This blog post relates to an article published in Stuff.co.nz titled "Kiwi's sold worthless insurance in Australia". For those unfamiliar, the summary of events is simple. Kiwi's who reside in Australia are not officially permanent residents, unless they go through the formal process of officially seeking to become an Australian permanent resident or citizen. The wording of some Australian life insurance policies requires the life insured to be a permanent resident or citizen of that country to be eligible for cover.
When Pinnacle Life first went online, we agreed with our Re-insurer, that Australians living in New Zealanders who may be Australian residents or citizens, ARE eligible to a Pinnacle Life policy. Hence, provided Australians reside in New Zealand, they need not be a New Zealand permanent resident or citizen to be eligible for a Pinnacle Life policy. To be fair this exception of "non-residency" to be eligible for a Pinnacle Life policy, is only awarded to Australian residents and citizens. Fees must be paid in NZ dollars and claims will also only be paid in NZ dollars.
So we say to all those Kiwi Aussies who might have the same concern about their New Zealand Life Insurance cover, fear not, hold no resentment, just buy a Pinnacle Life policy on-line.