Super Simple Life Insurance FAQs

Getting started
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, if you're approved, provides immediate cover up to $200,000.

Who can get Booster’s Super Simple Life Insurance?

You can apply for Booster Super Simple life insurance and, if approved, get cover up to $200,000 if you:
- are a current Booster KiwiSaver member; and
- are aged 18 to 50; and
- are a New Zealand citizen or New Zealand passport holder, holder of a New Zealand residency visa/permit or a work permit of 2 years or more and permanently reside in New Zealand.
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.
Policy
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:
- Your personal situation – if your health has changed, or you have changed occupation or leisure pursuits, then your new policy may not offer the same protection as your existing policy.
- What you are covered for – specific cover or definitions may be different between insurance policies, so you need to be sure you understand the differences, and that the new cover will meet your needs. A new policy may also have ‘standdown’ periods, where cover does not fully take effect until after a period of time.
- Premiums – the cost of the policy may be different, but also the change in the cost over time. For example, some premiums may be fixed for a period of time, whereas others will generally increase annually.
- Financial strength – the financial strength of insurers may be different.
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
Advice
Apply
Pay
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;
- Make a payment to this account number: 02-0108-0436076-000
- Or you can search for and select ‘Booster Assurance Limited’ as a new bill payee.
Whichever method you choose, please include the following information with your payment so we can correctly allocate it to your policy:
- Particulars: Your surname
- Code: Your member number
- Reference: Your policy number
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.
Stop
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:
1. decide to cancel it or
2. if you stop paying premiums, or
3. on the policy anniversary after you reach age 65.
Alter
Claim
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:
- False or incomplete information was provided to us at the time the insurance policy was taken out
- The policy was terminated due to non-payment prior to the claim event
- Where the death or terminal illness was a result of the insured person’s suicide, attempted suicide or self-inflicted injury within the first 13 months from the start date of the policy, or from the date of any increased cover (but only in respect of the increase)
- Where the death or terminal illness was caused by the wrongdoing of the person who would benefit from the insurance policy
Contact
Complain

Super Simple Life Insurance

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