Partners Life reverts to original criteria for Premium Holidays and Policy Suspensions
Partners Life will revert to its original criteria for Premium Holiday and Policy Suspension claims.
Monday, February 7th 2022, 1:04PM
The company extended its financial assistance last year, offering to help clients who were financially impacted as a result of Covid-19 restrictions and lockdowns from August 17.
Now the life insurer says the time is right to return to standard products, now the country has moved into the Covid-19 Protection Framework and potential Level 4 lockdowns appear to be behind New Zealand.
Advisers have been notified that clients will now qualify for a Premium Holiday claim if they undergo any of the following: redundancy; bankruptcy; or leaving paid employment to become a full-time caregiver to a spouse, de facto partner or civil union partner who for the first time requires such care as a result of an illness or injury.
Premium holidays are also accepted for customers leaving paid employment to become a full-time caregiver to a dependent child who for the first time requires such care as a result of an illness or injury; or death of a spouse, partner or child; or natural disaster where the event affects a life assured’s ability to undertake their usual work and where interruption is likely to last more than thirty days; or any other event Partners Life agrees to, at its sole discretion.
Policy Suspension claims can now only be made if an employer approved leave without pay; or an employer approved parental leave; or for overseas travel; or tertiary education.
Partners Life has also announced the launch of a new feature added to it’s ‘My Underwriting Manager’ system. From Monday 7th February advisers will be able to send clients their personal statement to complete.
This new functionality allows advisers to send clients a unique secure link, to complete their personal statement in their own time, on their own device. This ability for clients to pre-complete their underwriting disclosures prior to meeting with advisers is expected to save time at the kitchen table and reduce the need for multiple client visits.
For advisers who may be operating across different geographical locations, this will assist in providing clients access so that they can complete their own personal statement, enabling a smoother end-to-end advice and application process.
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