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Covid-19 has introduced many unwelcome realities into every aspect of our lives. It is safe to say that life may never be the same again, even after we have moved past this pandemic.
Johan Minnie, managing executive for client & adviser experience at Liberty, says: “Insurance plays a vital role in protecting the financial future of families. For this reason, Liberty is giving customers the option on certain products to not pay or pay a reduced premium on their cover up until September 30 2020 during the Covid-19 period.” Terms and conditions do apply. This expiry date is subject to the product type and may be extended by Liberty as circumstances unfold.
Furthermore, premium relief will apply to policies which have already exercised the six-month premium flex/waiver twice before. is applicable to all Retirement Annuity Builders and Investment Builders that have no risk benefits attached.No. The Premium Flexibility option means that the policyholder is able to reduce their benefit cover to any amount between their current level and the cover equivalent to the minimum allowable premium.
Liberty will allow the premium relief to apply on investment policies with waiver of premium benefits. If the policy has a disability or retrenchment waiver benefit, then the waiver benefit will be equal to the amount of premium being paid at the time of becoming disabled or being retrenched, as applicable.
Will unpaid premiums during the premium relief period be paid back into the policy at the end of the premium relief period? If so, will there be a cut-off period to pay back what was waived?
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