Partners Life is withdrawing its Covid-19 premium holiday for new claims from Monday 18 May 2020.
The holiday was introduced by the firm on 17 March as a result of the country-wide Alert Level 4 lockdown. But from Thursday 14 May the country will be under Level 2 – meaning more people can return to work as the country returns to something closer to ‘normal’.
In a statement, the firm says any clients who have already applied to the insurer for a Covid-19 premium holiday, or are already claiming under the benefit, will continue to be assessed.
“However, for clients looking for affordability support from this date [18 May] – they will be required to meet the definitions of our standard premium holiday or policy suspension benefits,” says the firm. “We are confident that they provide strong support for clients who might need it at any time in the future, as they have always done.”
Partners Life says its Covid-19 premium holiday has helped more than 3,600 clients keep their policies, and that it continued to pay renewal commissions to advisers, even when premiums were not being received by the firm.