Asteron Life have announced the following options for customers in their recent adviser newsletter:
Options for customers
Some of your clients will be feeling the economic impact so we’d like to remind you that we have options available for customers who have changing financial circumstances.
Options under Lump Sum Covers include:
Premium Holiday – a built-in benefit which allows customers to stop paying premiums for up to six months if they’re unemployed or experiencing financial hardship. Claims are still able to be made during this time.
Premium freeze – allows customers to freeze their stepped premium on lump sum covers for 12 months. This option reduces the lump sum benefit and applies from the policy anniversary.
A mixture of stepped and level premiums - options are available to suit long-term cover needs while matching short-term pricing needs.
Restructuring Trauma cover – an option to decrease premiums while still providing cover. For example, some Trauma Recovery Cover can be converted to Major Trauma benefit, which is a more affordable option as the trigger point for claims on 29 of the 45 listed conditions is higher. Another option is converting Trauma Recovery Cover to Cancer Cover, which has the same policy definitions but does not provide cover for other conditions.
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 experiencing financial hardship or are unemployed or on long-term leave from work. 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.
Our policy wordings include other options such as Family Assist, Dependant Relative and Overseas Assist and others, which customers may find useful at this time. If your client’s circumstances fall outside the above options, please talk to your BDM about how we can help.