f you have contractual agreements for investments such as retirement annuities or endowment policies, speak to your financial adviser or service provider for a premium holidayOld Mutual says that for its core range of savings policies, it now has a measure that allows customers to skip up to two premiums before a policy is treated as off the books. Customers can still restart their premiums within 12 months and choose to repay premiums or not.
MiWay has automatically dropped premiums by 10% for the month of April. MiWay CEO Rene Otto says: “When clients work from home, they drive less. This reduces the risk of them being involved in an accident. At MiWay, we believe the right thing to do is to reduce their premiums, given the reduction in risk.”
When it comes to claiming from policies, cover only protects you if you get infected with the Covid-19 coronavirus – it does not provide cover for loss of income because of the lockdown. Financial adviser Markus Bauriedl of LifeForce Financial Services says there are no exclusions for Covid-19 and if a person passes away from the virus, they will be covered.
“One such example is ‘special leave’, where a small business owner or a self-employed person can keep their full cover in place, even if they are not working for a period,” says BrightRock CEO Schalk Malan.
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