Frequently Asked Questions

Find answers to the most frequently asked questions about the Financial Advice New Zealand Group Life Insurance Plan

How do I pay premiums?

Premiums can be paid either annually or monthly and will form part of your normal invoice already in place with Financial Advice New Zealand.

Can I increase my insurance?

You may apply to increase your insurance subject to acceptance by Sovereign.

Should you wish to increase your insurance you will be required to submit health evidence. Mercer Marsh Benefits™ will supply you with any forms required and will facilitate your application.

Can I decrease my insurance?

You can decrease your insurance at any time. Should you wish to do so you must advise Financial Advice New Zealand of your desired decrease in insurance.

Can I cancel my insurance?

You can cancel your insurance at any time. If you wish to do so you must advise Financial Advice New Zealand with written confirmation to cancel your insurance.

Can I take my insurance with me if I leave Financial Advice
New Zealand?

Under the plan you are entitled to continue your insurance should you leave Financial Advice New Zealand. This option allows you to transfer your current death benefit (not Total and Permanent Disablement) from the Financial Advice New Zealand Group policy to an individual policy with only minimal health evidence  requirements.

This option must be taken up within 45 days of your ceasing membership. To assist in your application for the continuation option, Mercer Marsh Benefits™ has developed a continuation option form.

This form can be obtained directly from Mercer Marsh Benefits™. Age and occupation constraints may apply.

What do I do if I become disabled and wish to make a Total and Permanent Disablement claim?

In the event of a possible claim, Financial Advice New Zealand should be contacted in the first instance. Financial Advice New Zealand will approach MMB who has significant claims experience and will provide expert advice and assist in all aspects of the claim process.

What will happen in the event of my death?

In the event of your death Financial Advice New Zealand will contact Mercer Marsh Benefits™ to initiate the claims process and arrange a settlement with Sovereign.

Any Life insurance you hold will then be paid to Financial Advice New Zealand who will arrange payment to the insured beneficiary.

Who is the insurer?

Sovereign Assurance Company Limited is the insurer and has been given an A+ financial rating by AM Best.

How do I obtain a quote?

To enable a premium calculation to be provided to you for consideration, please visit the website at the address indicated at the back of this leaflet.

You will need to provide your name, date of birth, gender and the benefit to be insured for Life and Total and Permanent Disablement. If you accept the offer, you will need to fill out a membership application form and return it to Mercer Marsh Benefits™.

The form is available on the website.

What if I miss the 30-day window of opportunity?

If you  want to join after the 30-day window of opportunity then you must complete a Personal Statement (health evidence).

What if I require cover above $400,000?

If you are requiring cover above the Automatic Acceptance Level of $400,000 then you must complete a Personal Statement (health evidence). Sovereign may request further medical evidence before you are assessed for your desired level of insurance.

Why do I have to complete a Personal Statement?

Medical information is required so that Sovereign can properly ascertain the liabilities they are insuring at the premium rates set for the product. 

When Sovereign medically assesses an individual, pre-existing conditions of health may be excluded or an additional premium may be charged or insurance may even be declined.

The medical evidence required will depend on your age and the level of benefit you require. The most common forms of additional medical evidence requested by Sovereign are blood tests and a medical examination performed by your GP. The expense of any tests you undergo as part of your assessment will normally be paid by Sovereign.

How will I know if my application has been  accepted?

Mercer Marsh Benefits™ will contact you upon acceptance of insurance. As each new member is accepted, you will be sent a certificate of insurance and

Financial Advice New Zealand will be advised of the amount of premium due from the date of acceptance.

When is the renewal date?

The plan renews annually on 1 July each year. Renewal notifications will be emailed out in June each year advising of any changes to plan or premium.

Who should I contact if I need assistance?

For assistance please contact:

Financial Advice New Zealand

0800 432 105
admin@financialadvice.nz

or

Mercer Marsh Benefits™

0800 627 744
mmbnz@mercermarshbenefits.com