This policy provides a tax-free lump sum benefit in the event of death. Cover ceases at age 70, whilst a member of the policy. Built into the life cover is a terminal illness benefit. There is an advance payment of the life cover in the event the member is medically diagnosed not to live beyond 12 months.
The available cover is a multiple of three times your annual salary, up to a maximum automatic limit of $1,000,000. Any cover beyond this amount will require medical assessment; and that process begins with the filling out of application forms, and could result in the insurer requesting medical check-ups.
Please refer to the policy for details.
This policy provides a monthly benefit if you are temporarily or permanently disabled through sickness or accident. Cover ceases at age 70, whilst a member of the policy.
Cover is 55% of your annual base salary, with a 13-week wait period and benefit payment period to age 65, and after age 65 the benefit pays for another two years.
If the claim starts after age 65, it is just a 2 year benefit period.
Please refer to the policy for details.
This policy provides a tax-free lump sum payment of 50% of salary limited to $75,000 on medical diagnosis of one of the medical conditions listed on the policy. Cover ceases at age 65, whilst a member of the policy.
Your Life insurance cover will reduce by the amount of any critical illness claim payment.
Automatic Acceptance Limit: $75,000
These insurance plans are available to all salaried employees working more than 15 hours per week. These benefits are offered through the Fonterra Welfare Fund (the Fund) which is a Trust established to provide tax-free insurance benefits to Fonterra salaried employees.
Eligibility
These benefits are available to the following Fonterra Welfare Fund Members:
• Fonterra employees commencing employment on an Individual Employment Agreement (IEA) from 1 December 2009
• Fonterra employees who move from a Collective Employment Agreement (CEA) to an Individual Employment Agreement (IEA)
New Employees - 90 Days
Applications for Critical illness in the first 90 days of employment benefit from automatic acceptance, without any medical underwriting but exclude any pre-existing conditions that you know about, or should reasonably have known about, for a period of 2 years from commencement –please refer to the policy document for full information.
You may also be eligible to join under the 90 day concession if you have increased your hours to more than 15 hours a week, or have moved from a waged agreement to a salaried agreement.
Entry after this period will be subject to medical underwriting, potential exclusions, or possibly higher premiums.
Existing Employees
Eligible existing employees can also apply to join the policy at any time. However, the insurer may request for a full medical check.
Residency
New Zealand residency requirements apply.
Change in Circumstances
Please contact the team at Mercer Marsh Benefits immediately if you no longer meet any of the policy's eligibility.