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.