Managing the cost of your insurance

Many people experience financial stress at some point in their lives. If you are experiencing financial hardship or finding things difficult at the moment, please get in touch with your adviser or our team to see how we can help. We have outlined some ways to manage the cost of your insurance below.  

Reducing your premiums

There are a number of ways you can reduce premiums depending on what type of policy you have. Speak to your adviser and ask about options that could be suitable for your policy, such as adjusting wait time or sum insured, or restructuring policies, which can help make your premiums more suited to your budget. 

Get temporary relief

Your insurance cover may have relief options already built in. Speak to your adviser about what’s available for your policy. Examples include: 

• Premium Holiday (for lump sum cover).   If your policy meets the eligibility criteria this benefit allows you to stop paying premiums for up to six months if you are unemployed or experiencing financial hardship. Claims are still able to be made during this time, and we won’t ask you to pay the premiums back if you do make a claim.    
• Premium & Cover Suspension (for disability income covers).   If your policy meets the eligibility criteria this benefit allows you to suspend your premiums and cover for up to 12 months if you are experiencing financial hardship or are unemployed or on long-term unpaid leave from work. Cover can be reinstated at any point during the suspension by requesting this in writing. If you are suffering any condition when the cover is reinstated which means you should refer to a healthcare professional, it will not be claimable, either during the suspension period or once cover is reinstated.   

Please note that these examples are general summaries only. Refer to your policy for full terms and conditions.

Payments

Visit Payment FAQs or contact us to talk through your options.

Financial hardship and wellbeing support