Frequently asked questions. 

Frequently asked questions. 

Age rate adjustments.

  • Why did this happen?

    Due to a timing error related to daylight savings, your policy anniversary was renewed on the incorrect date. This impacted some policies renewing between 25-September and 4-October 2023. 

    We have fixed the issue in our systems so this error will not occur again.

  • How does this impact me?

    Due to this system error, your policy did not undergo age-rate adjustments to reflect the insured person’s change in age for that renewal period. In other words, the system thought the insured person’s age stayed the same 2-years in a row.

    This could mean your premiums are higher than you were anticipating in your upcoming renewal letter as the policy underwent a 2-year age-rate increase.

  • What are age-rates?

    Age-rates are one of many factors used to calculate the premium a customer is charged for the year. Premiums generally increase with age, as the older the insured person gets the higher the risk that something unexpected might happen leading to a claim.

  • Was I overcharged or undercharged for the last year?

    Unfortunately, we are still working through this detail. Our first priority is to let you know about the error as it impacts your upcoming renewal, which is why we are reaching out now.

    We will continue to work in the background to understand the individual impacts to each policy, including whether any other impacts have affected your premiums, and we will let you know the outcomes.

  • If I was on the wrong age-rates last year, will I be asked to pay the premiums I should have been charged?

    No. Because this is our error, you won’t have to worry about paying the difference in premium for the last year where your premium did not reflect your age. 

  • I can’t afford the updated premium to continue my policy, what are my options?

    We are here to help you review your cover to best suit your needs. If you would like to make adjustments to your policy, please reach out to your adviser to discuss your options. If you don’t currently have an adviser, we can put you in touch with an in-house adviser who can talk to you about your situation.

  • Were there any other impacts from this error?

    We are currently investigating the scope and scale of the error. Once we understand more, if there are any further impacts to your policy, we will be in touch.

  • I’m not satisfied. What action can I take? 

    Customer satisfaction is very important to us, so we’ll do everything we can to provide reassurance.  If you’re not satisfied, please email us at getintouch@fidelitylife.co.nz  or write to us at Fidelity Life, PO Box 37-275, Parnell, Auckland, 1151. Alternatively, you can complete an online complaint form at fidelitylife.co.nz/contact/making-a-complaint/.