VitalityLife has said that members who may be experiencing financial difficulties linked to COVID-19 can now reduce the premiums they pay each month, with a proportional reduction in cover.
The life insurance and serious illness cover provider said the move would help those in financial need afford cover at a time when they need it most.
VitalityLife members can reduce their premiums by 25%, 50% or 75% and their cover will reduce by the same percentage, effective from their next premium collection date.
The option applies to all VitalityLife policies.
The reduction in premium will be in place for three months following which it will revert to the member’s previous premium and cover amounts without the need for further underwriting.
There will also be no impact on commission for advisers when their clients use this facility, and where a member needs advice around these options they will be referred back to their adviser.
Deepak Jobanputra, Managing Director, VitalityLife, said: “These are exceptional times and we remain committed to supporting our members during this pandemic and beyond.”
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