We have gone out to each insurer in order to help you better understand the options they are making available to help clients suffering from financial hardship keep their policies in force but pay a reduced or no premium. In the tables below you can select the insurer you would like to see the answers for.
We are still awaiting responses from a number of insurers and this table will be updated as soon as we receive them.
Benefit Reduction
| Will you allow a client to reduce their sum assured if suffering financial hardship? |
| If yes, Can the client increase their cover to previous levels after a period of time? |
| If yes, can this be increased without underwriting as long as it is not increased above the original benefit level set out when the policy was put in force? |
| If yes, will the increase be priced based on rates applied when the policy was taken out or rates at the time of the increase? |
| Will you apply a maximum time frame of reduced benefits after which the client will be unable to increase benefits back to their previous level? |
| If yes, how long? |
| Will you allow a client to reduce the term of the plan if suffering financial hardship? |
| If yes, Can the client increase their cover to previous levels after a period of time? |
| If yes, can this be increased without underwriting as long as it is not increased above the original benefit level set out when the policy was put in force? |
| If yes, will the increase be priced based on rates applied when the policy was taken out or rates at the time of the increase? |
| Will you apply a maximum time frame of reduced benefits after which the client will be unable to increase benefits back to their previous level? |
| If yes, how long? |
| Will you allow a client to convert to decreasing term if suffering financial hardship? |
| If yes, Can the client convert back to level term after a period of time? |
| If yes, can this be converted back to level term without underwriting as long as it is not increased above the original benefit level set out when the policy was put in force? |
| If yes, will the increase be priced based on rates applied when the policy was taken out or rates at the time of the increase? |
| Will you apply a maximum time frame of reduced benefits after which the client will be unable to convert back to their previous level? |
| If yes, how long? |
| Will you allow a client to convert an indexed linked plan to level if suffering financial hardship? |
| If yes, Can the client convert back to index linked after a period of time? |
| If yes, can this be converted back to index linked without underwriting as long as it is not increased above the original benefit level set out when the policy was put in force? |
| If yes, will the conversion back to index linked be priced based on rates applied when the policy was taken out or rates at the time of the increase? |
| Will you apply a maximum time frame after which the client will be unable to convert back to index linked? |
| If yes, how long |
