What you need to know.

Westpac Group has completed the sale of its New Zealand life insurance business Westpac Life-NZ- Limited (Westpac Life) to New Zealand insurance company Fidelity Life Assurance Company Limited (Fidelity Life). The sale was first announced in July 2021 and occurred on 28 February 2022. Westpac Life has been renamed Fidelity Insurance Limited (Fidelity Insurance).

Current Westpac life insurance 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, together with new investor Ngāi Tahu Holdings. Fidelity Life was the ANZIIF New Zealand Life Insurance Company of the Year three years running in 2017, 2018 and 2019, and was a finalist for the 2021 award.

Questions & answers.

What changes have been announced about Westpac Life?

Westpac Group has announced it has sold its New Zealand life insurance business, Westpac Life-NZ- Limited (Westpac Life), to New Zealand insurer Fidelity Life Assurance Company Limited (Fidelity Life). The change of ownership came into effect on 28 February 2022.

Fidelity Life has now acquired 100% of the shares of Westpac Life, and Westpac Life is no longer part of the Westpac group of companies. As such, Westpac Life has been renamed “Fidelity Insurance”.

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

What do these changes mean for me?

There will be no change to your current policy as a result of the sale. Your policy continues under the same terms and conditions and you’ll continue to be looked after in the same way.

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 under the existing terms and conditions.

Do I need to do anything because of the sale?

No. Your cover will continue under the existing terms and conditions.

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 – simply call 0800 738 641.

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

In the same way you have always been able to – simply call 0800 738 641 regarding any queries on your policy, and to make changes to your policy. You can also email westpac.insurancehelp@fidelitylife.co.nz.

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

No. There are no changes to these policies and any queries can be made by calling the team at Westpac (0800 809 378).

Fidelity Insurance flyer.

Key updates for existing policyholders on the sale of Westpac Life.

Things you should know.

Further details, including a flyer with important updates for existing Westpac life insurance policy holders, have been sent to customers by email or post from 1 March 2022.

Download the Fidelity Insurance flyer.

Westpac life insurance products are arranged by Westpac New Zealand Limited ("Westpac") and underwritten by Fidelity Insurance Limited (“Fidelity Insurance”). None of Westpac Banking Corporation ABN 33 007 457 141 (incorporated in Australia), Westpac, or any member of the Westpac group of companies guarantee the obligations of, or any products issued by, Fidelity Insurance or any member of the Fidelity group of companies.

Terms, conditions, exclusions and limits apply to Westpac life insurance products and more detail can be found in the relevant policy document. Any claim payment is subject to your claim being accepted.