Policy Premiums And Paying For Your Policy
Are my premiums guaranteed?
Premium rates are not guaranteed and may change from time to time. Any change, however, must apply to a group and will not be made to individual policies regardless of any changes to your health, occupations or pastimes. Your premium is calculated each year based on the cover you have selected, any increase in your cover amount by way of Inflation Proofing Increases and your age at that time.3 You will be notified in writing at least 30 days prior to any changes in premiums taking effect.
How do you calculate the Allianz Life Plan premiums?
Premiums are influenced by the following factors:
- your age
- whether or not you smoke
- the type and amount of cover you select
- any Inflation Proofing Increases applied
- your state of health
- pastimes and
- occupation .
Please note that premium will increase each year based on your age. Premium will also increase if your cover amount increases, for example due to inflation proofing. If you do not wish to have inflation proofing applied to your policy you can advise us to have it removed in a given year.3
If you have any questions about future premiums or inflation proofing increases, please contact us on 13 1000.
How do I pay for the policy?
Premiums are payable annually or monthly . This can be by Direct Debit from a Visa, Mastercard, or American Express credit card or from a bank account.
Can payments be made from more than one account?
Do you offer level premiums?
How Is The Coronavirus Affecting Life Insurance
As the coronavirus pandemic continues to threaten the health of people in almost every community on the planet, it’s natural for more people to consider the relevance of life insurance in the current situation. Does coverage apply to a death caused by COVID-19? Has life insurance gotten more expensive? Should I apply for life insurance now?
Can The Coronavirus Vaccine Ever Affect Your Cover
Life insurance can provide a cash lump sum in the event of your death, or if you become diagnosed with a critical illness whether or not youve had the coronavirus vaccine.
Which? contacted leading insurers to see if getting the jab will have any implications on your level of cover. All confirmed policies wont be affected.
Aviva said life and critical illness policies will not be void as a result of getting the vaccine, and it doesnt ask new applicants if theyve had the vaccine.
Bupa confirmed that health insurance wont be invalidated in any way and its actively trying to combat misinformation about this.
Both insurers told Which? theyve seen no similar scam messaging being spread specific to their business, but if you suspect a similar scam, contact your insurer to find out if the communications are legitimate.
Gwilym Pugh, life insurance expert at Im Insured, told Which?: Life insurance policies very rarely include exclusions and there are none that involve non-payouts for pandemics or viruses. In fact, any death is a claimable event, which includes those for Covid-19.
And its not just life insurance that this applies to. The Association of British Insurers has said any claims being made online about insurance being void for those getting the vaccine is false, be it life insurance, private medical insurance or other forms of insurance. It has published this information on its website.
- Find out more: what is life insurance?
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Can Anything Void A Life Insurance Policy
The other issue contributing to confusion is a general misunderstanding of life insurance contracts. Each policy is slightly different, but there are very few things that can invalidate a life insurance policy. Here are the three most common reasons a life insurance policy will not pay out:
Each life insurance policy is slightly different. Some might have exclusions for dying while committing a crime, dying while living outside the U.S., or dying as a result of war. But well state again for the record, that no legitimate life insurance policy will be voided because you get the COVID-19 vaccine.
Seeking Independent Financial Advice
Whether you’re seeking guidance on your savings and investments, or you’re starting to think about retirement, our financial experts Chase de Vere Medical can help.
To further support members we have produced the following guidance. In addition, you are strongly advised to seek independent financial advice if you are applying for a new life insurance or income protection policy. This is to ensure you are fully informed before making any decisions, and to help you find the best product to suit your circumstances.
The BMA has partnered with Chase de Vere and has been working with them on this issue, but BMA members are under no obligation to use the services of Chase de Vere.
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Should I Take Out Life Insurance
Life insurance can be used to support your family for a number of years when you die, to replace lost income or pay off a large debt.
So its well worth getting if you have dependants, a partner who relies on your income or a family living in a house with a mortgage that you pay. You can also get policies that can cover your funeral expenses.
If youre single, your partner earns enough for your family to live on, or youre on a low income and could claim state benefits, life insurance may not be a good option for you.
You pay a monthly premium for life insurance. Your age, health, lifestyle and how much cover you need, as well as the type of policy you have, will all determine how much you pay.
If you decide you need advice, make sure you consult an independent life insurance broker. Which? Financial Services can refer you to an impartial, no-obligation third-party advice service to provide you with the best life insurance or mortgage insurance policy tailored to your individual needs.
- To find out more about how life insurance works and how to get it, check out our dedicated guides.
