Protecting and helping families since 1985

Should you cancel an insurance policy? Read this first.

Contact Us
cancel insurance policy

Should you cancel an insurance policy? Read this first.

Have you been wondering whether to cancel an insurance policy? Don’t make a hasty decision. Make an informed one.

I recently received a letter from Mike* telling us that he wanted to cancel insurance for his OnePath Major Medical policy. It was noted on his file that he had leukaemia, so that raised alarm bells for me, as I knew that if he cancelled his insurance, he wouldn’t be able to get cover for his condition again.

So I gave Mike a call. Mike told me that he had been treated for his leukaemia in a public hospital so he didn’t think he could make a claim. He felt that he was paying too much for his insurance and would unlikely see any return on his premiums, and had the idea to cancel his insurance. After a bad insurance experience after the Christchurch earthquake, he had lost all trust in insurance companies. After finding out more about Mike, it became clear that he was in fact entitled to claim for a ‘Public Hospital Cash Grant’ under his policy, due to the amount of time he had recently spent in hospital. I also found out that Mike had given up smoking over two years ago, but he had continued to pay smokers’ rates on his policy.

Mike was surprised and extremely grateful I had made him aware of this and that I wanted to help him get what he was entitled to. He quickly made the smart decision to keep his valuable insurance cover in place. Not only did we pay his claim, we also lowered his insurance premiums because he no longer smokes. Mike couldn’t believe it! I was so glad I could help.”

Chat to us

At OnePath we always want to ensure our customers are getting the most from their insurance policy. Our aim is to work with you, our advisers, to educate customers about the benefits they are entitled to and the important things to consider when making any changes to their insurance cover. Please don’t hesitate to get in touch for a chat if you would like to know more about the resources we have available, or if you’re wondering if you should cancel a particular insurance policy.

*This customer’s name has been changed to protect his privacy.

Mike Bennett

In 1985, after 7 years in the banking industry in NZ & London, Mike Bennett joined the Life Insurance Industry as an adviser. In 2001 he started “Acorn Insurance & Investment Ltd” with the key principle; “to satisfy the insurance and investment needs of New Zealanders with the best products and service possible”. To achieve the guiding principle of “best products and service” the “Acorn” uses various industry research tools to identify the best products and prices to meet our client’s needs. Acorn has agencies with most of New Zealand’s major insurance companies which means we are free to use whichever products best meet our client’s needs. Believing that if we get it right for our clients we will achieve win-win solutions. We also recognise that nearly all insurance solutions are a compromise between the benefits you’d like to have versus the premiums you’re prepared to pay – with this in mind we WON’T be trying to sell you more insurance than you need or want !!

Leave a Reply

Your email address will not be published. Required fields are marked *