NEWS

Covid-19 Update

7 April 2020


As the impacts of the COVID-19 pandemic continue to evolve, we are focused on protecting the health of our employees and customers, while doing our best to ensure we are still able to meet your service expectations.  Following the directive issued by the NZ Government our offices are now closed and the majority of our staff are working from home.  As an essential business, we have a small skeleton staff in the office to process claims.  We remain available to assist and support you where needed.  Please contact us by email or telephone (0800 808 581 or +64 4 439 4300 outside NZ) or visit our website
www.foundationlife.co.nz/news for updates. 

 

Foundation Life (NZ) Limited remains in a very strong financial position and well able to meet all its obligations. All policies with us are secure and all approved claims will be paid out in accordance with our current policies and procedures.  However, the COVID-19 pandemic has required us to change our work practices to ensure that we minimise the risk of transmission and comply with government orders.  These changes may result in adjustments to the service levels we are able to provide. We appreciate your understanding.

We were planning to send the proposed policy restructure (Scheme) information pack out to our Whole of Life and Endowment policyholders in the first half of 2020.  Due in part to the financial and economic uncertainty created by the COVID-19 pandemic and the restrictions now in place, we are currently unable to confirm the final details of the Scheme. The information pack will be sent to policyholders once the proposal is finalised, the Appointed Actuary and Independent Actuary have completed their final reviews, all approvals have been achieved and the first High Court hearing has been held.  We will provide further updates in due course.

This is a very difficult time for us all and we wish you and your family all the best as we work through these unprecedented times.  Please keep you and the people around you safe.

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Covid-19 Pandemic

As the impacts of the COVID-19 pandemic continue to evolve, we are working hard to protect the health of our employees and customers, while doing our best to ensure we are still able to meet your service expectations.

 

Following the Prime Minister’s announcement on Saturday 21 March, we have decided that from Monday 23 March our offices will be closed to outside visitors until further notice.  Many of our staff will be working from home with only a skeleton work force in the office.  Public health officials continue to advise that social distancing is the most effective strategy to prevent the spread of COVID-19. 

 

We appreciate your support and understanding of this decision. 

 

Foundation Life (NZ) Limited remains in a strong financial position and able to meet its obligations.  Please rest assured we will be doing our best to maintain existing service levels.

 

Should you have any further questions or comments, please call us on 0800 808 581 or email This email address is being protected from spambots. You need JavaScript enabled to view it..

 

Regards,

 

Grant Piercy

CEO

Foundation Life (NZ) Limited

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Policyholder Update Letter - December 2019

In December 2019 a letter was sent to all Foundation Life (NZ) Limited (Foundation Life) participating Whole of Life and Endowment policyholders (Policyholders) outlining the progress made on the possible policy restructure Foundation Life is considering. 

While Foundation Life was planning to send an information pack to Policyholders before the end of 2019, the final details of the proposed policy restructure are still being finalised, due, in part, to the need to assess the impact of the significant reduction in long term interest rates over recent months. Once this assessment is completed, we will be able to provide final details of the proposed policy restructure.

It is now expected that an information pack will be sent to Policyholders during the first half of 2020 once the proposal is finalised, the Appointed Actuary and Independent Actuary have completed their final reviews, all approvals have been achieved and the first High Court hearing has been held. 

The comprehensive information pack will include information on the proposal, estimated values and a Voting/Proxy form with instructions on how to vote.  The decision on whether the proposed policy restructure proceeds will then rest with Policyholders.

We ask that any Policyholders who haven’t done so already get in touch with us to check we have their correct contact details. This is important to ensure that when we do next make contact, we can be sure you will receive the information.  Our contact details can be found on the Contact Us page.

We expect to provide another progress update in the first quarter of 2020.

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Policyholder Update Letter- June 2019

In June 2019 a letter was sent to all Foundation Life (NZ) Limited (Foundation Life) participating Whole of Life and Endowment policyholders (Policyholders) outlining the progress made on the possible policy restructure Foundation Life is considering. We also advised that if the proposed policy restructure proceeds, overseas resident Policyholders will receive a cash amount in replacement of their policy. This is because the replacement life insurer is unable to offer replacement life insurance to Policyholders who reside overseas. Please visit our Overseas Policyholder page for more information. 

At this stage, the final details of the proposed policy restructure are still being worked through. The steps involved in the process make it difficult to provide a definitive timetable; however, it is estimated that the proposal will be presented to Policyholders to vote on during the second half of 2019. Prior to the vote taking place Policyholders will be sent a comprehensive information pack, including information on the proposal, estimated values, a “Frequently Asked Questions’ sheet and a Voting/Proxy form with instructions on how to vote.

We ask that any Policyholders who haven’t done so already get in touch with us to check we have their correct contact details. This is important to ensure that when we do next make contact, we can be sure you will receive the information.  Our contact details can be found on the Contact Us page.

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