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Platinum Life Insurance

  • What is Platinum Life Insurance?
    • It’s cover that takes care of you and your family for up to $1m if you pass away or get diagnosed with a terminal illness. This helps you and your family keep moving when the unexpected happens, covering some living costs like mortgages or your kids’ schooling. Getting covered is a breeze – you can sort everything out over the phone for applications. Easy.
  • Who can get Platinum Life Insurance?
    • You're eligible to apply if you’re between 18 and 65 years old and a resident of New Zealand. The best part? There is no need for medicals, blood tests or paperwork in most cases.

      You can get cover just for yourself or add your partner to your Policy. One Policy can cover a maximum of two adult lives.

  • How much Platinum Life Insurance can I get?
    • Your Platinum Life Insurance Benefit can range from $50,000 up to a maximum of $1 million per Life Insured, depending on your age:
      • Ages 18 to 54: Max $1,000,000
      • Ages 55 to 60: Max $750,000
      • Ages 61 to 65: Max $500,000
  • How long can I keep my Platinum Life Insurance?
    • As long as you keep up with your premiums, you can have Platinum Life Insurance for life. Plus, once you reach 90, you don’t have to pay premiums anymore, and your coverage keeps going at no cost.
  • What is covered under Platinum Life Insurance?
    • With Platinum Life Insurance, your chosen Life Insurance Benefit could be paid out as a lump sum in the event of your death or diagnosis of a Terminal Illness.
  • What isn’t covered under Platinum Life Insurance?
    • If you or your insured Partner dies, or is diagnosed with a Terminal Illness caused or contributed to, directly or indirectly, by suicide, attempted suicide or intentional self-injury, within the first 13 months of:
      • Your Policy Acceptance Date; or
      • From the date your Policy was reinstated after being cancelled;

      we will not pay a Life Insurance Benefit.

      Any increase to your Platinum Life Insurance is also subject to the first 13-month limitation.

      We won’t pay a Life Insurance Benefit if we’ve agreed to any special terms with you that specifically exclude the event or condition leading to the claim. Any special terms will be agreed upon before the Cover Start Date and they will appear on your Policy Schedule.

      For complete details, refer to the Policy Wording.

  • Can I choose who gets my benefit(s)?
    • Absolutely! As the policy owner, you can choose to pick up to five (5) people to receive the benefits from your policy when you pass away (these people are called Beneficiaries). Just fill out and return the Nomination of Beneficiaries Form to Momentum Life, following the conditions mentioned in the Policy Wording or give us a call on 0800 108 108 and our team can update your beneficiaries for you.

      If the person you have chosen as your nominated beneficiary passes away before you (the ‘Policy Owner’) do, their nomination ends. In that case, their share of the Benefit will be paid according to the details in the Policy Wording booklet unless you (the ‘Policy Owner’) update the beneficiary nomination.

  • When does my Platinum Life Insurance begin?
    • Your Platinum Life Insurance Policy and cover for a Life Insured starts on the Acceptance Date. Once your application is accepted, you will be sent a Policy Schedule that outlines:
      • who is covered
      • the type of cover
      • the amount of cover
      • The date you cover starts (the Acceptance Date)
      • The date your first Premium if due to be deducted (the First Premium Payment Date)

      If you decide to increase or change cover after the Acceptance Date, we’ll send you a new Policy Schedule. Any changes you make take effect from the Cover Start Date mentioned in the new Policy Schedule.

  • When does my Platinum Life Insurance end?
    • Platinum Life Insurance for a Life Insured will end upon one of the earliest of the following events:
      • The date you cancel your Policy
      • The date we cancel your Policy because you didn’t meet the obligations outlined in the Policy terms
      • The date you remove a Life Insured from the Policy
      • The date we pay out a Life Insurance Benefit
      • The date the Life Insured dies.

      Once your Platinum Life Insurance cover ends, you won’t be able to make a claim for any event that occurs after that date.

  • What is the Financial Planning Benefit?
    • Once you’ve continuously held your Policy for 3 years, your Policy will be automatically upgraded to include the Financial Planning Benefit on your third Policy Anniversary. Under this benefit, following an accepted Life Insurance claim, we will reimburse you or your beneficiaries up to $3,000 for financial planning advice from a licensed financial planner within 12 months of an accepted claim. This benefit is only payable once per Policy.
  • What’s the Advance Funeral Payment with Platinum Life Insurance?
    • After continuously holding your Platinum Life Insurance for 24 months, your policy gets an automatic upgrade - a $10,000 Advance Funeral Payment from your Life Insurance Benefit. This advanced payment is designed to help pay for the funeral or other final expenses while we assess the claim.

      Just keep in mind, we need satisfactory evidence of the Life Insured’s identity, age and cause of death to advance these funds . If we make the Advanced Funeral Payment before paying the full Life Insurance Benefit for a Life Insured, the final Benefit will be reduced by $10,000. Take a look at our Policy Wording for more details.

  • How is the premium for Platinum Life Insurance calculated?
    • Your premium is calculated on your First Premium Payment Date considering your age, gender, smoker status, and the benefits you choose, as well as your responses to health and lifestyle questions.

      Typically, life Insurance premiums go up each year as you get older. Your premiums are recalculated based on your age increase, gender, smoking status , plus a 3% Automatic Sum Insured Increase on each Policy Anniversary. This increase is added to your benefit to help keep the real value of your insurance cover. You can choose to opt out of the Automatic Sum Insured Increase by giving us a ring at 0800 108 108 or emailing customercare@momentumlife.co.nz. If you do opt out of the Automatic Sum Insured, then your premiums will only adjust in line with factors that influence your premium – for example age and smoking status, And if they do change, be assured we will let you know about these changes at least 30 days beforehand.

  • What if I want to adjust my Platinum Life Insurance?
    • Insurance Benefit anytime within the Minimum and Maximum Benefit Amount of your Policy or add or remove a second Life Insured. Just give us a call 0800 108 108.

      If your application for any changes is approved, you’ll receive a new Policy Schedule that outlines the details of your updated cover. Keep in mind that standard waiting periods will apply for any new Benefit(s) or Life Insured.

  • Does Platinum Life Insurance cover me when I’m overseas?
    • With Momentum Life Platinum Life Insurance, you’re covered 24/7, no matter where you are in the world. Just a heads up though, there are some exclusions for high-risk countries and you can find the details on your Policy Schedule.
  • What if I have second thoughts? Can I cancel my Platinum Life Insurance policy?

    • During the first 30 Days:

      You’ve got a 30-day cooling-off period starting from your First Premium Payment Date to make sure this cover is the right fit for you. If no claims are made during this time, you can cancel your Policy and get a full refund of premiums paid. Just give us a ring on 0800 108 108, or emailing a signed cancellation letter to customercare@momentumlife.co.nz.

      After the first 30 Days:

      You can cancel your Platinum Life Insurance Policy anytime by calling 0800 108 108, or emailing a signed cancellation letter to customercare@momentumlife.co.nz.

      But, before you decide, take a moment to think about your insurance needs, and if you’re unsure, it might be a good idea to seek independent financial advice. After the first 30 days, there won’t be any refunds for the premiums you paid, and if you change your mind later, you’ll need to reapply for cover. Keep in mind that the premium you’ll need to pay might be higher when you decide to restart the policy.

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