Rix Insurance Limited provides advice to our clients about their life insurance, health insurance and fire and general insurance.

We only provide financial advice about products from certain providers:

  • For life insurance, we work with five companies – Asteron, AIA, Fidelity Life, CIGNA and Partners Life.
  • For health insurance, we work with four companies – Accuro, AIA, NIB and Partners Life.
  • For fire and general insurance, we work with one company – AON.

We do not provide advice on

  • General tax advice.
  • Estate planning and asset protection.
  • KiwiSaver and Investments
  • Home loans

We can, however, refer you to an adviser who specialises in these areas.

Any financial advice provided on our behalf will take account only of the information you have given us about your particular needs, financial situation or goals.


Fees or Expenses

For an ACC Optimisation Plan, Rix Insurance may charge a fee of $217.50 plus GST per hour. If the recommended Personal Insurance is taken out as part of our ACC Optimisation Plan then Rix Insurance will waive this fee, as Rix Insurance will be receiving commission as outlined in the Commissions and Incentives section above.

Rix Insurance will invoice you for this Optimisation Plan Fee, payable by the 20th of the month after the invoice is issued.

Your first meeting with Rix Insurance is free.

After this first meeting, should you decide not to act on my advice, I may charge you an hourly fee of $217.50 plus GST for the services performed. This will be based on the time taken to prepare my advice. The average charge for this Service Fee is $1,250. Calculated at 5 hours x $217.50 per hour plus GST. Please note that this Service Fee could be less or more depending on the hours spent preparing my advice.

Rix Insurance will invoice you for the Service Fee, payable by the 20th of the month after the invoice is issued.

Likewise, Rix Insurance may charge a Cancellation Fee.

If your insurance policy is cancelled within 24 months, Rix Insurance will have to repay some of the “upfront” commission received to the insurer. This is known as “commission clawback.” If the insurer charges Rix Insurance with a commission clawback, due to early cancellation of insurance arranged for you, Rix Insurance will ask you to repay to Rix Insurance the commission that it has to repay to the insurer. This Cancellation Fee may vary depending on what work has been done for you in regards to providing our advice, negotiation and administration to complete and submit your insurance to the provider. Rix Insurance guarantee it will be no more than $5,000 regardless. The hourly rates used will be $217.50 per hour plus GST.

Rix Insurance will invoice you for the Cancellation Fee, payable by the 20th of the month after the invoice is issued.

You will not have to pay a Cancellation fee if:

Rix Insurance was given the opportunity but was unable to get a subsequent insurance policy approval or,

In Rix Insurance’s opinion, the early insurance cancellation was caused by an exceptional change of circumstances for you.


Conflicts of Interest and Incentives

For life insurance, health insurance and fire and general insurance, Rix Insurance Limited and the financial adviser receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission to Rix Insurance and your financial adviser. The amount of the commission is based on the amount of the premium.

In addition, Rix Insurance Limited and the financial adviser can from time to time receive rewards from the insurance companies on whose policies we give advice for the overall business we provide to them. They may give us tickets to sports events, hampers, dinners or other incentives.

To ensure that our financial advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made on the basis of the client’s goals and circumstances. Our financial advisers undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme annually by a reputable compliance adviser.

2021 Rix Insurance Advisers Limited. All rights reserved.