[et_pb_section fb_built=”1″ admin_label=”FAQ Section” _builder_version=”4.4.6″ background_image=”https:\/\/wisdom8.co.nz\/wp-content\/uploads\/2020\/05\/277279628-w.jpg” parallax=”on” parallax_method=”off”][et_pb_row _builder_version=”4.4.6″ custom_margin=”||||false|false” custom_padding=”||0px||false|false”][et_pb_column type=”4_4″ _builder_version=”4.4.6″][et_pb_text admin_label=”Header” _builder_version=”4.9.10″ header_font=”|700|||||||”]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_5,3_5,1_5″ admin_label=”Row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_5″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_sidebar area=”et_pb_widget_area_9″ admin_label=”Client Area menu” _builder_version=”4.9.10″ _module_preset=”default” border_color_all=”RGBA(0,0,0,0)” global_module=”3283″ saved_tabs=”all”][\/et_pb_sidebar][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_toggle title=”Why do health insurance premiums increase on renewal?” admin_label=”Why do health insurance premiums increase on renewal?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Have you noticed that your health insurance premium increases on renewal, and don’t know why this happens?<\/p>\n
Over time, inflation affects not only your income but also expenses such as rent, fuel, food, and of course your health insurance premium. This may surprise you (or not), but the inflation rate in the healthcare industry is much higher than in most other industries.<\/p>\n
Your health insurance premium is generally dependent on various factors, including your age. Increasing age can affect your health insurance premium on renewal. You can\u2019t turn back time and get younger, but what you can do is to evaluate the plan you go for, for example adding claim excess onto your policy or reducing some optional benefits. So, always customize your insurance based on your age and on your healthcare needs as well.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”What happens if I miss a premium payment?” admin_label=”What happens if I miss a premium payment?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n Don\u2019t panic. Your cover will not immediately stop if you happen to miss a premium payment. Your policy provides 31 days\u2019 grace for any premium due. If you miss a premium payment you should contact your insurer as soon as possible and make arrangements to pay the missed premium. If you do nothing, and the premium remains outstanding beyond the 31-day grace period, then your insurer is entitled to cancel your policy by providing notice to you in writing.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”The importance of getting your policy reviewed” admin_label=”The importance of getting your policy reviewed” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n People\u2019s lives are always changing. As a result, any life, disability or health insurance policy needs to be reviewed and adjusted mid-term policy or at renewal to ensure that the solutions currently in place are still \u2018fit for purpose\u2019 and that other risk mitigation factors are still relevant.\n<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”How do I transfer my existing policy follow-up service to Wisdom8?” admin_label=”How do I transfer my existing policy follow-up service to Wisdom8?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n If you consider the current existing policy follow-up service and other issues, our company welcomes clients to transfer the policy to our company for policy follow-up services. The services include: policy review; daily policy update; policy claims; policy payment and other services. <\/p>\n Speak to our Financial Adviser by email us at info@wisdom8.co.nz give us a call at 0800 wisdom.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”How do I cancel my policy?” admin_label=”How do I cancel my policy?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n If you are considering to cancel your policy, please contact us at 09 300 6011.<\/p>\n Please note that when your policy is cancelled, your previous illness will be treated as pre-existing medical condition. If you apply for a new policy later, your pre-existing medical condition may be excluded by the insurance company or you will need to pay a higher premium. <\/p><\/blockquote>\n [\/et_pb_toggle][et_pb_toggle title=”Am I eligible to apply for life insurance or medical insurance?” admin_label=”Am I eligible to apply for life insurance or medical insurance?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]You are eligible to apply for Life Cover if:<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”What if I have a pre-existing medical condition?” admin_label=”What if I have a pre-existing medical condition?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n If, prior to applying for cover or prior to the issue of your policy, you have or develop a medical condition or you suffer an injury, then that medical condition or injury must be disclosed to, and accepted by, insurer in order for it to be covered under your policy. A pre-existing medical condition can be accepted with or without an extra premium, or may only be covered from a specified point in time after the commencement date of your policy. In some cases, a pre-existing condition may be excluded from cover.