completes TOWER transaction
It was announced on the 1st August 2013, that Fidelity Life completed the purchase of the TOWER Health & Life in-force business and the group risk business of TOWER Life NZ Limited (together TOWER).
The transaction makes Fidelity Life the country’s third largest life insurer (by in-force risk premium). We now have over 230 employees in six centres around the country; from Auckland to Dunedin. Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best and that rating has been unchanged since 1996.
If you are a TOWER policy holder, you will be hearing from Fidelity about what the changes mean for you.
Commentary from Moneyworks
Under the contractual obligations on your insurance policy, Fidelity is required to retain the same terms and conditions that you currently have. Therefore, there shouldn't be any significant change for you. Fidelity is one of the few insurers that is not owned by a large bank, and this has an attraction for a number of people.
By having a larger business (with the Tower and Fidelity business combined, and the fact that Fidelity has sold it's KiwiSaver business to Grosvenor), we anticipate seeing some synergies, and innovation from Fidelity going forward.
Any change is a good reason to check that you have the best insurance cover in place for you. When is the last time that you looked at your insurance cover?
Do you have ENOUGH insurance?
Is it the best value for you?
Will it work for you when you need it?
If you want to make sure you have the most appropriate insurance cover for you – Get a Free Quote Now
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For more blog articles on insurance, check out these posts:
How does income protection insurance work?
Terminal Illness Benefit – how to get your life insurance paid out without dying
How do you buy insurance cover? What do you need to look at?
By Paul Swarbrick
