ING give jobless a break
Policyholders who lose their jobs will get a three-month waiver on their life premiums with a new ING Australia offering called Premium Break.
The offer is aimed at retrenched full-time or part-time employees, or self-employed people whose businesses have ceased to trade.
ING Australia Head of Marketing and Retail Products for Life Risk Gerard Kerr says the take-up of the offer will be closely monitored to provide a “good barometer of how policyholders are struggling in the current economic climate”.
“People like [the waiver measure] because you don’t have to pay extra for it, and it doesn’t have to be linked to a particular product type,” he told insuranceNEWS.com.au.
To be eligible, policyholders will need to register with a recognised employment agency, have been employed six months before losing their jobs and be holding a policy that has been in force continuously for at least six months.
Last month, Aviva announced an option for policyholders to waive premiums across its range of life products for up to 12 months cumulatively if they lose their jobs. A variable cost applies to taking out the option.
The offer is aimed at retrenched full-time or part-time employees, or self-employed people whose businesses have ceased to trade.
ING Australia Head of Marketing and Retail Products for Life Risk Gerard Kerr says the take-up of the offer will be closely monitored to provide a “good barometer of how policyholders are struggling in the current economic climate”.
“People like [the waiver measure] because you don’t have to pay extra for it, and it doesn’t have to be linked to a particular product type,” he told insuranceNEWS.com.au.
To be eligible, policyholders will need to register with a recognised employment agency, have been employed six months before losing their jobs and be holding a policy that has been in force continuously for at least six months.
Last month, Aviva announced an option for policyholders to waive premiums across its range of life products for up to 12 months cumulatively if they lose their jobs. A variable cost applies to taking out the option.