Kiwibank Can Cancel Your Policy

I was reading the Kiwibank Home Loan Policy yesterday preparing our rating of Mortgage Insurance policies when I found this:

"Kiwi Insurance reserves the right to vary its premium rates for the Policy and/or the terms and conditions applying to any sections of the cover provided.

Kiwi Insurance also reserves the right to cancel the Policy.

Any variation to, or cancellation of, the Policy, will apply to all Kiwi Insurance customers who have Home Loan Insurance and not only to you individually. If we take this action we will give you at least 30 days written notice to the last known address we have for you."

What this means is that if, for any reason they like, Kiwibank could amend or cancel all of its policies with you having no right of redress.  This wouldn't matter except for the poor souls who have been diagnosed with a serious medical condition since taking the policy, and who would then be unlikely to get insurance elsewhere.

This right to amend or cancel exists in fire and general (property) insurances, but not generally in life, trauma, income protection or disablement policies!  This appears to be the only one in the market with such an oppressive provision.