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Can I increase my cover after my policy has been issued?” admin_label=”Can I increase my cover after my policy has been issued?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n You can increase your cover in the following ways: [\/et_pb_toggle][et_pb_toggle title=”Can I reduce my cover after my policy has been issued?” admin_label=”Can I reduce my cover after my policy has been issued?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n Yes, you can. If your circumstances or your financial responsibilities change, you can reduce your Life Cover at any time.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Can I change my mind after I receive my policy?” admin_label=”Can I change my mind after I receive my policy?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n Yes, you can. You may cancel your policy at any time. [\/et_pb_toggle][et_pb_toggle title=”Am I still covered by Life Insurance if I travel or work overseas?” admin_label=”Am I still covered by Life Insurance if I travel or work overseas?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n Yes, you are. Regardless of where you travel in the world, the reason for your travel or for how long you are away, you will be covered. This means that you remain covered even if you decide to leave New Zealand to travel or work overseas.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Am I still covered by Medical Insurance if I travel or work overseas?” admin_label=”Am I still covered by Medical Insurance if I travel or work overseas?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n No, you are not covered under your health insurance policy while you are outside New Zealand. Cover in that event is customarily provided by travel insurance policies. However, if you develop a medical condition or suffer an injury while you are overseas, and you then return to New Zealand, you are covered for that medical condition or injury.<\/p>\n If you plan to be overseas for two months or more, then you can apply to your insurer to have your cover suspended during that period. In that event no premiums are payable, and on your return you can resume premium payments and cover under your policy will then be reinstated.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Can I change the owner of my policy?” admin_label=”Can I change the owner of my policy?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n Yes, you can. You may change the owner of your policy at any time. All existing and any new policy owners must agree to the change. For example, you could change the policy owner from just yourself to joint ownership between yourself and your partner. In order to change the policy owner, simply complete a Change of Ownership Form. <\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Is any tax payable on any life cover benefit received?” admin_label=”Is any tax payable on any life cover benefit received?” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n No. Under current New Zealand tax legislation there is no tax payable on any Life Cover benefit which is paid under this policy.<\/p>\n [\/et_pb_toggle][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ inner_shadow=”on” fullwidth=”on” admin_label=”0800 Section” _builder_version=”4.4.6″ background_color=”#ffffff” background_image=”https:\/\/wisdom8.co.nz\/wp-content\/uploads\/2020\/05\/103221335-w.jpg” parallax=”on” parallax_method=”off”][et_pb_fullwidth_header title=”0800 wisdom” text_orientation=”center” content_max_width=”none” admin_label=”0800 Wisdom” _builder_version=”4.9.10″ title_font=”|700|||||||” background_color=”rgba(255, 255, 255, 0)” global_module=”3282″ button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_fullwidth_header][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Frequently Asked Questions Duty of Disclosure Insurance Claim Contact Details Update Review Your Policy FAQ Why do health insurance premiums increase on renewal? Have you noticed that your health insurance premium increases on renewal, and don’t know why this happens? 1. Inflation Over time, inflation affects not only your income but also expenses such as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"yoast_head":"\n
\nWhat can you do about it?<\/strong><\/p>\n\n
\n
Timing of a review<\/strong><\/h4>\n
\n
\nBy utilising the Special Events Increase Facility in your policy, which allows you to increase your cover without the need to provide any additional health information if you experience one of a number of special events in your life.
\nIn each case, an increase in cover attracts an additional premium.<\/p>\n
\nAll of our policies come with a 15-day free-look period. If, at any time within the first 15 days of receiving your policy, you do not wish to continue your cover (for whatever reason), you may cancel your policy and get a full refund of any premiums paid. You may still cancel your policy at any time after this free-look period, but you will not receive a refund of any premiums paid.<\/p>\n