time to get me to have a look at what you are covered for and see if there are better options for you.
I can be contacted at email@example.com or check out my website at http://www.granturidge.co.nz
ANZ Policy Wording
ANZ Life & Living Insurance, 13/09/2015, Page 5. When we will not pay any benefit under the policy. This policy has certain exclusions. An exclusion is a set of circumstances where the insurance policy does not apply and does not provide cover. Below, we list the standard exclusions that apply to all benefits available under ANZ Life & Living Insurance. In the separate sections for each benefit, we list the additional exclusions for particular benefits. If we have sent you or the person insured Amended Terms, any exclusions contained in the Amended Terms will also apply to your insurance policy.
Suicide within 36 months We will not pay any benefit under the policy if the person insured commits suicide, or attempts to commit suicide, in the 36 months after either of the following: • the policy start date • the date on which a policy is reinstated.
Incorrect information We will not pay any benefit under the policy if either of the following apply: • our decision to issue or reinstate it was based on a statement you or the person insured made that was materially incorrect • you or the person insured didn’t give us complete information when you applied for the policy to be issued or reinstated.
Unlawful acts We will not pay any benefit under the policy if a claim arises because the person insured has participated in an unlawful act.
Not entitled to live or work in New Zealand We will not pay any benefit under the policy if the person insured, at the date of the claim, is not legally entitled to live in New Zealand, or to work in New Zealand in full-time employment or self-employment.
ANZ Life & Living Insurance, 13/09/2015, Page 6 When we won’t pay you We will not accept a claim under the circumstances discussed in ‘When we will not pay any benefit under the policy’ on page 5. In addition, we will not pay the Life Cover benefit (or Funeral benefit) if the death of the person insured is caused by: war, invasion, act of foreign enemy, hostilities (whether war is declared or not), civil war, military or usurped power, rebellion, revolution, insurrection, riot, or civil commotion.
Here are a few reviews from some of our existing clients around New Zealand