Partners Life responds to 'unprecedented environment'
Partners Life is making significant changes to enable it to be open for new business.
Tuesday, March 24th 2020, 10:28PM
In an update, the insurer said the changes were to protect its clients from potential claims, premium and lapse risks inherent in the unprecedented environment created by Covid-19.
There would be no new loss of revenue cover or variable loss of revenue cover benefits issued.
No new agreed value benefits based on income would be issued, including income covers, mortgage repayment and household expenses benefits.
Indemnity loss of earnings income cover would be offered as an alternative.
Disability benefits of any kind would have a mental health exclusion applied through an offer of terms, and would have a restriction on disability first arising when a life assured was unemployed or off work without pay.
New policies would be issued with a minimum six-month stand-down for premium holiday and premium suspension claims.
"It is important to understand that the above restrictions are purely temporary measures to enable us to continue offering new business in an environment of unquantifiable risk," Partners Life said.
"As soon as we are able to remove these restrictions for new business, we will contact those advisers and clients affected directly to review and/or remove these restrictions for any policies issued during this interim period.
"We hope this opportunity to continue offering new business to clients despite the difficult environment we are in will be of assistance and we hope these steps we have taken to minimise risks for new clients will give you comfort that we are protecting our existing clients at the same time."
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