Funeral cover dead and buried
Partners Life puts its funeral cover product in the ground in response to regulator concerns.
Monday, June 15th 2020, 1:21PM
"In the recent Life Insurer Conduct and Culture review from the FMA and RBNZ, guaranteed acceptance products such as Funeral Cover were highlighted as a potential area of poor customer outcomes due to both the relatively high premiums and the often limited benefits as well as the possibility of misunderstanding of coverage and eligibility from the types of clients who seek these covers," the company says.
"While we know Funeral Cover is a good solution for some clients, we have had a very low level of demand throughout the existence of the product, as most of our clients are provided with full advice and fully underwritten products.
"As such, we have made the decision to discontinue Partners Life Funeral Cover for new policies effective today (15th June 2020). While this change may seem sudden, we had originally intended to discontinue Funeral Cover earlier in the year, however wanted to ensure it did not get swept up in, or lost amongst Covid-19 related changes and communications.
"Of course, clients with existing policies will continue to remain covered and receive product enhancements and full support from Partners Life for as long as they stay in-force, as is the case for all existing Partners Life policy holders. Additionally, we will continue to honour any active Funeral Cover quotes already generated and presented to clients prior to the June 15 until their expiry (30 days from the date the quote was generated)."
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