Premium relief on grounds of financial hardship to be done on a case by case basis
We have received further communication from a number of insurance companies outlining their position on a blanket waiver of premium due to the coronavirus.
On the back of recent rounds of financial relief aimed at bushfire affected policy holders and due to the sheer volume of financial hardship cases related to the coronavirus, unfortunately, the insurance industry is not in the financial position to provide a blanket waiver of premiums at this point in time. We encourage you to get in touch with our office or your financial adviser to discuss your case with the insurance company.
Do I have any other options which could reduce the premium?
Depending on your circumstances, there may be other options which might be suitable to reduce the financial impact of personal insurance on your bank account or that of your business.
These options may include:
- Following a review with your adviser and if appropriate, reducing sums insured or altering terms of your policy to minimise out of pocket costs.
- Transfer of ownership of certain personally held insurances (where premium is paid out of your bank account) to your superannuation fund.
- Certain policies allow a premium holiday for up to 3 months due to involuntary unemployment.
- Certain policies allow the premium to be ‘paused’ for up to 12 months. In this instance you will not be covered under the policy, but it will allow you to recommence the policy down the track without the need for a new application.
Am I covered if I contract COVID-19 and I am unable to work?
Yes – you are covered by your income protection policy should you be unable to work due to contracting the virus and after you have served your waiting period.
If you are struggling to maintain your personal insurances in place or simply wish to review what you already have, please do not hesitate to contact our office or your financial adviser directly.
We wish you and your loved ones continued good health in the coming months.