QuickCover Life Insurance
If you have financial commitments and people who depend on you, life insurance is a must have
How it works
QuickCover is a straight forward life insurance policy that pays out a lump sum on your death or if you are diagnosed with a terminal illness (terminal illness is defined as a condition that is expected to cause death within 12 months). There are no expensive frills - just simple cover that's easy to arrange.
Guaranteed acceptance
Anyone aged 21 to 60 can get QuickCover. Acceptance is guaranteed regardless of your medical history and any medical conditions* you already have will be covered after the initial two year period. Once your policy is in place, cover can continue until age 65 and we offer preferential terms for cover after that.
* A few conditions are permanently excluded.
Two-step cover
Because your acceptance is guaranteed, cover is provided in two stages.
For the first two years you are not covered for any conditions you already have but you are covered for accidents and any new conditions that may develop during this time. After two years you are covered for new and existing conditions, although a few conditions are permanently excluded.
This two-step approach means cover can be provided to everyone without having to ask a lot of medical or lifestyle questions.
Up to $200,000 Cover
You choose the amount of cover you want between $50,000 to $200,000 subject to a minimum premium of $10 per month. The premium you pay is based on your age, gender and whether you smoke.
Flexible payment options
Premiums generally increase each year in line with your age. If you prefer not to pay more, we'll give you the option to freeze your premiums when the time comes. This means you will continue to pay the same amount but your cover will reduce each year.
Premium payments
Premiums can be paid weekly, fortnightly or monthly by direct debit from your bank account. To buy online you must be the account holder and not require joint signatures to authorise payment.
Free look period
You'll be sent a policy document within a few days. If you then decide the cover isn't exactly what you want, you can cancel the policy within the first 30 days and any premiums paid will be refunded in full.
What isn’t covered
The only events not covered are death or terminal illness caused by:
An existing injury, illness or degenerative condition, suicide or intentional self harm occurring in the first two years
The use of alcohol or non-prescribed drugs
War or warlike operations
Find out more about what isn’t covered in the FAQs or the policy wording.
Who the money is paid to
The proceeds of your policy will be paid to you, unless you assign ownership of the policy to someone else. You can also select a nominated beneficiary to receive the life benefit in the event the policy owner is deceased. If there is no surviving policy owner or nominated beneficiary your life benefit will be paid to your estate, to be distributed according to your will or by your executors.
From age 65
Life insurance can get pretty expensive once you reach your 60's and many people don't require as much cover once the family is grown. So we'll give you the opportunity to switch to a Greenwich The Funeral Plan policy at age 65, with preferential terms for existing policyholders. Or you can request this earlier if your policy is at least three years old. The Funeral Plan's usual 2 year 'accident only' period will be waived, giving you full cover straight away. Learn more about Greenwich The Funeral Plan.
FAQs
If you have commitments like rent or a mortgage, hire purchase payments, credit cards, utility bills and mouths to feed, then life insurance makes a great deal of sense. It’s designed to give you peace of mind – knowing that if the worst happened to you, your family will have help to cope financially.
The full value of your policy will be paid out early if you have a terminal illness – that is any condition we agree is likely to cause your death within 12 months, regardless of any treatment you may receive. You might want to use some of the money for treatment or to make things a little easier financially for the time you have left. Or you may just want to ensure your affairs are tidy and any loose ends taken care of.
By not covering any existing conditions in the first two years we can provide cover to everyone without having to ask a lot of medical questions or charge increased premiums. So you’ll be covered for accidents and any new conditions in the first two years, and after two years you’ll be covered for existing conditions too. Although a few conditions are permanently excluded.
Like most term life insurance policies, premiums for QuickCover generally increase each year in line with your age. We will write to you before each anniversary to let you know if your premium will increase. At that time you will have the option to keep paying the same amount and reduce your cover amount instead. Please note though that once you have reduced your cover amount, you won’t be able to return it to the original level.
Some situations are excluded only for the first two years and others for the life of the policy:
During the first two years
No claim will be paid for death by other means or terminal illness occurring within two years after the policy commencement date or the date your policy has been reinstated that is caused or contributed to by:
- An intentional self inflicted injury, suicide or attempted suicide (whether sane or insane), or
- Any medical or physical conditions, symptoms or circumstances that existed or were diagnosed prior to the policy commencement date or the date of reinstatement, which:
- You were aware of or ought to have been aware of e.g. symptoms such as blood in stools
- You sought or should have sought advice, care, treatment, medication or medical attention on; or
- Was of such a nature as should have caused a prudent, reasonable person to seek medical attention.
At any time
No claim will be paid for death or terminal illness that is caused or contributed to by:
- The effects of alcohol or any drug taken other than as directed by a registered medical practitioner, or
- War or warlike operations (whether war is declared or not).
You are able to increase your cover at any time. Any additional cover you purchase will be a separate policy, so the three year restriction will be applied to this and the maximum total cover of all policies for one person can only be up to $200,000.
If you decide the cover isn’t exactly what you want, you can cancel your policy within the first 30 days and any premiums paid will be refunded in full. After the 30 days you can still cancel the policy whenever you wish but only unused prepaid premium will be refunded. The policy isn’t a savings or investment plan so has no cash or residual value.
Insurance regulations mean we can only insure people who live in New Zealand. If you purchase QuickCover Life insurance and then intend to be outside of New Zealand for more than 6 months you will need to let us know.
Cover will automatically stop on the policy anniversary date after you reach age 65. At that time or at any time provided your policy is at least 3 years old, you will have the option to switch to a Greenwich Funeral Plan – which offers a lower sum insured but can continue for the rest of your life.
Premiums for the Funeral Plan are set at the time you buy and are then guaranteed not to increase as you age. Even better, once the total you have paid equals your sum insured, the premiums stop altogether and cover continues free of charge until a claim is paid.
And as a QuickCover policyholder, if you switch to the Funeral Plan before your policy expires, the usual two year ‘accident only’ limited cover period will be waived, giving you full cover from day one.
Learn more about The Funeral Plan.
Premiums can be paid weekly, fortnightly or monthly by direct debit from your bank account.
Any money payable under the policy will be paid to the policy owner.
When the policy is first issued we automatically consider you to be the policy owner so the money would be paid to you, unless you assign ownership to another person after the policy has been issued. You can email us at lifeinsurance@dplinsurance.co.nz and request a Memorandum of Transfer Form. Once ownership is changed all policy communication will be directed to the new policy owner, even if you pay the premiums, and only the new policy owner can change ownership again.
You can also select a nominated beneficiary and in the event the policy owner is deceased, the nominated beneficiary will receive the money. In the case where there is no surviving policy owner or nominated beneficiary your life benefit will be paid to your estate.
The policy owner, nominated beneficiary or the representatives of your estate can make a claim by calling us on 0800 666 004, emailing lifeinsurance@dplinsurance.co.nz, or writing to DPL Insurance Limited, PO Box 33 1248 Takapuna, Auckland 0740.
We will let you know at that time what documentation is required, to be provided at the policy owner’s expense. Usually this would include the death certificate and coroner’s report (if one has been issued), along with proof of age (birth certificate or drivers license), if this isn’t given on the death certificate. Proof will also be required of the policy owner or nominated beneficiary’s identity if they are making the claim, or a grant of administration (probate or letters of administration), if the claim is being made by your estate. If the claim is for a terminal illness, we will need a specialist report from an appropriately qualified medical practitioner registered in New Zealand. We will meet the cost of any additional examination or tests they may require to confirm a terminal illness.
We’ll always do our best to get things right and provide you with great service. However, if you have a complaint relating to our activities, in the first instance, please contact us. You can also learn more about our complaints process.
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