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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.

Qualification criteria

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

Complete Disablement Cover - standalone

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
(per month)         

Indexed
(per month)   

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

     
Example scenarios

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:
LIFE + 1 other = 5%

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:
LIFE + 2 other = 7%

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 + 2 other = 7%

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:
LIFE + 1 other = 5%

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 + 1 other = 5%

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%