We’re updating evidence requirements for Suspension of Cover

Employer-approved leave

• Letter from employer confirming leave dates

Always

Living or travelling outside New Zealand

• E-Ticket with client’s name*

(*if the customer has a return ticket, it must be longer than 3 months to qualify and suspension will only be available until their return date. If it is a one-way ticket they can suspend up to a maximum of 12 months)

Always

Financial Hardship – Employment

• Confirmation of redundancy or termination letter from employer

• Evidence of reduced working hours or salary reduction

• Inland Revenue (IR) income statements or tax returns showing reduced income

If the policy is less than 6 months old

Financial Hardship – Self-employment

(must show two forms of evidence)

• Most recent tax return comparing to last financial year showing reduced income

• Financial statements (Profit & Loss) prepared by an accountant

• Bank statements (last 3 months) showing reduced business revenue or cash flow issues

• GST returns showing a decline in taxable supplies/revenue 

• Letter from their accountant or bookkeeper confirming a material reduction in income

• Evidence of loss of a major client or contract

• Confirmation of business closure or suspension of trading

• Evidence of significant outstanding debt or creditor pressure (e.g. overdue invoices, letters from creditors) 

• Mortgage or loan statements showing arrears or restructuring

• Evidence of Inland Revenue payment arrangements

• Letters from a financial mentor or budgeting service ( e.g. MoneyTalks NZ, CAB)

If the policy is less than 6 months old

Financial Hardship – Illness, incapacity or injury 

• Medical certificate confirming inability to work due to illness or injury

• Evidence of ACC claim or benefit

If the policy is less than 6 months old

Financial Hardship – Receiving government benefit / hardship support

• Evidence of current receipt of Work and Income NZ (WINZ) benefit or hardship grant

• Statutory declaration of financial hardship signed by the customer

If the policy is less than 6 months old

Financial Hardship - Other acceptable evidence

• Bank statements (last 3 months) demonstrating inability to meet financial commitments 

• Minimum Two (2) overdue utility bills 

• A one-off very high expense (e.g. funeral/travel to funeral purchase /repair of a car) 

If the policy is less than 6 months old