One of the big changes that we have seen as advisers over the past 5 years or so, is the regular merger/takeover activity of insurers in New Zealand. Not that long ago there where 9 Life insurers that we could place business with. Now with Resolution Life taking over AMP but not wanting new business, we are down to 5, and banks are also pulling back from life insurance.
What does this mean for you?
Other than making it a hard job just to keep up with the name of your insurer – it can mean that having a review is beneficial. For example with Insurers now trying to merge the products of two companies together, they basically need to take the best of both and price it fairly. What this can mean is that a new benefit with the same insurer has better features and pricing than your older one. Some insurers then allow you to move to the new product on request.
We welcome you to get in contact with us for a review of your covers, so you can be confident that your policy fits your circumstances and is delivering you the best.