OnePath Life has further extended the application period for the temporary premium affordability options for its OneCare, SmartCare and World of Protection product ranges through to 31st December.
Designed to assist its customers who are experiencing genuine financial hardship during the Covid-19 crisis, the insurer is offering:
- Premium and cover suspension (cover suspension)
- Cover bounce-back
Cover suspension
In a message to advisers, OnePath says cover suspension is a temporary offer to suspend cover (and premiums) for a minimum of three months and up to six months, without assessment of the life insured’s health and circumstances to reinstate the cover, subject to the terms and conditions of the offer.
Cover Bounce-back
Meanwhile, the cover bounce-back offer is designed as a temporary solution to reduce the customer’s sum insured level to any amount above the minimums stated in the Product Disclosure Statement “…and then reinstate those covers back to the amounts immediately before cover bounce-back at a set date, without our assessment of the life insured’s health and circumstances”, subject to the terms and conditions of the offer.
OnePath notes the cover suspension offer is available to OneCare, SmartCare and OneCare Super policies but is not available to OneCare Super policies that pay via External Rollover.
The cover bounce-back offer is available to OneCare, SmartCare and World of Protection policies with the exception of those on level premiums, those paid through Super or any cover in a SuperLink arrangement.
The insurer says these new options are in addition to options currently available in OneCare, and that only one option can be chosen per policy. It says the policy and cover must have been in force for at least 24 months before the option commences.
In addition, OnePath says the policy (or in the case of cover bounce back, the cover), cannot have the offer applied more than once.
It also notes that the application close date for these offers is 31 December 2020, unless withdrawn earlier.
