What does this mean for you and your existing policy?

For now, nothing changes – BNZ Life is still the insurer of your policy. Once the required regulatory approvals have been confirmed and the sale completes, Partners Life will become the insurer of your policy. All information that BNZ Life holds about your policy will be transferred to Partners Life. 

On completion of the sale, your policy will be transferred to Partners Life with the same terms and conditions. Any claims that are in progress at the time will not be affected by the transfer. If your premiums are currently reviewed on your policy anniversary date, under your policy terms and conditions, this will continue. Partners Life have advised that over time they may transition policies to an equivalent Partners Life policy that provides either the same or better terms and conditions. If you currently receive Flybuys on your BNZ Life premiums, they will stop at the date of transfer. 

Partners Life currently has an A- (Excellent) insurer financial strength rating and BNZ Life’s rating is currently A (Excellent). Both financial strength ratings are given by A.M. Best Company Inc. As expected, both ratings are under review as a result of the proposed sale. See the insurer financial strength rating scale below. For more information about Partners life, visit www.partnerslife.co.nz.

This sale will not affect your banking relationship or other insurances that you have through BNZ. 

What happens next? 

The sale process will involve several steps. This includes the sale of BNZ Life by NAB to Partners Life and, immediately afterwards, the transfer of BNZ Life insurance policies to Partners Life. If RBNZ approval is received, a date will be set for the completion of the sale and transfer of policies. 

Questions

If you have a question about your policy, please call our BNZ Life team on 0800 808 648 (from overseas call us collect on +64 4 474 9702). We’re available 8am-6pm, Monday to Friday.