Partners Life Reverses Waiting Period Decision


Partners Life has reversed its restriction on waiting periods for self-employed clients in response to adviser feedback.

In February the firm introduced changes to underwriting and products for self-employed customers for income cover, mortgage repayment cover, and household expenses cover.

One of the changes included restricting the waiting period options to four weeks for self-employed clients across the three products.

We want to make it as easy as possible to choose Partners Life…

In a statement, the firm says that forcing a shorter waiting period onto customers can impact on affordability and cause issues for financial advisers when trying to combine business cover such as loss of revenue with personal income protection products.

The company says that based on feedback it has received the restriction of the waiting period has been a significant issue for advisers.

“We want to make it as easy as possible to choose Partners Life as a solution for your customers,” says the firm in a statement.

Partners Life announced the change on Thursday 23 July telling advisers they are “…free to recommend the best waiting period option for your customer, irrespective of their employment status”.