Quick Cover Life Insurance

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.

You are able to increase your cover at any time. Any additional cover you purchase will be a separate policy, so the two year ‘accident only’ period will be applied to this and the maximum total cover of all policies for one person can only be up to $20,000.

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.

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.

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.

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.

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.

Like all insurance policies, The Funeral Plan is designed to give you peace of mind – so you can relax knowing that your family can give you the send off you want, without having to worry about how they are going to pay for it.

Even if you have substantial assets, have set money aside in your will or have life insurance, it can take months to settle an estate. But the funeral home will want to be paid within a few weeks. And if you end up in long term care, you may find the rest home wants some form of proof that funeral expenses can be taken care of.

A Funeral Plan policy means funds are available as early as possible to meet final expenses – providing an ideal funding solution to one of life’s certainties.

You could consider purchasing a pre-paid funeral plan from a funeral director or setting up a funeral trust. But the money can be difficult to access if you change your mind.

Some plans require you to pay up front, locking your money away. Others allow you to pay by instalment but you only get back what you’ve paid in (plus interest and minus fees) which, depending on how long you contribute, may not be enough.

And unlike the insurance industry, which is regulated and monitored by the Reserve Bank, there are no specific regulations governing pre-paid funerals. So you would really need to do your homework to check that funds will be secure, what fees can be charged and how the money can be accessed.

The two year ‘accident only’ period means cover can be provided to everyone without having to ask a lot of medical questions or charge extra for any pre-existing conditions. So if you die from an illness or disease in the first two years the payout is limited to a refund of all premiums you have paid.

Insurance regulations mean we can only insure people who live in New Zealand. If you purchase the Funeral Plan and then intend to be outside of New Zealand for more than 6 months you will need to let us know.

The only events not covered are death by illness or disease during the first two years and suicide or attempted suicide in the first two years. In both cases however the policy will still pay out the full refund of premiums paid. After two years you are covered for death by any cause, no exceptions.

You can buy online or over the phone. You’ll be sent a policy document within a few days and 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.​