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Disclosure Document

Effective date: 20 May 2026 Last updated: 20 May 2026

Public Disclosure Statement

This Disclosure Statement is provided by LifeCovered Limited (FSP675171), which trades as 'LifeCovered' and 'CompareNow'. It sets out information about us, the financial advice services we provide, and how we are paid.

Licensing Information

LifeCovered Limited is licensed by the Financial Markets Authority (FMA) to provide financial advice services under the Financial Markets Conduct Act 2013. Our licence number on the Financial Service Providers Register is FSP675171.

You can verify our registration:

Contact Details

LifeCovered Limited

660 Victoria Street, Hamilton Central, Hamilton 3204

Postal: P.O. Box 9408, Waikato Mail Centre, Hamilton 3480

Phone: 0800 25 99 25

Email: hello@lifecovered.nz

Web: www.comparenow.co.nz and www.lifecovered.nz

Our Financial Advisers

Financial advice is provided by the following licensed advisers operating under LifeCovered Limited's FAP licence:

  • Willi Olsen, Financial Adviser (FSP524986)
  • Sol Brown, Financial Adviser (FSP1009612)

Nature and Scope of Service

We provide financial advice on the following products:

Personal insurance: AIA, Asteron Life, Chubb Life, Fidelity Life, Partners Life.

Health insurance: AIA, nib, Partners Life, Southern Cross.

Workplace and business insurance: AIA, nib, Partners Life, Southern Cross.

KiwiSaver: Booster, Generate, Milford, Pathfinder.

We do not provide advice on:

  • Life investment products such as whole-of-life, endowment, unit-linked insurance, and insurance bonds.
  • Legal, accounting, or taxation matters.
  • General insurance such as home, contents, vehicle, travel, professional indemnity, or public liability.
  • Mortgages.

We may be able to refer you to specialists who provide advice in these areas.

If our advisers are unable to provide advice on any product discussed, this will be made clear in the scope of service and statement of advice provided to you.

Any financial advice we provide will only take into account the information you have given us about your particular needs, financial situation, or goals.

Fees for Advice

Our service is free of charge to you. You will not be charged a fee at any time for any advice we give, even if you do not take any of the insurance cover or product we recommend.

How We Are Paid

LifeCovered Limited is paid commission by insurers and product providers when you take out a policy or product through us. The commission is paid by the insurer, not by you, and is built into the standard premium of the policy. You do not pay any additional amount for working with us. The premium you pay through CompareNow is the same as you would pay going directly to the insurer.

The commission we receive is between 30% and 230% of the first year's policy premiums. This depends on which insurance company and which policy you choose.

Conflicts of Interest

We do not operate any sales targets, volume bonuses, or production quotas with any insurer or product provider. From time to time we may receive gifts, hospitality, training, or sponsorship from insurers, such as professional development sessions or industry events. We maintain a register of conflicts of interest, gifts, and incentives received. Where any conflict could materially influence our advice, we will disclose it to you.

All of our advisers undergo annual training on the identification and management of conflicts of interest.

Disciplinary History

LifeCovered Limited and its advisers have no recorded disciplinary actions, claims, or formal complaints upheld against them. There are no professional indemnity insurance claims, negligence claims, or dispute resolution determinations on record.

Our Duties

LifeCovered Limited, and any adviser providing financial advice on our behalf, has duties under the Financial Markets Conduct Act 2013 to:

  • Give priority to your interests by taking all reasonable steps to make sure our interests do not materially influence our advice.
  • Exercise care, diligence, and skill in providing you with advice.
  • Meet standards of competence, knowledge, and skill set by the Code of Professional Conduct for Financial Advice Services.
  • Meet standards of ethical behaviour, conduct, and client care set by the Code of Professional Conduct for Financial Advice Services.

This is only a summary. The full duties are set out in Part 6 of the Financial Markets Conduct Act 2013 and in the Code of Professional Conduct for Financial Advice Services. The Code is available at https://financialadvicecode.govt.nz. Further information is available from the FMA at https://www.fma.govt.nz.

Our Advice Process

To ensure recommendations are made on the basis of each client's goals and circumstances, we follow this process:

  1. Establishing the client-adviser relationship.
  2. Gathering client information and determining your goals and expectations.
  3. Analysing your financial position, including insurance, retirement, estate, or investment needs.
  4. Developing and presenting written advice.
  5. Overseeing implementation of the advice you accept.
  6. Monitoring and reviewing the plan over time.

We may need several meetings with you before our advice is finalised. We aim to maintain a long-term relationship with clients, reviewing progress as your circumstances change.

Handling of Client Funds

LifeCovered Limited does not act as an intermediary for client funds. We do not receive client funds into our accounts or operate a trust account. Premiums and other client funds are paid directly to the relevant insurer or product provider.

Professional Indemnity Insurance

LifeCovered Limited and its advisers are covered by Professional Indemnity insurance as required under our FAP licence conditions. Cover is underwritten by QBE Insurance and arranged through PI Quadrant.

What if Something Goes Wrong?

If you have a complaint about our advice or our service, we have a three-step complaints process.

Step 1: Internal complaint

Speak with your adviser in the first instance. If you remain dissatisfied, contact our Customer Care team:

Step 2: Escalation

If your complaint is not resolved at Step 1, you may escalate the matter to:

Willi Olsen

Step 3: External dispute resolution

If your complaint is not resolved through our internal process, you may refer it to the Insurance and Financial Services Ombudsman Scheme (IFSO). IFSO is a free, independent dispute resolution service that will consider your complaint and either reach an agreed outcome or make a determination.

Insurance and Financial Services Ombudsman Scheme (IFSO)