License

Disclosure

Licensing Information

Simply Life Insurance is authorized by the Financial Markets Authority to offer financial advice under a valid license.

Nature and Scope of Advice

At Simply Life Insurance our financial advisers offer advice services to clients focusing on personal and business insurance aspects, including life insurance, trauma coverage, income protection, mortgage protection, total and permanent disability insurance, and health insurance.

As specialists in insurance advice, we exclusively concentrate on providing guidance related to insurance products. We have established relationships with a select group of reputable insurance providers. For new life and health insurance policies, we collaborate with five of New Zealand’s leading providers: AIA, Fidelity Life, Partners Life, and Chubb.

When delivering financial advice, our approach centres on considering existing term life, trauma, income & mortgage protection, and health insurance policies (if applicable). In this process, we utilise independent Quality Product Research to aid our recommendations, especially when it comes to existing coverage evaluations and potential replacements.

Fees and Expenses

​At Simply Life Insurance, we offer financial advice services to our clients without charging any fees, expenses, or additional charges. Our dedication to transparency means that implementing an insurance plan for our clients also comes at no direct cost.

When it comes to life insurance and health insurance, we receive commissions from the insurance companies whose policies we provide advice on. In the event that you choose to proceed with the insurance we recommend, the insurer will directly compensate Simply Life Insurance Limited for our services.

Conflicts of Interest and Payments

When you decide to acquire insurance based on our advisers’ recommendations, we receive payments from the relevant insurance company. The payment amount varies depending on the insurance company and the specific policy you choose, ranging from 0% to 230% of the first year’s premiums.

Additionally, as your policy remains in force, we also receive ongoing payments, which are typically between 5% and 20% of the annual premium.

Our commitment to prioritizing your best interests is reflected in our advice process. We ensure that all our recommendations are tailored to your individual insurance needs and circumstances. To manage any potential conflicts of interest, our advisers also undergo annual training to ensure these standards are met.

Furthermore, we conduct a Financial Advice Provider compliance audit and review our compliance program annually to ensure that we consistently meet our duties and obligations to our clients. This way, we maintain a high standard of service and accountability.

Duties Information

Simply Life Insurance and all individuals providing financial advice on their behalf, are bound by duties outlined in the Financial Markets Conduct Act 2013, which govern the manner in which we offer advice:

Our obligations include:

  1. Prioritizing your interests and ensuring that our advice is not unduly influenced by our own interests. We take all reasonable steps to safeguard your best interests.
  2. Exercising care, diligence, and skill when providing advice to you. We are committed to delivering high-quality and professional service.
  3. Meeting the standards of competence, knowledge, and skill specified by the Code of Professional Conduct for Financial Advice Services. This ensures that we possess the necessary expertise to offer sound advice.
  4. Adhering to the standards of ethical behavior, conduct, and client care set by the Code of Professional Conduct for Financial Advice Services. Our aim is to treat you fairly and provide suitable advice for your needs.

Please note that this is a brief overview of our duties. For more detailed information, feel free to contact us directly or visit the Financial Markets Authority website at https://www.fma.govt.nz

Complaints

What should you do if something goes wrong?

If you encounter any issues, concerns, or complaints regarding our services, we encourage you to inform us promptly, allowing us the opportunity to address and resolve the matter. To reach our internal complaints scheme, you can use any of the following contact methods:

We value your feedback and are committed to finding solutions to any problems you may encounter.

If we cannot agree on how to fix the issue, you can contact Financial Dispute Resolution Service (“FDR”). This service will cost you nothing, and will help us resolve any disagreements. You can contact FDR by emailing enquiries@fdr.org.nz, calling FDR on 0508 337 337, or in writing to Freepost 231075, PO Box 2272, Wellington 6140, New Zealand.

FDR provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint.