Coronavirus FAQs

In the event that an employer wants to temporarily reduce the salaries (and subsequent policy benefit) in line with the employee’s actual salaries e.g. by 20% if they have been furloughed, we can provide clients with revised accounts. In the event this is requested, we will agree to keep the unit rate unchanged and issue a revised quotation on the lower sum assured.

Where a policy has paid its premium annually, the revised accounts may mean some premium will be refunded as a result of the reduction in salary. After furlough has ended, if there is a material change to the risk of the policy (e.g. a 30% change in workforce), our normal practice of conducting a rate review of the policy will still apply.

In the event that an employer is unable to pay their premiums within 30 days, we may consider extending this on a case by case basis. For claims that occur during this extension, any premium outstanding would be due before claim payment could be made. 

In the event an employer would like to change their premium payment method from annual to non-annual, we can accommodate this change. Depending on the frequency and method, a small loading will apply to non-annual premium payments e.g. 2% for monthly Direct Debit payments.

Should you need to defer your monthly premiums, we are able to offer a deferred payment period of up to 90 days. For claims that occur during this period, any premium outstanding would be deducted from the claim payment.

Should you need to reduce your number of units, we can accommodate this change. However, any benefits associated with these units will be lost.