Do I need life insurance?
If you have commitments like rent or a mortgage, hire purchase payments, credit cards, utility bills and mouths to feed, then life insurance makes a great deal of sense. It’s designed to give you peace of mind - knowing that if the worst happened to you, your family will have help to cope financially.
Why do you pay out for terminal illness?
The full value of your policy will be paid out early if you have a terminal illness – that is any condition we agree is likely to cause your death within 12 months, regardless of any treatment you may receive. You might want to use some of the money for treatment or to make things a little easier financially for the time you have left. Or you may just want to ensure your affairs are tidy and any loose ends taken care of.
Why is cover limited in the first three years?
By not covering any existing conditions in the first three years we can provide cover to everyone without having to ask a lot of medical questions or charge increased premiums. So you’ll be covered for accidents and any new conditions in the first three years, and after three years you’ll be covered for existing conditions too. Although a few conditions are permanently excluded.
What do you mean by ‘freezing’ my premiums?
Like most term life insurance policies, premiums for QuickCover generally increase each year in line with your age. We will write to you before each anniversary to let you know if your premium will increase. At that time you will have the option to keep paying the same amount and reduce your cover amount instead. Please note though that once you have reduced your cover amount, you won’t be able to return it to the original level.
What isn't covered?
Some situations are excluded only for the first three years and others for the life of the policy:
During the first three years
No claim will be paid for death or terminal illness occurring within three years after the policy commencement date or the date your policy has been reinstated that is caused or contributed to by:
- An intentional self inflicted act (whether sane or insane), or
- Any medical or physical condition, symptom or circumstance that existed prior to the policy commencement date or the date of reinstatement:
- Which you were aware of or ought to have been aware of
- For which advice, care, treatment, medication or medical attention had been sought, given or recommended
- Which had been diagnosed as a medical condition or an illness or which was indicative of an illness
- Which was of such a nature to require, or which potentially may have required attention, or
- Which was of such a nature as should have caused a prudent, reasonable person to seek medical attention.
At any time
No claim will be paid for death or terminal illness that is caused or contributed to by:
- Human Immunodeficiency Virus (HIV) or Acquired Immune Deficiency Syndrome (AIDS) or any illness arising from the existence of HIV or AIDS
- The effects of alcohol or any drug taken other than as directed by a registered medical practitioner, or
- War or warlike operations (whether war is declared or not).
What if I want more cover later on?
You are able to increase your cover at any time, up to the $200,000 limit, but the three year restriction will be applied separately to any additional cover you purchase.
Can I cancel the policy if I change my mind?
If you decide the cover isn't exactly what you want, you can cancel your policy within the first 30 days and any premiums paid will be refunded in full. After the 30 days you can still cancel the policy whenever you wish but only unused prepaid quarterly or annual premium will be refunded. The policy isn't a savings or investment plan so has no cash or residual value.
What happens at age 65?
Cover will automatically stop on the policy anniversary date after you reach age 65. At that time or at any time provided your policy is at least 3 years old, you will have the option to switch to a Greenwich Funeral Plan – which offers a lower sum insured but can continue for the rest of your life.
Premiums for the Funeral Plan are set at the time you buy and are then guaranteed not to increase as you age. Even better, once the total you have paid equals your sum insured, the premiums stop altogether and cover continues free of charge until a claim is paid.
And as a QuickCover policyholder, if you switch to the Funeral Plan before your policy expires, the usual two year ‘accident only’ limited cover period will be waived, giving you full cover from day one.
Learn more about the Funeral Plan.
How do I pay the premiums?
Premiums can be paid fortnightly or monthly by direct debit from your bank account.
Who is the money paid to?
Any money payable under the policy will be paid to the policy owner or to the policy owner’s estate if they are deceased when the claim is paid.
When the policy is first issued we automatically consider you to be the policy owner so the money would be paid to you (in the case of terminal illness) or to your estate (in the event of your death). If you would prefer the money was paid directly to someone else, you can arrange this after the policy has been issued by assigning ownership to them. You can use this Memorandum of Transfer Form, that will be included with your policy document. Once ownership is changed all policy communication will be directed to the new policy owner, even if you pay the premiums, and only the new policy owner can change ownership again.
How does my family make a claim?
The policy owner or the representatives of your estate can make a claim by calling us on 0800 666 004, emailing email@example.com, or writing to Greenwich Life Insurance, PO Box 1232, Auckland City 1140
We will let you know at that time what documentation is required, to be provided at the policy owner's expense. Usually this would include the death certificate and coroner's report (if one has been issued), along with proof of age (birth certificate or drivers license), if this isn't given on the death certificate. Proof will also be required of the policy owner’s identity if they are making the claim, or a grant of administration (probate or letters of administration), if the claim is being made by your estate. If the claim is for a terminal illness, we will need a specialist report from an appropriately qualified medical practitioner registered in New Zealand. We will meet the cost of any additional examination or tests they may require to confirm a terminal illness.