Insurance products

Life & Living Insurance (from 17 August 2016)

This information is for policyholders of Life & Living Insurance taken out after 17 August 2016. You can increase or reduce existing cover, add benefits to your policy, or cancel your policy at any time.

A reminder of your cover

Life & Living Insurance can provide financial support following a significant event or trauma. The cover you’ve chosen is shown in your Policy Schedule and may include the following options:

• Life Insurance - this pays a lump sum of money if you die or are diagnosed as terminally ill and are expected to die within the next 12 months.

• Living Insurance - this provides options for financial support following illness and injury.

  • Serious Illness Trauma - this cover pays a lump sum to you if you're diagnosed with a medical condition defined in the policy, such as severe cancer or a major heart attack.

  • Income Protection Illness - this cover pays you an agreed monthly amount if you're unable to work because of illness, providing you were previously working at least 25 hours per week for a single employer.

• Funeral Cover - with any of the above options, you also get complimentary Funeral Cover. This pays a lump sum of $15,000 to help with funeral costs if you die or are diagnosed as terminally ill and are expected to die within the next 12 months.

Important terms, conditions and exclusions are set out in the Life & Living Insurance policy wording.

Life & Living Insurance (prior to 16 August 2016)

This information is for policyholders of Life & Living Insurance taken out on or before 16 August 2016. You can also increase or reduce existing cover, add benefits to your policy, or cancel your policy at any time.

A reminder of your cover

Life & Living Insurance prior to 16 August 2016 is made up of a Life Account with the option of a Living Account or Living + benefits. The cover you’ve chosen is shown in your Policy Schedule.

• Life Account - Death and Terminal Illness benefit

  • Living Account - Permanent Loss of Ability to Work benefit, Temporary Loss of Ability to Work benefit, Cancer and Cardiovascular benefit

  • Living + benefits - Permanent Loss of Ability to Work + benefit, Temporary Loss of Ability to Work + benefit, Cancer and Cardiovascular + benefit, Redundancy + benefit.

Important terms, conditions and exclusions are set out in the Life & Living Insurance policy wording.

Home Loan Insurance

As of 20 November 2019, we stopped offering Home Loan Insurance to new customers. If you’re an existing policyholder, you can reduce or cancel your policy at any time.

A reminder of your cover

• Your insured debt or repayments on your Kiwibank Home Loan will be covered if you die or are unable to work because you’re sick or injured.

• Premiums adjust as your loan changes, so you only ever pay for the right amount of cover.

• Premiums are calculated based on factors such as your age, gender, occupation, whether you smoke, the plan you’ve chosen, your loan repayments and the outstanding balance of your home loan.

• For policies issued from 5 August 2011 - when you took out your cover, you would have chosen the proportion of your home loan you wanted to insure – 50%, 75%, 100% or 125% - up to a maximum of $500,000 of cover.

Important terms, conditions and exclusions are set out in the Home Loan Insurance policy wording.

Credit Card Repayment Insurance (from 10 April 2011)

As of 1 April 2021, we stopped offering Credit Card Repayment Insurance to new customers. If you’re an existing Credit Card Repayment Insurance policy owner, your cover will remain in place. However, if you decide to change your Kiwibank Credit Card type or set up a joint credit card from 30 April 2021, your Credit Card Repayment Insurance cover will end and you won't be able to apply for Credit Card Repayment Insurance on your new card. You can also cancel your cover at any time.

A reminder of your cover

• Covers part or all of your outstanding balance if you’re unable to work due to an accidental injury or illness, made redundant, declared bankrupt (if you’re self-employed), critically or terminally ill, or pass away.

• You'll be covered if you're a primary or a joint credit card holder.

• Your premiums are based on the closing monthly balance of your credit card – so you only pay for the protection you need.

• Under some circumstances, pre-existing conditions may be covered.

Important terms, conditions and exclusions are set out in the Card Repayment Insurance Cover wording.

Life Insurance

This information is for policyholders of Life Insurance taken out before 14 November 2012. You can increase or reduce your existing cover, add benefits to your policy, or cancel your policy at any time.

A reminder of your cover

Term Life Benefit – this pays a lump sum of money if you die or are diagnosed as terminally ill and are expected to die within the next 12 months. This includes a bereavement support benefit.

Trauma Benefit – this cover pays a lump sum to you if you're diagnosed with a medical condition defined in the policy, such as cancer, heart attack paralysis or stroke. If this has been chosen it will show in your policy schedule. 

Life Insurance also includes a significant life event option that allows you to increase your cover without underwriting in certain circumstances. 

Important terms, conditions and exclusions are set out in the Life Insurance Cover wording .