Policy Wording Passback

Policy Wording Passback Life Insurance

What is Policy Wording Passback?

The best life insurance companies in New Zealand have a built-in policy benefit called ‘policy wording pass back’, which means when they announce policy enhancements, these are also passed back to existing customers.

In practical terms, when a favourable change is made to a policy section, the enhancement is automatically applied to your policy. 

Naturally, it is subject to the conditions specified in the policy.

Policy Wording Passback, therefore, guarantees your policy is upgraded and future-proof in an ever-changing world.

Policy Wording Passback missing?

Unfortunately, a number of insurers don’t offer Policy Wording Passback. 

The benefit isn’t standard with most banks. 

What this means for you is that you will miss out on future policy upgrades.

Policy Enhancement Applies to

This benefit applies to, but not limited to the following:

Asteron Life: Policy Upgrading

Asteron Life guarantees to upgrade your policy.

Asteron Life’s guarantee to upgrade your policy means that when you claim, Asteron Life will assess your claim based on the more favourable wording, to you, of either:

  • your original policy document
  • Asteron Life’s most current version of the policy document (if the improvements have not increased our standard premium rates).

The only time this will not apply is if you are experiencing a pre-existing condition at the time Asteron Life makes an improvement. In this case, the improvement will not apply when Asteron Life assesses any claim affected by that pre-existing condition.

If Asteron Life makes improvements that require an extra premium, you can apply to add these improvements to your policy according to our normal business rules.

AIA Insurance: Enhancement Pass Back Benefit

If, at any time in the future, AIA Insurance makes a change to a section and condition within a section of your AIA Living policy and the change is favourable to you, the enhanced section and condition will automatically be applied (passed back) to this policy, subject to the following:

  • If the claim event first occurred before the pass-back date, then the claim will not be assessed or reassessed using the new wording
  • Any enhanced section and condition will not change underwriting exclusions or special terms that apply to this policy.
  • Enhancements will not be passed back to built-in benefit sections and conditions that have become optional benefits.
Refer to Section 2 in the AIA Policy Wording document for complete. 

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