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Covid-19 adviser update

18 May 2020
POLICYHOLDERS FACING FINANCIAL DIFFICULTIES AS A RESULT OF COVID-19 CAN REQUEST A DISCRETIONARY SHORT-TERM PREMIUM DEFERRAL BETWEEN 18 MAY AND 18 AUGUST

From 18 May until 18 August 2020, policyholders facing financial difficulties as a direct result of COVID-19 can ask for premiums to be deferred.

What this means is that at our discretion we’ll ‘pause’ your client’s monthly premiums for up to 3 months depending on their circumstances. They’ll still be covered during this period and they can still claim (we’ll deduct any premium arrears in the event of a claim), but they won’t need to make any monthly payments to us during their deferral period.

When they call us, we’ll discuss their circumstances and their options. At our discretion we’ll agree their repayment period (up to a maximum of 3 months) and confirm how and when we’ll ask your client to pay the premiums they defer.

We encourage any customer with a life or critical illness policy facing financial difficulties as a result of COVID-19 to call us to discuss their options before their policy lapses. We’ll also encourage them to speak to you, their Financial Adviser, before they cancel their policy.