Mercer to offer NZ-first personal insurance benefit

Mercer to offer NZ-first personal insurance benefit

The FINANCIAL -- Mercer has launched two personal insurance products that, in a first for New Zealand, include a benefit for Mercer KiwiSaver customers.

The new products - Mercer LifeProtect, providing insurance for death and terminal illness, and Mercer BillProtect, which covers the inability to work due to redundancy, illness or injury – are underwritten by Cigna Life Insurance and each include Mercer SaverProtect, for Mercer KiwiSaver customers, according to Mercer.

This means that a Mercer KiwiSaver customer holding either LifeProtect or BillProtect can claim a monthly contribution of $200 to be paid into their KiwiSaver scheme account under the terms of their policy if they can’t work due to accident, illness or redundancy.

Martin Lewington, Managing Director of Mercer New Zealand, said, “Mercer SaverProtect provides insurance against the long-term impacts of short-term financial hardship for our KiwiSaver customers holding LifeProtect or BillProtect.

“Longer-term considerations such as retirement needs have typically been out of sight, out of mind for people experiencing hard times, but interruptions to a person’s ability to make regular KiwiSaver contributions can be a hidden sting in the tail.

“Mercer is pleased to be teaming up with Cigna to offer our customers a heightened level of personal insurance that, until now, has been focused only on the immediate impacts of dealing with adversity.”

Lance Walker, CEO Cigna NZ, said “Cigna is excited to support Mercer in providing customers with extra protection, and in bringing the new SaverProtect benefit to the New Zealand market.

“At Cigna we provide ourselves on innovative solutions for our partners and their customers. Our partnership with Mercer is another example of this.”