Partners Life Journey Plan: Flexible Insurance That Can Change With Your Life
Your insurance needs at 25 may look very different at 35, 45 or 55. Partners Life's Journey Plan is designed to let you build protection around your current needs and adjust your cover as your circumstances evolve.
Partners Life Journey Plan brings several personal insurance covers into a flexible structure, allowing you to select the types of protection that suit your circumstances rather than assuming every person needs the same combination.
What Is the Partners Life Journey Plan?
The Partners Life Journey Plan is a personal insurance policy framework designed around flexibility and choice.
Instead of approaching insurance as one fixed package, the plan allows different types of cover to be selected according to your life stage, financial responsibilities, health needs, occupation, goals and budget.
Think of Journey Plan as a protection framework rather than one single type of insurance. The covers selected within it can be structured around the risks that are most relevant to you.
What Types of Cover Can Be Included?
Partners Life currently offers a broad range of protection options through the Journey Plan. The appropriate combination will depend on your circumstances.
Life Cover
Provides a lump-sum benefit if the life assured dies or meets the applicable terminal illness definition, subject to the policy terms.
Trauma Cover
Provides a lump-sum payment if you suffer a covered serious medical condition and meet the relevant policy definition.
TPD Cover
Can provide a lump-sum payment if you meet the policy's definition of total and permanent disability.
Private Medical Cover
Helps fund eligible private medical treatment and provides access to private healthcare options, subject to the selected cover.
Specific Injury Cover
Provides lump-sum benefits for listed injuries when the relevant policy criteria are met.
Monthly Disability Cover
Partners Life offers several forms of regular monthly protection designed to support different financial commitments if illness or injury prevents you from working.
Not All Monthly Disability Cover Is the Same
One useful part of the Journey Plan is that Partners Life separates different income-related needs rather than treating every household the same.
Monthly Disability Cover may include:
These covers have different purposes, so an adviser can help determine which structure may be appropriate for your circumstances.
Why Does Flexibility Matter?
Insurance needs rarely stay exactly the same throughout your life.
The financial risks that matter when you first enter the workforce may be different after buying a home, having children, becoming self-employed or getting closer to retirement.
Flexible does not mean you should constantly change your insurance. Changes should be considered carefully because increasing or adding cover can require underwriting, and altering existing protection can have consequences that should be understood first.
What Is Standalone Specific Injury Cover?
Partners Life also offers Specific Injury Cover within the Journey Plan.
This provides a lump-sum payment when a listed injury occurs and the policy criteria are met. Partners Life states that eligible Specific Injury benefits do not have a waiting period or ongoing disability assessment and are not reduced because of ACC payments.
Specific Injury Cover is different from Income Protection. It pays according to listed injuries and policy definitions, whereas Income Cover is designed around your ability to work following illness or injury.
Can Combining Covers Affect the Premium?
Partners Life applies a Multi-Benefit Discount in eligible circumstances when qualifying covers are combined.
Partners Life also currently offers a separate Life Advantage discount for certain newly underwritten Life and Trauma covers where the eligibility criteria are met. That discount can operate alongside an applicable Multi-Benefit Discount.
A discount should not be the reason to buy cover you do not need. The starting point should be identifying the financial risks that are appropriate to protect, then considering how those covers can be structured within your budget.
What Could a Journey Plan Look Like in Real Life?
Sarah is 38, works full-time and has two children and a mortgage.
Her household relies on her income, but she is also concerned about access to private healthcare and what would happen financially if a serious illness prevented her from working.
Rather than assuming she needs every available insurance product, an adviser could review her mortgage, income, savings, existing cover, partner's income, family responsibilities and budget.
Depending on that assessment, Sarah might consider a combination of Life, Trauma, Private Medical and an appropriate form of Monthly Disability Cover. Specific Injury or TPD Cover could also be considered if relevant to her needs and priorities.
This is only an illustration. The appropriate covers, amounts, options and policy structure will differ between clients.
What If You Already Have Partners Life Insurance?
Existing insurance should not be changed simply because a newer policy structure is available.
If you currently hold a Partners Protection Plan, Business Protection Plan or another existing policy, the first step should be understanding what you already have and comparing that with any proposed change.
Before changing existing cover, consider:
- Your current benefits and sums insured
- Any existing exclusions or special terms
- Whether new or increased cover requires underwriting
- Differences in policy definitions and benefits
- Changes in premium or premium structure
- Whether any existing benefits would be lost
- Whether the proposed change actually improves your overall position
Newer does not automatically mean better for every existing client. Any transfer or replacement should be assessed against your existing policy and your current circumstances before a decision is made.
Who Might Consider the Journey Plan?
Journey Plan may be worth exploring if you are arranging new personal insurance or reviewing whether your existing protection continues to suit your circumstances.
Frequently Asked Questions
Is Journey Plan one insurance product?
It is better understood as a policy framework containing different types of personal insurance cover. You can select appropriate covers based on your circumstances and the options available.
Do I need to take every cover available?
No. Partners Life promotes the Journey Plan as customisable. The appropriate combination depends on your needs, goals, existing cover and budget.
Can Journey Plan change as my circumstances change?
Covers can be reviewed and changes may be possible over time. However, adding or increasing insurance may be subject to underwriting and other policy requirements.
Is Specific Injury Cover the same as Income Protection?
No. Specific Injury Cover pays benefits for listed injuries when the applicable policy criteria are met. Income Cover is designed to provide regular financial support where illness or injury prevents you from working and claim requirements are satisfied.
Should an existing Partners Life customer automatically move to Journey Plan?
No. Existing and proposed cover should be compared carefully before making changes. Your current terms, benefits, underwriting history, premium and personal circumstances all matter.
Is Partners Life always the right insurer for me?
Not necessarily. The appropriate insurer and policy depend on your individual circumstances, needs and the products available. Personalised advice should consider suitable options rather than assuming one provider is right for everyone.
Not sure which types of protection actually make sense for you?
Our advisers can review your circumstances, existing insurance, financial responsibilities and budget, then help you understand whether Partners Life Journey Plan or another suitable insurance option may meet your needs.
Book a Complimentary ReviewThis article provides general information only and is not personalised financial advice. It describes selected features of Partners Life Journey Plan based on current publicly available information. Insurance benefits, definitions, exclusions, discounts, underwriting requirements, eligibility criteria and policy terms may change. Please refer to the applicable Partners Life policy wording and obtain personalised financial advice before arranging or changing insurance.