During the first Covid-19 alert level 4 lockdown, that began in March 2020, Partners Life allowed clients to suspend their premiums and keep their cover – if their household had been significantly impacted by the government’s stay-at-home order.
The company says in light of the current lockdown – which began on 18 August – it is too early to tell what economic impact it may have on clients.
During the period following the move to Alert Level 1, the company permanently changed the criteria for its Premium Holiday and Policy Suspension affordability options as follows:
Premium holiday
The provisions for redundancy, bankruptcy, termination of a fixed term contract and permanent closure of a business by which the life assured was fully employed were all extended to include the life assured’s spouse, de facto partner or civil union partner.
Premium suspension
A catch-all criteria was added for consideration where a life assured or policy owner paying the premiums are suffering from unexpected financial stress as a direct result of the Government’s Alert Level response to Covid-19.
Partners Life added these criteria to reflect that the financial impacts of Covid-19 (and subsequent public health actions and orders) would likely be ongoing. These criteria are still available to the firm’s clients if they need assistance.
The company says it will reassess whether any other specific additional support is required and warranted once more information about the duration of the current lockdown is confirmed.
On Monday, Prime Minister Jacinda Ardern said the country will remain at alert level 4 until midnight on Friday 27 August, and Auckland until midnight Tuesday 31 August.