Life insurance policy
wording contents
1. Introducing your Policy
2. What you’re covered for
3. What you’re not covered for
4. Changing your cover
5. What you can expect from us
6. How to make a claim
7. Some terms defined
8. If you need to make a complaint
9. About Chubb Life
10. Contact us
1. Introducing
your Policy
This Life Insurance Policy pays you a lump sum on the
death of the Life Insured or diagnosis of the Life Insured’s
Terminal Illness.
This Policy is underwritten by Chubb Life Insurance New
Zealand Limited (Chubb Life). Only Chubb Life can approve
and accept your Policy and Chubb Life will be responsible
for all claims and other matters relating to this Policy.
As the Policy Owner, it is your responsibility to arrange
payment of the premiums from the Premium Start Date and
as they become due.
Southern Cross Insurance Services Limited (Southern
Cross) and its related entities do not guarantee the
obligations of the insurer/underwriter, Chubb Life, and
will not be liable if Chubb Life refuses to pay a claim.
Southern Cross may receive a commission while your
Policy remains in force.
All correspondence will be sent according to the most
recent contact details that we hold for you. If you change
any of your details, it is your responsibility to notify us so
we can continue to send you important information about
your Policy.
Please read all your policy documents including your Policy
Summary, this document and the Life Insured’s application
form carefully. These documents describe the terms and
conditions that apply to your Policy and form the basis of
the contract between you and Chubb Life. The meaning
of important words and terms are given in Section 7. If you
have any questions, please contact us.
We oer a 30 day Free Look Period so you have time to
make sure you are happy with your insurance. If for any
reason you want to cancel this Policy, please call our
Customer Services team. Any premiums that have been
paid will be refunded and we will confirm in writing that the
Policy has been cancelled. If you cancel outside this 30 day
period, there will be no refund of premiums paid.
All payments made in respect of this Policy are in
New Zealand dollars.
This Policy does not have any surrender or cash value.
Your responsibility to be
open and honest
We rely on the information you give us to provide this cover
for you and pay any claims.
If you haven’t given us all the information we ask for, or you
don’t provide any other Material Information we may decline
your claim, cancel your Policy from the Cover Start Date,
and/or retain all or some of your premiums paid.
We may decline your claim and/or cancel your Policy if you
provide false or incorrect information in support of a claim.
2. What you’re
covered for
Benefit Amount
Chubb Life will pay you the benefits shown on the Policy
Summary and as described here, providing the terms and
conditions are met and the premiums are up to date.
Life Benefit
We will pay the current Life Cover Amount to you if the Life
Insured dies.
Advanced Funeral Benefit
If the Life Insured dies, we will pay an Advanced Funeral
Benefit on receipt of evidence of the Life Insured’s death.
The amount payable will be the lesser of:
• $15,000 or
• 5% of the current Life Cover Amount.
Payment of this benefit will reduce the current Life Cover
Amount by the amount paid.
If the Life Benefit claim is declined after this Advanced
Funeral Benefit is paid, we will have the right to recover any
amount paid.
We will only make one payment of the Advanced Funeral
Benefit for the Life Insured under all life insurance policies
issued by Chubb Life in respect of the Life Insured.
Terminal Illness Benefit
If the Life Insured is diagnosed with a Terminal Illness, we will
pay you the current Life Cover Amount, up to a maximum of
$500,000.
If we pay a Terminal Illness Benefit equal to the current Life
Cover Amount, the Policy will end and no further premiums
will be payable.
If the Terminal Illness Benefit paid is less than the current
Life Cover Amount, the Life Cover Amount will be reduced
by the amount paid. The remaining Life Cover Amount will
be payable on the death of the Life Insured. Premiums for
the remaining Life Cover Amount will be adjusted to reflect
the reduced cover.
Special Events Increase Benefit
The Special Events Increase Benefit guarantees that you
can apply to increase the Life Cover Amount for specified
events, without having to provide further health information.
