Support through a Premium and Cover Suspension

Important information

All covers

The request for premium and cover suspension will not become effective until Resolution Life accepts the application for suspension. If Resolution Life accepts your Premium and Cover Suspension application, during that time:

• You will not be charged any premiums
• If you suspend your premium and cover, you will not be able to claim, and no benefit will be payable by Resolution Life, in respect of the suspended cover for an event:
  • That occurs or arises during the period in which your premium and cover is suspended and has not been reinstated (the “Suspension Period”); or
  • Where the symptom(s) first arose during the Suspension Period, even once your premium and cover are reinstated
• If you have a policy anniversary during the premium and cover Suspension period, a new premium amount will apply after the end of the Suspension period.
• No cost of living or indexation increase to your cover that arises during any Suspension Period will be applied.
• If you select an initial suspension timeframe of fewer than 9 months, subject to confirmation of ongoing financial hardship you will be able to extend the suspension period up to a maximum combined period of 9 consecutive months. You need to advise us before the end of the premium and cover the suspension period if you want to continue the suspension.
• Continuation of cover and premium suspension is subject to ongoing financial hardship, regardless of the suspension period you select. If you are no longer experiencing financial hardship when we make periodic contact with you, you will be given the opportunity to recommence your cover (noting that certain criteria apply for income protection benefits). If you choose not to recommence your cover, or you do not meet the restart criteria, the option to reinstate will end.

Before applying for the Premium and Cover Suspension, you should check your policy documentation to see if there are any features in your existing policy that may be able to assist you during this time.

We recommend that you speak to a financial adviser before deciding whether to take up the Premium and Cover Suspension

Lump sum covers, such as life cover

• Save for any reinstatement following our periodic contact, you will not be able to reinstate your premium and cover at any time before the expiry date of your selected premium and cover suspension timeframe.
• You need to advise us before the end of the premium and cover suspension period if you want to continue the suspension. If we are not instructed otherwise by you, or if you have reached the maximum suspension period, we will automatically reinstate your premium and cover at the expiry date of your premium and cover suspension.

Income protection covers

• You will have the opportunity to reinstate your suspended cover following the earliest of the events below (“Reinstatement Events”):
  • expiry of the premium and cover suspension timeframe that you select, or any extended period approved;
  • you confirming when we periodically contact you that you are no longer facing financial hardship, regardless of the suspension timeframe you selected; and
  • you otherwise notifying us in writing that you want to reinstate your cover
• Reinstatement of your suspended cover will be subject to the following conditions being met (“Reinstatement Conditions”):
  • the life insured is working in the usual occupation they had prior to the suspension of cover, and has worked continuously for at least one month for a minimum of 25 hours per week;
  • since returning to work, the life insured has not had any time off due to illness or injury;
  • for personal income protection policies, if the life insured has returned to work in some other occupation, then reinstatement of cover is subject to receipt of financial information about their income that is satisfactory to Resolution Life. In accepting the reinstatement of cover, Resolution Life may modify the sum insured or benefit period; and
  • for business income protection (Business Protection and Business Survival), the life insured/s have returned to the same occupation and role within the policy owner’s business; and
  • payment of premiums has recommenced.
• You will not be able to reinstate your cover if the Reinstatement Conditions are not met.
• If cover is not reinstated within 1 month of the date of the earliest of Reinstatement Events occurring, the option to reinstate will end and the suspended cover will automatically lapse without the need for notice to you.