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Options under Lump Sum Covers:

  • Premium Freeze (all products)– allows customers to freeze their stepped premium on lump sum covers for 12 months. For RPP, once activated, this option automatically reduces the lump sum benefit at the policy anniversary to maintain a static premium. The freeze can be removed at any time in the future. For Lifetrack and other covers, we have introduced a phone-based option, where a verified owner can simply call us to modify the sum insured to maintain the existing premium.
  • Premium Waiver (Lifetrack and RPP)– we will consider one-month waivers for customers in need of financial support. Customers can reapply if further support is required due to the relatively limited understanding of how long the pandemic and associated financial pressure will last.  
  • A conversion from level to stepped premium– options are available to convert from level to stepped premiums to address short-term pricing needs.
  • Altering options or cover levels with specific products (all products)
    • Optional benefits can be deselected to reduce the policy premium, if you deem this action to be appropriate. For example, Buyback options on Trauma and TPD, altering Trauma Plus to Trauma Base or removal of optional Premium Cover. 
    • Standalone covers could potentially be linked to Life Cover to reduce premium. 
    • Note that reductions to the sums insured may ultimately be required to achieve premium affordability.

Options under Disability Income Covers:

  • Premium and cover suspension– allows customers to suspend their premiums and cover for up to 12 months if they are on long-term leave from work (or are unemployed for some products). Cover can be reinstated at any point within the 12 months without further medical underwriting. Any conditions which first occur while the customer is on a premium and cover suspension will not be claimable, either during the suspension period or once cover is reinstated. 
  • Premium Waiver (Lifetrack and RPP) –we will consider one-month waivers for customers in need of financial support.  Customers can reapply if further support is required due to the relatively limited understanding of how long the pandemic and associated financial pressure will last.

Altering options or cover levels within specific products (all IP products, although options may vary) – optional benefits can be deselected or modified to reduce the policy premium, if you deem this action to be appropriate. For example; extending the wait period, reducing the benefit period duration or deselecting Chronic Conditions Cover. Note that a reduction to the sum insured may ultimately be required to achieve premium affordability.

 

Last Updated 26 March 2020