What you need to know.

Westpac Group recently announced the sale of its New Zealand life insurance business Westpac Life-NZ- Limited to New Zealand insurance company Fidelity Life Assurance Company Limited. The sale is anticipated to occur by the end of 2021, subject to various approvals.

Current Westpac Life customers don’t need to do a thing as there is no change to their existing insurance policies or the way that they make their claims, with policies continuing under existing terms and conditions.

Fidelity Life is New Zealand’s largest locally owned life insurer backed by cornerstone investor the NZ Super Fund. New investor Ngāi Tahu Holdings will also take a stake in Fidelity Life as part of the transaction. Fidelity Life was the ANZIIF New Zealand Life Insurance Company of the Year three years running in 2017, 2018 and 2019.

Questions and answers.

What changes have been announced about Westpac Life?

Westpac Group has announced it will sell its New Zealand life insurance business, Westpac Life-NZ- Limited, to New Zealand insurer Fidelity Life Assurance Company Limited.

Under the sale agreement Westpac NZ will continue to distribute life insurance through a 15-year strategic alliance with Fidelity Life.

Completion of the sale is anticipated to occur by the end of 2021, subject to various approvals.

If the sale proceeds, Fidelity Life will acquire 100% of the shares of Westpac Life and Westpac Life will no longer be part of the Westpac group of companies.

What do these changes mean for me now?

There will be no change to your current policy as a result of the sale announcement. You’ll continue to have the same level of cover and be looked after in the same way.

We’ll be in touch if there are any future changes in the way we support you.

Am I still covered?

Yes. Your policy continues under the existing terms and conditions.

Do I need to reapply for cover?

No. Your cover will continue unchanged.

Do I need to do anything because of the sale?

No. Your cover will continue unchanged. 

I am currently making a claim, what will happen now?

Our claims processes haven’t changed and we will continue to manage claims in accordance with the terms and conditions of your policy.

How do I make a new claim?

In the same way you have always been able to.

You should continue to call the team at Westpac (0800 738 641) and we will help you through the claims process.

How do I check my cover or make changes to my cover?

In the same way you have always been able to.

You should continue to call the team at Westpac (0800 738 641) regarding any queries on your policy, and to make changes to your policy.

I have a house and contents or car or boat insurance policy that I bought through Westpac – is this affected by the sale?

No. These policies continue and any queries on these policies can be made by calling the team at Westpac (0800 809 378).