You can apply to increase the Life Cover Amount under the
Special Events Increase Benefit if the Life Insured:
• gets married or enters a civil union
• takes out a loan necessary to purchase a property,
including bare land, that will be used for the purposes
of the Life Insured’s primary residence. In this event the
maximum increase (as specified below) will be further
limited to the amount of the loan
• has a child (by birth or legal adoption)
• has a Dependant Child who starts their first course of
full-time tertiary study.
An application to increase the Life Cover Amount must be
made within 90 days of the event. We’ll need you to provide
evidence, satisfactory to us, to confirm the details of the
event and the date it occurred. You can apply to increase
the Life Cover Amount each time one of the events listed
happens, subject to the following:
• each increase made under this benefit is limited to a
maximum of 25% of the original Life Cover Amount and
• the total of all increases made under this benefit during
the term of this Policy may not exceed $200,000 and
• taking out these increases may not increase the Life
Cover Amount by more than 50% of the original Life
Cover Amount and
• there must be a period of at least 12 months between
successful applications for an increase of the Life
Cover Amount, even if more than one event occurs
during that period.
Each time a Special Events Increase Benefit is accepted,
the premium will increase to reflect the increased Life Cover
Amount and will be based on the Life Insured’s current
age. The increase applies from the date when we confirm
the new Life Cover Amount to you, subject to payment of
the additional premium. An increase will be invalid if it is
accepted and we later become aware that you or the Life
Insured knew at the time of the application for the increase
that there was a potential claim under the Policy.
You can apply for a Special Events Increase providing:
• the Life Insured is aged under 55 and is residing in New
Zealand or Australia on the date of the event and
• at the time you apply you have not lodged a claim
under the Policy and
• neither you or the Life Insured are aware, or should be
aware, of a potential claim under
the Policy and
• the Policy was not issued with an increased premium
because of the Life Insured’s health, medical history,
occupation or leisure activities.
If the Policy was issued with an exclusion, the same
exclusion will apply to any increased Life Cover Amount
applied for under the Special Events Increase Benefit.
3. What you’re not
covered for
We will not pay any benefit under this Policy if:
• the claim is due, directly or indirectly, to War or any act
of War, invasion, Terrorism or any acts of Terrorism,
act of foreign enemy, hostilities, strike, riot and/or civil
commotion, civil war, rebellion, revolution, insurrection,
military or usurped power
• you or the Life Insured failed to provide us with any
Material Information or did not completely and
truthfully answer the questions asked when the Policy
was issued, increased or reinstated. We may cancel the
Policy from the Cover Start Date and retain all or some
of your premiums
• the Life Insured’s death or Terminal Illness is caused
or contributed to, directly or indirectly, by suicide,
attempted suicide or intentional self-injury, whether
sane or insane, within 13 months of the Cover Start
Date or, from the date your Policy was reinstated after
being cancelled.
If we do not pay a Life Benefit claim because of any of the
above exclusions, then we will not pay any claim relating
to an increase made under the Special Events Increase
Benefit.
If the Life Cover Amount is increased under the Special
Events Increase Benefit, and the Life Insured dies or
becomes terminally ill within six months of the Cover Start
Date of the increase, we will only pay the increased Life
Cover Amount if the Life Insured’s death or Terminal Illness
is due to an Accidental Injury.
If the Life Cover Amount is increased within 13 months prior
to the Life Insured’s death from suicide, attempted suicide
or intentional self-injury, whether sane or insane, we will only
pay the Life Cover Amount that applied immediately before
the increase.
4. Changing your
cover
It’s important to review your insurance regularly to make
sure you have the right amount of cover you need.
You can apply to change your Life Cover Amount and how
you pay your premiums at any time, simply contact us to
discuss your options.
Your original Life Cover Amount will continue with your
original terms and conditions, unless Material Information
was not provided or was misrepresented on the earlier
application(s).
The terms and conditions for any additional cover may
dier from those for your existing cover so we’ll make sure
you know about any changes.
Changing the Policy Owner
You can transfer Policy ownership at any time, by contacting
us. We will need to register the transfer for it to be legally
recognised.
Cancelling your Policy
You can cancel your Policy at any time. There is no cash
value for this Policy if you cancel it, unless you cancel during
our 30 day Free Look Period. If you cancel during the Free
Look Period we’ll refund any premiums paid, otherwise no
refund will be made.
