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Life insurers step up to help customers during pandemic

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Life insurers have responded to an appeal by financial advice group Synchron for the industry to offer support for customers who have been financially hit by the virus-triggered economic slump.

Synchron has compiled a list of individual actions from 12 life insurers, summarising the key relief measures that are available for policyholders. Premium waiver or suspension without affecting coverage feature is the most common support provided.

“I am very pleased to have received headline responses from each company we approached,” Director Don Trapnell said. “I am also heartened by the fact that while some are more generous than others, and all indicated that the circumstances of each case will be considered on its merits, each life office appears to be viewing policyholders sympathetically.”

He says the relief measures will help clients keep their policies, thereby supporting the industry’s long-term viability.

The insurers that responded to Synchron’s call include AIA, BT Life, MLC, OnePath and TAL.

Click here for the list of relief measures offered.