What does this mean for you and your existing policy?
Here’s what you need to know about what’s changing when the sale to Partners Life is completed, and what is not.
There will of course be some changes, but there’s nothing you need to do. We’re working hard to make sure the transition will be smooth and effortless for you.
- Partners Life will become the service provider and underwriter of your life insurance policy. BNZ will no longer be involved with life insurance advice or service, instead BNZ will simply provide customer referrals to Partners Life.
- Letters and emails you get will be from Partners Life and you’ll see their logo instead of BNZ’s.
- The Payee you see for premium payments on your bank/credit card statements will change to Partners Life, but the bank account number and payment authority details stay the same.
- If you currently earn Flybuys on premiums paid, these will stop as Partners Life is not a Flybuys partner.
- Personal data relating to your policy application, policy maintenance and any claims will be securely transferred to Partners Life.
- Other than data specifically required for the ongoing delivery of your life insurance cover, Partners Life won’t have access to any updated contact details you give BNZ or any information held by BNZ about your banking to help with servicing your policy. So, Partners Life may need to ask you for those details in the future.
- You’ll no longer be able to see your life insurance policy details on BNZ Internet Banking, and BNZ bank staff won’t be able to see your life insurance policy details on their systems.
- The LifeCare product will be closed to applications for new cover and increases, so if you need any additional cover you’ll be offered a Partners Life product.
- BNZ will be removing some life insurance related information from bnz.co.nz and replacing it with details of how to contact Partners Life.
What’s not changing?
Nothing about your policy details will change at the sale date, and you can expect to continue to receive the same great service.
- Our phone numbers will stay the same.
- The terms and conditions of your current policy won’t change and your policy number will stay the same. You therefore won’t be issued with any new documentation for your existing policy as a result of the sale.
- Your current premiums won’t change at the sale date. However, if your premiums are currently reviewed on your policy anniversary under your policy terms and conditions, this will continue.
- The assessment and payment of claims that are in progress at the date of the sale will continue – other than payments will come from Partners Life rather than BNZ Life.
- If you have a BNZ banking relationship or any other BNZ insurance products, they’re not affected by the sale of BNZ Life.