Multi-benefit discount
To support New Zealanders looking to take out new cover, we offer a multi-benefit discount on our comprehensive Assurance Extra product range.
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.
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.
Terms and conditions apply, click here to read.
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 don't count as qualifying covers under the Optional Benefit Groups, so won't activate or increase the discount. However, the premiums for these benefits will be discounted as part of the overall discount offer.
|
Benefit Group |
Minimum Sum Insured |
Qualifying covers under the Benefit Group |
Mandatory Benefit Group |
LIFE |
$200,000 * |
Life Cover Life Income Cover * |
Optional Benefit Groups |
TRAUMA |
$100,000 |
Trauma Cover – accelerated Trauma Cover - standalone |
COMPLETE DISABLEMENT |
$200,000 |
Complete Disablement Cover - accelerated |
|
MONTHLY DISABILITY |
$2,000 per month |
Income Cover - Agreed Value Income Cover – Indemnity Income Cover - Loss of Earnings Income Cover - Loss of Earnings Ultra Mortgage Repayment Cover |
|
*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 |
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% |