Advisers working with Asteron Life have been reminded of the range of premium relief options available to the majority of their customers.
Grant Willis, the firm’s Executive General Manager Life, wants advisers to ensure their customers are aware they may be entitled to a premium holiday of up to six months, or could temporarily suspend premiums and cover.
The reminder follows the recent disruptive floods across Auckland and much of the upper North Island that has affected many homes and businesses.
Willis says Asteron Life’s built-in premium relief benefit, which is available to eligible personal and business customers, could be activated.
“This benefit includes a premium holiday for lump sum cover and premium and cover suspension for disability income,” he says. “Both can ease financial pressures through tough times.”
Willis also stresses the importance of advisers reviewing customer needs when looking to make premiums more affordable.
“By considering options such as level premiums or stepped premiums, advisers are able to make a huge difference for our customers as their premiums can either increase each year or be spread out more evenly over the policy term.
“It is crucial customers understand and consider all support options available to them so that they do not need to cancel their policies.”