Review your policy regularly to ensure that your policies meet your needs as your situation changes–see Review.
No payments are required or will be deducted until the policy has been underwritten and any Terms or Exclusions included in a Letter of Offer is accepted by you. Under the Consumers Guarantee act you are also entitled to a 15 Day free look.
The application form has been simplified, and premiums reduced to pass administrative savings to you. (See Comparisons).
Your completed and signed application form is passed to Sovereign for their underwriting assessment. Completion and issue can take several weeks depending on the conditions disclosed. You may contact us at any stage to determine progress.
On acceptance you may be offered standard terms (at quoted rates), or exclusions and/or loadings may be offered in an Offer of Terms letter.
A loading is a % added to standard premiums to cover an assessed higher risk. E.g. 50% An exclusion may be for a serious existing condition, such as "Heart and directly or indirectly related conditions" for those who have had a previous and ongoing Heart condition.
Your application may, on rare occasions, be declined or deferred for a period or until certain conditions are met (such as a loss of weight), after which it can be resubmitted.
On acceptance, policy documents and a schedule will be mailed to you. We suggest you keep this in a safe place and quote the policy number whenever you wish to contact us or Sovereign.
NZMedical recommends that you review your family medical insurance or hospital plan needs and policies annually or whenever a major change in circumstances occurs. Examples may be:
Your review could include re-entering your information into the Quote calculator.