What’s life insurance?
Life insurance helps protect the lifestyle and future of your family and loved ones if you die. Life insurance payments may be used to pay off any debts you have, cover your funeral costs, or provide a lump sum to fund future lifestyle costs such as education or car replacement. Booster’s Super Simple Life Insurance is available via an easy to use online application process and provides instant cover up to $200,000.
Who can get Booster’s Super Simple Life Insurance?
You can apply for Booster Super Simple life insurance up to a maximum of $200,000 if you:
Depending on your own personal circumstances, your premiums may be higher than standard rates due to health conditions, or a specific activity or health condition may be excluded from your cover.
Should my spouse or partner also get life cover?
If you share responsibilities for financial liabilities such as a mortgage or children and your partner’s death would result in you struggling financially, then yes.
What information do I receive?
Once your policy has been established we will send you a copy of your official policy document by email.
What ongoing information do I receive?
On each anniversary of your policy, we will send you a review of your policy, which will detail the cover you have and the premium for the next year. As a Booster customer, you will also receive regular communications from us.
What should I think about for replacing an existing policy?
If you already have an existing insurance policy, and you are considering replacing it with a new one, there are a few important things to think about to decide if it is in your best interests.
Things to think about:
You should always check the terms and conditions of your existing policy and the new policy or consult your financial adviser before replacing any existing policy.
Also, do not cancel an insurance policy until your new policy has been confirmed and you are happy you are appropriately insured.
Who is the policy owner?
When you first take out your insurance policy, the ‘policy owner’ (this is the person who can make decisions about the policy, such as the level of cover) is the same as the ‘insured person’ (this is the person whose death or terminal illness will result in a benefit payment) and is the same as the ‘beneficiary’ (the person who will receive the proceeds of the benefit in the event of a claim).
The policy owner could be you, or if you’re setting up cover with a partner you can choose to have a ‘joint’ policy, which means that you both own the insurance. Please ask for a Change of Ownership/ Beneficiary form to set this up.
What is a terminal illness?
This is an illness that, in the opinion of a medical specialist, will result in the insured person having 12 months or less to live, after taking into account all reasonable available treatment.
What is the terminal illness benefit?
If you are diagnosed with a terminal illness, you can submit a claim and if accepted, we’ll pay you the full amount of cover shown on your policy schedule.
Does my policy have a cash value?
No. This insurance policy does not have a savings or investment component, so there is no cash value.
How much cover should I get?
The cover you need will depend on your personal financial circumstances. You should consider the debts you would wish to pay off, or money you would want to leave behind if you die. We recommend talking to a financial adviser to help you work out an amount that is appropriate for your needs. If you don’t have a financial adviser we can put you in touch with one.
There is a limit of $200,000 for cover bought online through Booster Assurance Limited.
How much will life insurance cost?
Premiums are based on the level of cover you select and on your age, and gender, and are sometimes referred to as ‘standard rates’. For some people who smoke, have health issues, work in dangerous occupations or have hazardous hobbies, then the premium may be higher.
Will my premiums increase?
For anyone below age 40, the premiums will not increase until the first policy anniversary after your 40th birthday.
For anyone over age 40, on the anniversary of your policy, your premiums will generally increase with age, which reflects the increased risk of a claim.
Should you develop a health issue after taking out the policy, your premiums are not affected (though the premium may be higher for any increases in cover you choose to make).
Does smoking affect my premium?
Yes, smokers’ premiums are higher than those of nonsmokers. On the plus side, if you have not smoked for more than 12 months, you can qualify as a non-smoker – you will need to contact us so we can change your premium.
Does smoking include use of a vapouriser or e-cigarette?
If you have used a vapouriser or e-cigarette within the last 12 months, you are considered a smoker for the purposes of this insurance cover
Who can I talk to for advice?
Booster does not currently provide personalised advice in respect of life insurance. Any comments or statements made on our website or anywhere else in relation to life insurance should be considered to be information or general advice only.
If you would like personalised advice, you should contact your financial adviser, or we can put you in touch with a financial adviser in your area who can help you.
Do I need to provide evidence of health?
Maybe. The ‘underwriting’ (medical assessment) will be based on the answers you give on our online application form. It is important that you include any relevant medical information that you are aware of. In some cases the insurer may ask for further information or contact your doctor for medical notes.
Do I need to see my doctor?
Generally not. However, we may need extra information from your doctor, or to ask for a health assessment. We’ll let you know if we need to do this, and you can then decide what’s best for you. In this case, you may want to talk with a financial adviser to help you decide.
What are my payment options?
The most common and easiest payment option is direct debit, and this can be set up online. However, you can also pay by internet banking.
How do I pay by internet banking?
You can either;
Whichever method you choose, please include the following information with your payment so we can correctly allocate it to your policy:
When will I make my first premium payment?
Your first premium will be payable after your application has been assessed and accepted. If you do not proceed with your application then you won’t have to pay any premiums.
What happens if I change my mind after signing up?
If you decide you don’t want to continue with your policy, you can cancel within 30 days and receive a full refund of your premiums. This is known as the ‘free look period’.
You can also cancel your policy at any time after the first 30 days, however, your premium payments are not refundable.
What happens if I stop paying my premiums?
If you have not paid the last three premiums in full, your cover will end.
If you change your bank account or have difficulty in making the premium payments, contact us or your financial adviser to avoid your policy being cancelled.
When does my cover end?
Your cover will end if you:
What if my circumstances change?
It’s important that you tell us of any changes in your circumstances. Please let us know of any bank account changes, or contact details, including phone numbers and email addresses.
Can I change the amount of my cover?
Yes – we recommend you review your cover against your personal financial situation on an annual basis to ensure the level of cover is right for you.
You can increase or decrease your cover at any time – contact us or go online to do this.
Note: When increasing cover, you will be required to answer the health and lifestyle questions again, and the terms for the new cover may change from those of your original cover.
Can I change or add a policy owner or beneficiary at a later date?
Yes, you can do this at any time - just contact us and we’ll send you a ‘Change of Ownership/ Beneficiary’ form.
What happens if I need to claim?
If you think you might be entitled to a claim, please contact us straight away. We will then get the claims process underway.
When would a claim not get paid?
A claim would be refused in the following circumstances:
Who is the insurer and what is their financial strength rating?
Booster Assurance Limited is licensed as an insurer issued by the Reserve Bank of New Zealand.
Booster Assurance Limited is a wholly owned subsidiary of Booster Financial Services Limited.
Booster Assurance Limited, as a licensed insurer, doesn’t need to have a current financial strength rating because its annual gross premium income for the financial year 1 July 2019 to 30 June 2020 is less than $1.5 million, as calculated in accordance with the Insurance (Prudential Supervisions) Regulations 2010.
Any benefit payable under Booster Assurance Limited’s life insurance policy is reinsured with Hannover Re. Hannover Re has a Standard & Poor’s financial strength rating of AA-.
Contact details?
Call us on 0800 336 338, Monday to Thursday 8am – 8pm, Friday 8am – 6.30pm.
If you’re overseas, call +64 4 894 4300.
Email us at: [email protected]
How do I make a complaint?
If you have a complaint we’re happy to discuss it. Please contact us in the first instance, and we’ll do our best to resolve your issue.
We are a member of the Financial Dispute Resolution scheme, a free and independent service which can help settle any dispute you are unable to resolve with us.
Financial Dispute Resolution contact details
Post: Freepost 231075, PO Box 2272, Wellington 6140
Phone: 0508 337 337
Email: [email protected]
Website: www.fdr.org.nz
