Partners Life has decided to allow a return to permitting wait periods longer than four weeks for self-employed clients. From their email announcement yesterday:
One of the changes we made was to restrict the waiting period options to only 4 weeks for self-employed clients across these products. This change was designed to facilitate early engagement with claims case managers when a self-employed customer had become disabled. We determined that longer waiting periods would make early intervention and return to work management much less effective.
While we still believe this to be the case, we also understand that forcing a shorter waiting period onto customers can impact on affordability and can also cause issues for advisers when trying to combine business cover such as Loss of Revenue with personal income protection products. In addition, we appreciate that shorter waiting periods do expose us to more claims because we get all the shorter ones and we pay more for the longer-term claims (because we start paying sooner).
We know from your feedback that this restriction of waiting period choice has been a significant issue for you, and we want to make it as easy as possible to choose Partners Life as a solution for your customers.
Thank you for giving us your feedback - we know you have done so because you want Partners Life to be the best we can be.
In response to your concerns, and because we believe our other changes will provide enough of the protection we are seeking, we are reversing the restriction on waiting period options for self-employed clients with effect from Thursday 23 July 2020.