FMA: Insurance, advisers have stepped up

Nadine Tereora, Fidelity Life

She said the industry had worked hard to communicate to clients what the different relief options available to them were, although there were a wide range on offer.

Some clients might need more advice and assistance to help them understand what they were agreeing to when they took a policy suspension or holiday, she said.

It was unlikely that someone’s need for insurance had changed because of Covid-19, she said. “Financial advice is more important than ever during this period.”

She said New Zealand seemed to be an underinsured marketplace and there was an opportunity to expand the insurance coverage in place. “We certainly feel there is a lot of value in these products for people.”