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Our Points of Difference - Part 6/6
Premium holidays and suspensions
Did you also know about Premium Holidays and Policy Suspensions?
We understand that life can throw unexpected curve balls at times, despite best intentions you may find paying your premiums a struggle from time to time even though you might still want and need your protection benefits.
We have come up with some options that might work for you.
Premium Holidays are exactly like they sound. They are available when unpredictable or unavoidable life events occur that significantly impact on your ability to afford premiums.
These triggers can include redundancy, death of a spouse, partner or child or other traumatic events that rapidly change your life circumstances. If this happens, you have the option of taking a holiday on your premium payments for up to 6 months whilst your cover remains completely in place.
If at the end of 6 months you are unable to commence your payments, there is the option of a Policy Suspension for a further 6 months.
Policy Suspensions are a little different to Premium Holidays in that along with payments, cover is also suspended.
A suspension can be taken for up to 12 months (including any Premium Holiday connected to the same event).
The advantage of taking one of these options is at the end of the period, you simply start paying your premiums again, protection automatically re-starts and there's no need for any underwriting.
Policy Suspensions are available for the same life events as Premium Holidays but can also be used for more easily anticipated events, like Parental Leave, Overseas Travel, Tertiary Education sabbatical.