Reinstating your cover
You can apply to reinstate your cover if your Policy has been
cancelled because of unpaid premiums. You need to pay
any unpaid premiums and we may need you to provide us
with information about the Life Insured’s health and lifestyle,
and reinstatement will be at Chubb Life’s discretion. The
terms applying to the reinstated cover may be dierent to
that applied before it was cancelled. We’ll give you a new
Policy Summary when your Policy is reinstated.
5. What you can
expect from us
Guaranteed renewal of your cover
We’ll automatically renew your Policy each year on the
Anniversary Date and cover will continue if you do not
cancel the Policy and premiums continue to be paid, except
where the Life Benefit has been paid out.
Changes to your premium
Your initial premium payable is shown on your Policy
Summary and is based on your Life Cover Amount.
Your premiums will be adjusted on each Anniversary
Date as you get older to reflect your current age and Life
Cover Amount. We will advise you in writing before your
Anniversary Date of any changes to your premium payable
for the coming year.
Premium changes to all policies
We may review and change the premium rates for all
Southern Cross Life Insurance policies. We will write to you
at least 30 days before any changes happen.
Inflation adjustments
To help keep your cover up to date, we will oer you a yearly
increase in the current Life Cover Amount up to 10%, on
each Anniversary Date. The percentage increase oered will
take into account the most recent 12 month increase in the
Consumer Price Index (CPI).
The first indexation oer will be made on the first
Anniversary Date and yearly from then on.
You don’t have to accept an increase but no further
increases will be oered once any of the following happens:
• you have declined three successive oers
• an oer to increase will lead to the total Life Cover
Amount under the Policy exceeding $1,000,000
• we have been notified of a possible Life or Terminal
Illness claim under this Policy
• the Anniversary Date after the Life Insured’s 65th
birthday has been reached.
When will your Policy end?
We will stop the Policy when any of the following happens:
• if the premiums are unpaid for three consecutive
months, cover will end on the date the last premium
was paid up to
• we pay a Terminal Illness benefit equal to the Life
Cover Amount
• we pay out the full Life Cover Amount
• you ask us to cancel your Policy.
We may cancel your Policy if you misrepresent or do not
disclose Material Information during your application period
(from when you complete your application up until the date
the Policy is issued), when you alter your Life Cover Amount
or reinstate your Policy.
6. How to make
a claim
If you need to make a claim, contact us as soon as possible
and we’ll guide you through the process. You’ll need to
complete a claim form and return it to us together with any
information we ask for, to allow us to assess your claim.
Any medical information we need to support your claim
must be:
• provided by an appropriately Qualified Medical
Practitioner registered with the Medical Council of NZ
(or any other country and authority approved by us).
• paid for by you.
If we need the Life Insured to have any other examinations
or tests to confirm that the Life Insured is suering a
Terminal Illness these costs will be met by us.
Who will the claim be paid to?
The Life Benefit will be paid to the Policy Owner or the Policy
Owner’s estate. The Terminal Illness Benefit will be paid to
the Policy Owner. The Advanced Funeral Benefit will be
paid at Chubb Life’s discretion to the funeral director, or the
Policy Owner, or the Policy Owner’s estate.
7. Some terms
defined
The following words and terms appear in the Policy
Summary and/or in the Policy Wording:
Accidental Injury means bodily injury, occurring after
the Cover Start Date, which occurs solely, directly and
independently of any other cause by violent, unexpected,
external and visible means.
Anniversary Date means the date 12 months after the
Premium Start Date and the same date each year after that.
Chubb Life (we, us) means Chubb Life Insurance
New Zealand Limited, the insurer and the underwriter
of this Policy.
Cover Start Date means:
• the date your cover began or
• the date your cover was reinstated.
If you increase your Life Cover Amount the Cover Start Date
for the increase is the day cover began for the increased Life
Cover Amount.
Dependant Child means a child aged up to 20, belonging
to you, your spouse or partner (including legally adopted or
fostered children) who is financially dependant on you.
