Asteron Life’s Executive Manager, Claims and Customer Solutions, Seema Bangera is worried some life cover holders may be struggling with premiums as inflation continues to rise.
September’s 2022 CPI figures show the cost of living increased on average 7.7% compared to the same quarter in 2021, putting pressure on household budgets. Bangera says there are options for policy holders who need help with affordability.
“We have several ways to help with affordability while still allowing consumers to retain their cover,” says Bangera. “We have trained our frontline teams to look for clues when affordability could be an issue.”
Bangera says many of the firm’s life policies automatically update the sum assured every year based on the Consumer Price Index, and this brings an associated premium increase.
“These adjustments are optional and if premiums are a struggle, then customers should talk to their financial adviser and understand their options,” Bangera says.
“Asteron Life’s cover packages have a lot of inbuilt flexibility, and customers should be talking to their adviser now if they are struggling to manage costs.
“We want to support our customers to make informed choices about what’s best for them and fits within their budget.”