Fidelity Life Insurance
The Fidelity Life Insurance Company is proudly Kiwi owned and managed and has been right from the beginning. Established by Gordon Watson in 1973 as a specialist life insurance provider for Kiwis.
Excellence was the cornerstone of Watson’s vision, and he aimed to be the insurance provider of choice for advisers throughout New Zealand. More than 40 years later, Fidelity Life continues to provide outstanding insurance cover on that basis.
Fidelity Life believes the Kiwi way of life is worth protecting and currently has over 100,000 customers.
During 2017, Fidelity Life paid $105.3M to more than 1,100 customers.
Of which $56.8M related to Life Insurance and Terminal Illness. $23.2M paid out to Income Protection claims. $22.8M paid out to Trauma Insurance claims. And lastly $2.5M to Total and Permanent Disability claims.
The main benefits include:
- Insured for life – there is no expiry age
(the only exclusion is where the cause of death is suicide within the first 13 months of the cover starting, being increased, or being reinstated).
- Bereavement benefit – up to $15,000 on death as an immediate benefit to cover funeral and other costs.
- Terminal illness benefit – early payout if you are diagnosed as terminally ill with death likely to happen within 12 months.
- Future insurability –
you can increase your life cover without further medical evidence on the occurrence of certain events including getting married, having children, taking out a mortgage, or death of a spouse, partner or child or stopping work to take full-time physical care of a dependent relative.
- Financial planning benefit for the reasonable costs of a fully documented financial plan.
- Child’s Funeral Benefit – if your child from age 2 to 20 (inclusive) dies, we will pay up to $3,500 towards the cost of their funeral.
Some exclusions and limitations apply.
- Premium holiday option – this gives you the option to temporarily stop cover and premiums in the event of redundancy, bankruptcy, tertiary studies, or overseas travel.
The cover can be reinstated without evidence of health within one year of the suspension.
Fidelity Life Shareholder Information
Fidelity Life Assurance Company Limited is an unlisted public company. There are approximately 150 shareholders. The largest shareholder being NZ Super Fund owning 41.1% of Fidelity Life.
Fidelity Life Insurance maintains an A- (Excellent) financial strength rating from A.M Best.
Fidelity Life Insurance acquired Farmers Mutual Life, TOWER Life as part of their ongoing growth strategy.
Rating A- A.M. Best
Actual Solvency Capital: $193.4M
Solvency Ratio: 121%