What is Apia's Value Promise and how does it work?
Apia Funeral Insurance’s Value Promise means the following will be paid in relation to a valid claim - Funeral Insurance cover amount, plus any Bonus Cover, or 100% or 70% of the total Funeral Insurance premiums paid, depending on the option selected – whichever is greater.
The Value Promise option you have selected will be shown in your policy schedule and will apply for the life of the policy.
Option 1: 100% Value Promise
Apia Funeral Insurance’s 100% Value Promise means that at the time of a claim for the Funeral Benefit, the claim payout for the life insured will always be the higher of:
- the cover amount in place, plus any Bonus Cover, where applicable; or
- 100% of the total premiums paid for the life insured's Funeral Benefit from the commencement date.
Option 2: 70% Value Promise
If you choose the 70% Value Promise option, your premiums will be lower. This lower cost option will reduce the amount of the Value Promise so that at the time of a claim for the Funeral Benefit, the claim payout for the life insured will be the higher of:
- the cover amount in place, plus any Bonus Cover, where applicable; or
- 70% of the total premiums paid for the life insured's Funeral Benefit from the commencement date.
The Value Promise option you have selected will be shown in your policy schedule and will apply for the life of the policy.
Remember that if you cancel your policy or let it lapse you will lose all premiums paid into it to date. The value promise only holds in the event of a claim. The Apia Funeral Insurance team understand your circumstances may change. If you can’t pay your policy’s premium, please contact the team and they will do what they can to try help you.
