IMPORTANT INFO ABOUT LIP

The following is important information you should know about us.

WHY IS IT IMPORTANT THAT YOU READ THIS?

Choosing the right Financial Adviser for you and your loved ones is really important. This page tells how Life Insurance Plus and the advisers operate which will help you with that choice.

Who is LIP?

Life Insurance Plus (LIP) is a licensed Financial Advice Provider with a Class 2 license. Pat Sellars and Rory McSweeney are the Advisers who operate under that license. We are both members of Financial Advice NZ, hold business degrees and have attained NZ Certificates specific to Life Insurance in NZ.

LIP can give individuals, families and businesses advice on a wide range of insurance products including:

  • Life Insurance

  • Income Protection Insurances

  • Trauma and Critical Illness Covers

  • Health Insurances

  • Permanent Disablement Covers

  • Business Continuity

  • Key Person Covers

  • Shareholder Buyout Covers

  • Employee Group Risk and Health Insurance Schemes

Insurers
Life Insurance Plus has chosen to work with only the very best life insurers, and currently offer products from Asteron Life, AIA, Partners Life, Cigna, Fidelity Life, NIB and Accuro.

What does it cost and how are we paid?

We do not charge you, we do not have any fees, nor do we handle any money directly from you we are paid by way of commission by the providers we work with. We may also receive ongoing commission for the products placed. Those commissions are based on a percentage of the annual premium you pay to our providers. Those rates vary between providers and also between different products.

Life Insurance Plus advisers may also receive other rewards for the overall business we provide them including tickets to events and other incentives.

A guide to our commissions payable will be given to you in my full disclosure document provided to you at the beginning of the advice process. You will receive a report with recommended covers, the exact percentages paid on those products are detailed in that report as a matter of full transparency and again… trust.

Contact and License Information
License Holder
Life Insurance Plus (FSP713991) info@lifeinsuranceplus.co.nz

338 Jackson Street
Petone
Lower Hutt
Wellington
Meetings by appointment only.

Pat Sellars (FSP457886) pat@lifeinsuranceplus.co.nz
021-863-364

Rory McSweeney (FSP740111) rory@lifeinsuranceplus.co.nz
027-264-0305

Conflicts of Interest

Having been involved with the incorporation of Venture Consulting Group Limited and remaining a shareholder up to 2021, VCG contractors are often referred to me for advice on their insurances.

We are paid by way of commission as mentioned earlier, so we follow our advice process to ensure we meet our client’s specific needs and always place their interests above our own as is also required by all advisers membership with Financial Advice NZ.


Why should you choose LIP?

Trust is vital for anyone seeking financial advice. So this should really be about why you should trust us, so in addition to previous points we are now part of a highly regulated industry that must abide by a set of rules set out in the Financial Markets Conducts Act 2013. This means putting your interests first, exercise care and skill and follow the Code of Professional Conduct for Financial Advice Services.

Life Insurance Plus, Pat Sellars and Rory McSweeney are registered on the Financial Service Providers Register (companiesoffice.govt.nz). We are also regulated by the Financial Markets Authority (Financial Markets Authority New Zealand | FMA) see their website for further details on my duties.

We are members of Financial Advice New Zealand, as a condition of that membership we adhere to the Associations Code of Ethics and Practice Standards.

If anything should go wrong throughout your involvement with Life Insurance Plus as well as being able to contact the FMA, we have an internal complaints process. So if you have a problem please contact Pat so that in the first instance he can try to remedy that issue (these are recorded on our CRM system).

If we cannot fix the issue you can contact Insurance & Financial Services Ombudsman Scheme (IFSO). This service will cost you nothing and will help us resolve any disagreements by using either their online form IFSO | Complaints | Make A Complaint or contact them:

PO Box 10-845
Wellington 6143
0800 888 202
info@ifso.co.nz

My Professional Indemnity Insurance is underwritten by IAG and a certificate of this can be provided on request.

What is our advice the process?

We work with you to get advice and insurances in place that are fit for purpose. This means that we ask you to provide relevant information that is true, complete and correct. Also please update us on any material changes to your circumstances both during the initial advice phase and throughout our service to you.

The initial advice process is a simple 3 step process :

  1. WE GATHER RELEVANT INFORMATION
    First we establish personal information, financial position, goals, and concerns. This is the needs analysis called the “Fact Find” and is able to be complete online for any personal insurance covers (contact me for any business specific products).

  2. WE GIVE YOU RECOMMENDATIONS
    We create a report with recommendations based on the information provided complete with insurers premiums. This is our “Risk Proposal” and will include not only what we recommend but why.

  3. YOU CALL THE SHOTS
    The last step is the “Decision to Proceed” where the choice to accept, modify or decline the recommendations is all yours. Most clients will request some minor alterations which we will produce a pricing for asap before moving forward with an application.

The non-advice process for our Life Simple offering will vary please see that website for details.

This can be completed within 10 days business days provided we are able to gather all the information required from yourself and any third parties in a timely manner. Should you proceed with the recommendations or a modified version we will guide you through the application and underwriting process through to issuing of the policy. The application and underwriting process timeline is dependent on on the insurer provider involved and the detail of the application.

LIP will provide you with an ongoing service with requests for review sent out to you annually to ensure your covers are always fit for purpose.

What is Life Simple?

Life Simple is an online process that does not include any advice, it’s simply a “starter kit” of insurance involving 3 products, from 1 provider which is quick, simple and affordable. We have kept the branding etc. completely separate as to not confuse that process with any financial advice.

 

DECLARATION

I, Patrick Sellars, declare that, to the best of my knowledge and belief, the information contained in this disclosure statement is true and complete and complies with the disclosure requirements in the Financial Advisers Act 2008 and the Financial Advisers (Disclosure) Regulations 2010.

 

Pat Sellars
Director / Financial Adviser
Life Insurance Plus Limited