Surrender value increase for ongoing customers

You may have seen a statement update to say that we have changed the way we calculate these surrender values. This is for your information and all customers holding our conventional products will receive this statement update. 

You can login to My Resolution Life portal any time and see all of your policy details including your current gross surrender value. 

What you need to do
You don’t need to do anything. We are not requesting that you surrender your plan, we are simply providing an update on this change. 

There are many components to your policy and many great features, which you can find in your policy document or there’s a summary on our product page.

What value has changed?
Your surrender value is the part of your policy that is changing. Your gross surrender value (GSV) is the gross amount available prior to any applicable deductions, if you choose to surrender your policy early, before it reaches the agreed end date. It’s important to note, your GSV is a different amount to your actual final maturity or death benefit which is a higher value.  

Why the values changed
Resolution Life is focused on helping customers achieve their financial objectives. 

Our aim is always to ensure the features of the policies (including annual/reversionary and terminal bonus rates and withdrawal benefits) distribute benefits equitably to policyholders over the lifetime of their policies. With this in mind, we have reviewed the calculation of surrender values.

After looking at the composition of this portfolio, past earnings and statutory fund performance, we have undertaken a special one-off increase to surrender values. Your surrender value is the amount you would receive if you needed to cash out your policy before your maturity date. 

If you have any questions

• Please read our frequently asked questions
• You can also ask questions of our chatbot.
• We would encourage you to login or register to use our My Resolution Life portal, so you can see your updated gross surrender value and policy details. Register here. 
• If you have an adviser, we have let them know of this increase.

Which product types were changed?
The product types that have been reviewed and will see a change in withdrawal benefit include whole of life and endowment insurance plans (including Children’s options). For a full product list view it here.