Financial Hardship

A client who is behind on payments may enter into a payment plan arrangement to catch up on arrears in fortnightly instalments for up to 12 weeks.

Our grace period before a policy lapses due to non-payment of premiums is normally 60 days. We can now extend this to 90 days upon request.*

For Priority Protection IP policies issued from December 2015 onwards, your clients may be eligible for a premium waiver if they are made redundant.

Your client can consider pausing their policy for three months, which will mean they will not pay premiums for this period. During this period, your client will not be covered under the terms of their policy and would be unable to claim for any claimable event that occurred within these three months.

• As your client will not be required to make any payment during the three-month suspension, as an adviser you will not receive any commission payments during this time.
• After the three-month period is complete, your client’s cover will be automatically reinstated and premium payments will resume. If your client decides to resume their policy before the three-month period is complete, they will be required to submit a Declaration of Good Health.*

Provides your clients with the option to increase their Life Cover Sum Insured and/or their Income Protection Insured Monthly Benefit following certain events, without supplying further evidence of their health or insurability.

The perfect option for your clients who want to plan ahead. This is a cost-effective way to have the option to increase or add cover in the future when it is needed, and best of all, your clients aren’t required to be medically underwritten at the time of exercising the FUB. This is an option if your customers need to reduce their sum insured to meet affordability for longer than 6 months, but will look to restore cover levels in the future. 

This optional benefit was introduced for new policies in December 2019 and recent events have shown how invaluable a benefit like this can be. This provides your clients with a monthly benefit for up to three months to help cover minimum monthly home loan repayments if your client is Involuntarily Unemployed for more than 60 consecutive days. To be eligible, clients must have been employed for at least 180 consecutive days since policy commencement and just prior to becoming Involuntarily Unemployed.