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Resolution Life - Providing Support through COVID-19
In such uncertain times, Resolution Life are committed to supporting our customers as best we can. We understand how Coronavirus (COVID-19) has created uncertainty for you. Resolution Life is continuing to assess potential options to help our most impacted customers. In the meantime, the following outlines the ways we can support those who need some extra assistance.
You can also read our frequently asked questions relating to Coronavirus here.
What Coronavirus (COVID-19) means for Policyholders
Amid the uncertainty caused by the global spread and subsequent reaction to Coronavirus, it is important as a Resolution Life customer you are aware that there are no exclusions on existing personal insurance policies that would prevent the payment of a claim related to Coronavirus.
In summary, cover is largely centred around the impact of the illness on the insured, not the type or cause of the illness itself. If the effects of Coronavirus left your health significantly impacted, and the policy terms were met, then you would be entitled to a claim. If you are unsure about anything related to the policy terms, please contact your Adviser.
How can Resolution Life help?
In these unprecedented times, please see below options that may be available for you to consider in conjunction with your Adviser, should your financial circumstances change.
Options under Lump Sum Covers:
- Premium Waiver (Lifetrack and RPP) – we will consider one-month waivers for those in need of financial support. There is an option to reapply if further support is required due to the relatively limited understanding of how long the pandemic and associated financial pressure will last.
- Premium Freeze (all products) - allows you to freeze your stepped premium on lump sum covers for 12 months. For policies held through the Risk Protection Plan (RPP), once activated, this option automatically reduces the lump sum benefit at the policy anniversary to maintain a static premium. The freeze can be removed at any time in the future. For Lifetrack and other covers, we have introduced a phone-based option, where a verified owner can simply call us to modify the sum insured to maintain the existing premium.
- A conversion from level to stepped premiums - options are available to convert from level to stepped premiums to address short-term pricing needs.
- Altering options or cover levels within specific products – (All products):
- Optional benefits can be deselected to reduce the policy premium, if you deem this action to be appropriate. For example Buyback options on Trauma and TPD, altering Trauma Plus to Trauma base or removal of optional Premium Cover
- Standalone covers could potentially be linked to Life Cover to reduce premium
- Note that reductions to the sums insured may ultimately be required to achieve premium affordability
- Premium and Cover Suspension (closed to new applications from 22 June 2021) – allows you to suspend your premium and cover for a period of time if you are experiencing financial hardship (eligible products). More info here.
Options under Disability Income Covers:
- Premium Waiver (Lifetrack and RPP) – we will consider one-month waivers for those in need of financial support. There is an option to reapply if further support is required due to the relatively limited understanding of how long the pandemic and associated financial pressure will last
- Premium and cover suspension (inbuilt) – allows you to suspend your premiums and cover for up to 9 months if you are on long-term leave from work (or are unemployed for some products). Cover can be reinstated at any point within the suspension period without further medical underwriting. Any conditions which first occur while you are on a premium and cover suspension will not be claimable, either during the suspension period or once cover is reinstated
- Altering options or cover levels within specific products (all IP products, although options may vary) – optional benefits can be deselected or modified to reduce the policy premium, if you deem this action to be appropriate. For example; extending the wait period, reducing the benefit period duration or deselecting Chronic Conditions Cover. Note that a reduction to the sum insured may ultimately be required to achieve premium affordability
- Premium and Cover Suspension (closed to new applications from 22 June 2021) – allows you to suspend your premium and cover for a period of time if you are experiencing financial hardship (eligible products). More info here.
To see what options are available for you or if your circumstances fall outside the above options, please talk to your Adviser about how Resolution Life can help.
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Important information
Resolution Life Australasia Limited ABN 84 079 300 379, NZ Company No. 281363, AFSL No. 233671 (Resolution Life) is part of the Resolution Life Group. The content on this website is for information only. The information is of a general nature and does not constitute financial advice or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.
A disclosure statement is available from your Adviser, on request and free of charge.
