Insurers and Financial Hardship

1

Are you satisfied that the responses you are receiving from life companies are meeting your clients' needs during the pandemic crisis?

  • No (60%)
  • Yes (33%)
  • Unsure (8%)

Our latest poll asks whether you’re happy with the different measures insurers are taking to ensure those policy holders financially impacted by the pandemic are not being disadvantaged.

A report we ran in early April outlining the different measures insurers were taking to ensure life policy customers financially impacted by the pandemic were not disadvantaged, garnered a great deal of adviser interest (see: Insurers Address Financial Hardship).

In asking insurers what measures they were implementing, or considering implementing, in terms of instituting life insurance premium waivers for policyholders financially impacted by the Covid-19 crisis, some some noted they would waive premiums for a period, while others stated this was already included as part of policy terms for their product, or that pause features were in place, and others were assessing financial hardship on an individual basis.

In an update this week, however, Synchron has released a very detailed summary of each life company’s position around supporting those facing financial hardship due to the Coronavirus crisis (see: Covid-19 Financial Hardship Update – Insurers Deliver).

Synchron’s Don Trapnell says he is heartened by the nature of the detailed responses outlined by the life companies, and we’re wondering whether you agree.

So, this week we are asking if the responses from life companies are meeting your expectations and are meeting your clients’ needs during this global health and economic crisis.

Tell us what you think and we’ll report back with the results next week…

 



1 COMMENT

  1. It would be more heartening if the Life Insurance Companies could all act together and have one blanket offering.

    What we have is confusing, time consuming for clients, advisers and staff to work out what they are all doing and there are inconsistencies between the Companies.

    After the LIF fiasco, it would have been nice to see a joint response that clearly articulated and promoted a caring approach without jargon.

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