We are introducing greater flexibility for your clients
• Reinstatements
• Some Inforce Alterations for Accelerated Protection and Asteron Life Complete Products
• Conserve Period for client-initiated cancellations
Underwritten Reinstatements (for policies cancelled due to non-payment of premiums) are available for up to 6 months from the date of cancellation. for Accelerated Protection and Asteron Life Complete Products to help your clients retain their valuable cover. Please note that no premium will be required to be paid between the cancellation date and the reinstatement date and no coverage will be provided during this period. All outstanding premiums prior to the policy being cancelled are still required to be paid.
Grace period for policies cancelled due to non-payment of premiums
All Asteron Retail policies will now have the same flexibility offered to all TAL Retail customers where they can reinstate their policy (without underwriting), within 14 days from the cancellation date (for policies cancelled due to non-payment of premiums), provided all outstanding premiums are paid from the last paid to date and reinstatement date.
For Inforce Alterations
Your clients will now be able to apply to add a new Life and/or TPD benefit (including certain optional benefits) to their existing Accelerated Protection and Asteron Life Complete policies (limitations apply). Full Underwriting will be required to access these changes.
For Accelerated Protection we have also introduced some flexibility to allow your clients to change the ownership for Income Protection Super benefits.
Please refer to the Alterations Guides available on the TAL Adviser Centre for further information and requirements.
Conserve Period for client-initiated cancellations
As of April 1, 2022, if your client cancels their Accelerated Protection, Asteron Life Complete or Asteron Lifeguard policy without your knowledge, you will have up to three business days to retract their cancellation and retain their cover, as long as your client provides a signed letter of consent and all premiums are paid up to date.
The changes we’ve outlined are designed to help you retain your clients’ cover, prevent lapses and commission clawbacks. If you have any questions, please reach out to your local Business Development Manager
TAL reserves the right to change the terms and conditions of this offer or remove this offer at any time.