INSTANT
REDUNDANCY
INSURANCE
COVER

Redundancy Benefit

This is an optional benefit. If you have a Redundancy Benefit, it will be shown in the schedule.

You cannot have the Redundancy Benefit unless you also have the Loan and Rent Assistance Benefit for the same life assured.

What we cover
If the life assured:

Is made redundant at least 90 days after the policy start date; and

Was employed continuously for 90 days prior to the effective date of the redundancy, we will pay you the Redundancy Benefit for the life assured.

What we pay
The Redundancy Benefit is the monthly amount shown in the schedule.

We will pay the Redundancy Benefit monthly in advance for three months, commencing four weeks after the effective date of the redundancy.

The claim requirements
We will not pay the Redundancy Benefit unless:

You give us satisfactory independent evidence of the life assured’s redundancy; and

Unless we agree otherwise, the life assured registers as unemployed with Work and Income New Zealand (or an equivalent government agency) or proves to us that he or she has registered with a recruitment agency.

What is excluded?
We will not pay the Redundancy Benefit if the life assured has been on leave without pay for more than 12 months at the time he or she is made redundant.

Multiple redundancies
We will pay you the Redundancy Benefit for a subsequent redundancy of the life assured only if that redundancy occurs more than 90 days after the effective date of the preceding redundancy.

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