About Chubb Life Insurance

Once you come over to Chubb Life you won’t have to pay any further premiums for this replacement life insurance policy.

No Further Premiums to Pay

No further premiums are due for the life of the policy.

Life Benefit Guarantee

Chubb Life will guarantee to pay the current life cover amount to you if the life insured dies on or after the effective start date of this policy and the following apply:

• this policy is in force.
• the life cover amount hasn’t been paid out because of a terminal illness claim.
   

Terminal illness benefit

If you're diagnosed with a terminal illness and have less than 12 months to live you could get up to $500,000 of your benefit paid early – to use however you and your family need.

• We’ll reduce your life cover amount by the amount paid under this benefit. The remaining life cover amount will be payable on the death of the life insured.
• If we pay a Terminal Illness Benefit equal to the current life cover amount, the policy will end and no further benefits will be payable.
   

Advanced Funeral Benefit

If the life insured passes away you could get 5% of your cover amount, up to $15,000, paid early to help pay for immediate funeral related expenses while we process your full claim.

Once we issue the policy we offer 14 days for you to review your policy and make sure you're happy with your insurance.

If you cancel within this 14-day period, the premium that has been paid by FLNZ on your behalf in relation to this policy will be refunded to FLNZ. It will then be FLNZ’s responsibility to pay you your cash benefit, or the remaining cash benefit if you have already received a cash payment from FLNZ.

Once your Chubb Life Insurance policy is in force you can cancel your policy at any time by calling us. There is a surrender value payable if you cancel this policy after the first 14 days, provided no valid claim has been made.

If you cancel within the first 14 days, you’ll receive a payment from FLNZ as described in the ‘14-Day cancellation period’ explanation above.

If you cancel after the first 14 days, there will be a surrender value payable:

• A surrender value will be payable if you cancel the policy any time after the first 14 days, provided no valid claim has been made.
• The surrender value is not guaranteed and will never be more than the premium paid by FLNZ to Chubb for this policy.
• The surrender value is a cash value determined by Chubb Life.
• The surrender value is lower than the death benefit of your policy.
• Surrender values are determined at the time you surrender, taking into account your policy details, such as, the age and gender of the life insured, the premium that was paid for your cover, your sum insured, and the length of time you have held the Chubb Life policy.

If you choose to accept a replacement Chubb policy you can transfer policy ownership at any time, by contacting us. We’ll need to register the transfer for it to be legally recognised.