Partners Life has announced that it is too soon to determine the extent of the economic impact the current lockdown will have on clients. Previously, Partners Life offered a Premium Holiday and a Premium Suspension to support clients under financial hardship. Partners Life has noted that they will reassess whether other additional support will be required.
“As you may remember, during the very first period of COVID-19 Alert Level 4, Partners Life offered a discretionary COVID-19 Premium Holiday to our clients, allowing them to suspend their premiums and keep their cover if their household had been significantly impacted by the period of lockdown.
Subsequently, during the period following the move down in Alert Levels, we permanently changed the criteria for our Premium Holiday and Policy Suspension affordability options as follows:
The provisions for Redundancy, Bankruptcy, Termination of a Fixed Term Contract and Permanent Closure of a business by which the life assured was fully employed were all extended to include the life assured’s Spouse, De Facto Partner or Civil Union Partner.
A catch-all criteriawas added for consideration where a life assured or policy owner paying the premiums are suffering from unexpected financial stress as a direct result of the Government’s Alert Level response to COVID-19.
We added these criteria to reflect the fact that the financial impacts of COVID-19 (and subsequent public health actions and orders) would likely be ongoing for some time. These criteria are stillavailable to our clients if they need assistance.
In light of the suddenness of the current Alert Level 4 lockdown, it is still too early to understand what sort of economic impact it may have on our clients given there was an economic boom immediately prior to this outbreak, and given we do not yet have any indication of likely duration – we will reassess whether any other specific additional support is required and warranted once more information comes to light over the coming days.”
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