Multi-benefit discount
To support New Zealanders looking to take out new cover, we’re pleased to announce our new multi-benefit discount on our comprehensive Assurance Extra product range.
To support New Zealanders looking to take out new cover, we’re pleased to offer a multi-benefit discount on our comprehensive Assurance Extra product range.
From 18 October 2021 your customers may be eligible for a discount of up to 7% when they purchase at least $200,000 of Life, or an equivalent amount of Life Income Cover, alongside at least one additional qualifying benefit.
To find out which benefits qualify for the discount click here. For examples of how the discount structure works please see here.
This multi-benefit discount is available to all new Assurance Extra policies quoted and issued from 18 October 2021. The discounts will be applied at customer level, on all risk premiums applicable to that customer. The discount will decrease or may be removed if Life or Life Income Cover or any other benefit is removed.
Customers quoted from 15 September 2020 to 17 October 2021 who were previously eligible for a Multi-benefit Discount will have the updated terms and conditions applied to their existing policies after the policy anniversary date following 18 October 2021.
Terms and conditions apply, click here to read.
Click here for Frequently Asked Questions
Qualification criteria
Number of Benefit Groups | Discount offered |
LIFE + 1 Optional Benefit Group | 5% |
LIFE + 2 or more Optional Benefit Groups | 7% |
Please note Specific Injury Cover, Premium Cover and Redundancy Cover do not count as qualifying covers under the Optional Benefit Groups, so will not activate or increase the discount. However, the premiums for these benefits will be discounted as part of the overall discount offer.
|
| Minimum Sum Insured | Qualifying covers under the Benefit Group |
Mandatory Benefit Group | LIFE | $200,000 * | Life Cover
|
Optional Benefit Groups | TRAUMA | $100,000 | Trauma Cover – accelerated
|
COMPLETE DISABLEMENT | $200,000 | Complete Disablement Cover - accelerated | |
MONTHLY DISABILITY | $2,000 per month | Income Cover - Agreed Value
|
*Minimum sum insured requirement for Life Income Cover:
Payment Term | Non-indexed | Indexed |
5 years | 3,765 | 3,500 |
10 years | 2,111 | 1,835 |
15 years | 1,571 | 1,281 |
20 years | 1,309 | 1,006 |
25 years | 1,157 | 841 |
30 years | 1,061 | 733 |
Example scenarios
The discounts are applied at customer level and on all covers applicable to that customer on the policy. Where indicated * does not count as a qualifying cover under the Optional Benefit Groups or does not meet the criteria.
Scenario | Cover | Eligible discount |
1. One qualifying cover selected along with Life Cover for a life assured on a policy | Life Cover = $600,000 Trauma Cover = $300,000 | Eligible for: |
2. Two qualifying covers selected along with Life Cover for a life assured on a policy | Life Cover = $350,000 Trauma Cover (Accelerated) = $200,000 Income Cover = $3,000 per month *Premium Cover | Eligible for: |
3. Two lives assured qualifying for different discounts on the same policy | Life assured 1 Life Cover = $400,000 Complete Disablement Cover = $200,000 Mortgage Repayment Cover = $3,000 per month *Premium Cover | Eligible for: |
Life assured 2 Life Income Cover = $4,000 per month Trauma Cover = $200,000 Mortgage Repayment Cover $1,300 per month *Premium Cover | Eligible for: | |
4. Two lives assured where only one qualifies for a discount | Life assured 1 Life Cover = $600,000 Complete Disablement Cover = $200,000 *Specific Injury Cover = $5,000 per month | Eligible for: |
Life assured 2 Life Cover = $100,000 *Trauma Cover $50,000 | Not eligible for discount as minimum Life Cover and Trauma Cover sum insured criteria not met | |
5. The sum insured of two covers under the same benefit group becomes a qualifying cover | Life Cover = $200,000 Trauma Cover (Accelerated) = $70,000 Trauma Cover (Standalone) = $80,000 Mortgage Repayment Cover = $4,000 *Premium Cover | Eligible for: LIFE + 2 other = 7% |