The offer is for a three-month waiver of premiums with the maintenance of full cover for eligible policy holders in the event they become involuntarily unemployed.
This feature is immediately available to holders of ING’s OneCare and World of Protection policies (taken from July 2000) who are:
- Full-time or part-time employees recently retrenched from their employment or;
- Self-employed individuals whose businesses have ceased to trade
Gerard Kerr, ING Australia’s Head of Life Risk Marketing and Product, said “We have introduced Premium Break to reassure our customers that we are here to support them through these volatile times. Premium Break recognises those who have taken the steps to protect themselves and their families from financial hardship.”
“We have introduced Premium Break to reassure our customers that we are here to support them through these volatile times”
Advisers’ clients wishing to claim their Premium Break will be required to:
- Register with a recognised employment agency
- Have been employed by their employer six months prior to becoming unemployed
- Be holding a policy that has been in force continuously since at least six months prior to becoming involuntarily unemployed
ING clarifies that for non-superannuation policies, Premium Break is based on the unemployment of the policy owner, while for superannuation policies, the benefit is based on the unemployment of the life insured.
This initiative closely follows the recently completed enhancements to ING’s OneCare product and services package, effective from 25 May 2009, announced to advisers at the company’s national roadshow events.
