What are my options if I can’t pay my premiums?
If you’re struggling financially, there are two options for you: the Premium Freeze Benefit (only applicable to Stepped premiums), which will keep your stepped premiums the same each year, or the Premium Pause Benefit, which will pause your premiums for up to 3 months over the life of your policy.
If you’ve chosen to pay with stepped premiums – that is, premiums that increase incrementally as you get older – you can choose to use the Premium Freeze Benefit if you’re worried about your increasing premiums. The Premium Freeze Benefit means your premiums will stay the same, while your sum insured will reduce each year.
Every policy also offers the Premium Pause Benefit. This allows you to stop paying premiums for up to 3 months over the life of your policy. You’ll still be covered, but while the premium is paused it’ll be for accidental death only.
You can choose to use the Premium Pause Benefit, regardless of whether you pay by stepped or level premiums. For more details, refer to the PDS.