Dealer group, Synchron, has released a detailed summary of the measures each life company has in place to assist policy holders experiencing financial hardship as a result of the Coronavirus pandemic.
In what is qualified as an indicative list only, and acknowledging that the circumstances of each case will be considered on its merits, the matrix document released by Synchron reaffirms previously-stated positions applying to some insurers (see: Insurers Address Financial Hardship) as well as additional details not previously reported.
…each life office appears to be viewing policyholders sympathetically
Synchron Director, Don Trapnell, said he was pleased to have received headline responses from each company Synchron approached and that he was heartened by the fact that while some are more generous than others, each life office appears to be viewing policyholders sympathetically.
Trapnell said the responses provided to Synchron by the life companies suggests the industry will survice the pandemic:
“Clients will be far more likely to be able to hold on to their life insurance policies, which means advisers will be more likely to be able to remain in business and therefore the industry as a whole will be able to remain viable,” he said.
Click here to access Synchron’s Life company Covid-19 response matrix.
One insurer has declared that “stood down” because of COVID is NOT “involuntary unemployed”
So TAL are going to pull the same stunt.
Stunning !
What does all this mean really? AIA Potential what does that mean? 2 months only ? reinstatement offered is that after all premiums have been paid ? Comminsure is a suspension not a waiver BT is really not at all clear, ClearView hardship is hardship if in force at least 12 months really? Integrity I month premium waiver. Metlife Suspended only for 3 months. MLC really nothing? Neos if not self employed whats the difference? OnePath if you have held the policy for 24 months. PPS only 3 months ? TAL ? attempt suspend cover and premiums. Zurich holds I guess something is better than nothing. Its really not a great outcome when people are in distress. Some discriminate against being self employed, some 12 months and others just do not do anything at all. Its a disgrace. Pandemics have been factored into premiums wake up Life companies you could do more damage than good.
A useful matrix in the absence of the insurers publishing anything useful, but the shelf life will unfortunately be very very short. This is a moving feast as no doubt Synchron advisers are finding out, just as many many other advisers are, on a daily basis. Check, check and triple check before advising any individual client.
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