Free Look Period means a 30 day period starting on the
day that we send your Policy to you, where you have time
to make sure you are happy with your insurance. If for any
reason you want to cancel your Policy within this period, any
premiums that have been paid will be refunded and we will
confirm in writing that your Policy has been cancelled.
Life Cover Amount means the amount this Policy pays
out on the death of the Life Insured.
Life Insured means the person who is insured under
this Policy.
Material Information means all the relevant information
that we need in order to decide the terms relating to your
Policy. It includes, but is not limited to, information about
the Life Insured’s health, medical history, occupation and
leisure activities.
Policy means the terms and conditions applying to this
insurance as described in this document, Policy Summary
and your application form.
Policy Owner means the person initially named as the
Policy Owner, or the assignee(s) named on the most recent
Change of Policy Ownership form if the Policy has been
assigned. The Policy Owner is also referred to as “you” or
“your” in this document.
Policy Summary means the summary sent to you with this
document on which details specific to your Policy are listed,
or any replacement summary.
Premium Start Date means the date that the first
premium is due as shown on the letter accompanying the
Policy Summary.
Qualified Medical Practitioner means a doctor registered
in New Zealand or Australia who is appropriately qualified
to assess your medical condition or cause of death.
The doctor cannot be you, your business partner or related
to you.
If you are in another country, the doctor must have
qualifications and registration satisfactory to us and
equivalent to New Zealand or Australian standards.
Terminal Illness means an illness that we believe will result
in the death of the Life Insured within 12 months of the Policy
Owner applying for a Terminal Illness Benefit. The illness
must start after the Cover Start Date or the reinstatement
date if we reinstate this Policy, and be diagnosed while this
Policy is active. This illness must be supported by written
diagnosis and prognosis by a Qualified Medical Practitioner.
Terrorism means the use or threatened use of force or
violence against human life or property, or commission of
an act dangerous to human life or property, or commission
of an act that interferes with or disrupts an electronic or
communication system, undertaken by any person or
group. This applies whether or not acting on behalf of or in
any connection with any organisation, government, power,
authority or military force, when the intent is to intimidate,
coerce or harm a government, civilian population or any
segment thereof, or to disrupt any segment of the economy.
War means any war, whether declared or not, or any warlike
activities including use of military force by any sovereign
nation to achieve economic, geographic, nationalistic,
political, racial or religious ends.
“you” or “your” means the Policy Owner.
8. If you need to
make a complaint
If you have a complaint we are happy to discuss it. Please
contact us in the first instance; our Customer Service team
will do their best to resolve your issue straight away, refer
Section 10 for contact details. However, if they can’t sort out
the issue, our Customer Resolution Manager will personally
take on your case.
We are a member of the Insurance and Financial Services
Ombudsman (IFSO) scheme, a free, independent service
which can help settle any dispute you are unable to resolve
with us.
Any dispute or action relating to this Policy will be determined
in accordance with New Zealand law.
IFSO contact details
Post: PO Box 10 845, Wellington 6143
Phone: 0800 888 202
Email: [email protected]
Website: www.ifso.nz
9. About Chubb Life
The Policy is underwritten by Chubb Life Insurance New
Zealand Limited (Chubb Life) who will be responsible for all
claims and administration relating to this Policy.
We’re a licensed insurer. Visit our website to learn more
about our financial strength and how much capital we hold:
www.chubblife.co.nz/financial-strength.
Statutory Fund
We’re required under the Insurance (Prudential Supervision)
Act 2010 to establish a statutory fund. The statutory fund
relevant to your Policy is Chubb Life’s Statutory Fund
Number One.
10. Contact us
Phone Monday to Friday, 8.30am to 5pm
0800 000 200 or +64 9 919 2134
if calling from overseas
E-mail southerncrosslif[email protected]
for general information about your Policy
such as premiums and address changes
to register a complaint
to request a claim form or ask any
questions related to a claim
Letter Chubb Life Insurance New Zealand Limited
Private Bag 92131
Victoria Street West
Auckland 1142
2223/0223CIG0282 V1