Fraud Alert For An Insurance Bond Product Falsely Claiming To Be Issued By Allianz Australia Life Insurance Ltd
We have become aware of a scam in which third parties are falsely using the Allianz Australia Life Insurance Limited name in an attempt to commit fraud. This scam involves individuals purporting to be from Allianz Australia Life Insurance Limited, using false email addresses and circulating counterfeit Allianz Australia Life Insurance Limited investment product materials to induce individuals to invest in a non-existent insurance bond product. We are warning investors that this activity is completely unaffiliated with Allianz Australia Life Insurance Limited.
We strongly advise that, if you are contacted by persons whom you do not recognise, you do not take any action and in particular that you do not share any personal information including bank details.
If you believe you are a victim of this scam, you can also report the scam to a government agency to help them identify the scammer and prevent the scam from spreading.
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The Claim: Insurance Companies Deny Life Insurance Payouts After People Received Covid
More than 163 million people in the USA have received at least one dose of COVID-19 vaccine as of May 23, and that doesnt jeopardize their life insurance policies.
Claims that life insurance companies deny life insurance coverage to people who received a vaccine popped up again in May, two months after an industry trade group sought to quash similar rumors that circulated on social media.
An that generated more than 1,200 likes as of May 23 claims that a friends aunt died and “was denied her life insurance because … she willingly took an EXPERIMENTAL vaccine.
The Centers for Disease Control and Prevention said the COVID-19 vaccines authorized for emergency use are safe and effective.
About 54% of Americans are covered under a life insurance policy, according to the Insurance Information Institute. Applications ticked up during the pandemic, mostly among younger people, according to The Wall Street Journal.
The account that shared the post declined to provide USA TODAY with additional details, including the name and contact information for the person who it said was denied or the insurance company responsible for the denial.
Industry groups, state regulators and individual insurers have said vaccine is not a factor in life insurance.
Cancelled Or Rescheduled Healthcare
If you have surgery or another procedure scheduled to take place during Alert Level 4, please contact your provider or hospital directly to confirm or change the scheduled date. Only your provider can do this for you.
If you have a prior approval it will remain valid for 60 days, so if your healthcare service is rescheduled within that period, theres no need to contact us or request a new approval. If your procedure is re-scheduled to take place outside the 60 days and its with an Affiliated Provider, theyll request a new approval for you.
If you need urgent approval for treatment in the next 5 days, please .
If your policy only covers consultations, scans or tests which occur within 6 months of a procedure, and your procedure is cancelled or postponed to a date outside that 6 month period due to COVID-19 , we will still honour those claims. All other terms and conditions of your policy continue to apply.
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If You Have A Positive Antibody Test
As noted in the joint BMA/ABI statement, a positive PCR or antibody test will not delay the application if you have fully recovered from COVID and have been symptom free for the required period.
In addition, it is essential that healthcare workers are not discouraged from having an antigen test if they think they have symptoms of COVID, in order to prevent transmission to other healthcare workers and patients.
Can I Buy A Health Insurance Policy If I Have Coronavirus
If you are currently experiencing COVID-19 symptoms, then we will not offer cover until at least a month after you have recovered and are back to good health. If you have been admitted to hospital due to COVID-19, or you have an underlying health condition then we will need to ask further questions regarding your symptoms, treatment and recovery. Depending on the answers to these questions, there may be a further delay before we can offer terms.
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What Do The Scammers Want You To Do
Weve seen a surge of scams during the pandemic. It has provided the perfect opportunity for criminals to prey on confusion and the spread of misinformation.
Sadly, this particular scam has come at a time when progress is being made to protect the public from Covid-19.
Those behind the claim that the vaccine will invalidate your life insurance policy might want to deter people from getting the vaccine. Or they want to cause fear and panic that could lead people to make a rash decision about handing over information or paying to prevent a change in their policy.
If youve seen a coronavirus-related scam, you should report it to Action Fraud.
Listen to the Which? Money Podcast episode exploring how the pandemic has caused a surge in scams.
- Find out more:how to spot a coronavirus scam
Do I Need Life Insurance
I already have life insurance through my superannuation fund. Do I need additional life insurance?
If you are unsure of the level of cover provided through your superannuation fund, you may wish to speak to the fund provider, a financial adviser or an accountant.
Within your superannuation, some general considerations are:
- The total benefit paid by your superannuation fund
- Is the total benefit made up of your account balance and an insured benefit or may be limited to the insured benefit only
- Will your insurance continue if you were to change employers in the future
- What you are covered for
I am self-employed. Why do I need life insurance?
Self-employed people face similar needs in many instances to employed people with a few additional challenges. Self-employed people may have business partners, personal guarantees on business loans as well as the standard mortgage, debts and dependents to consider. In addition, many self-employed people will find that their superannuation fund may not provide insurance.
We recommend you seek advice from a financial adviser on how life insurance can fit into your personal financial plan.
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Our Commitment To Our Employees And Investors
What is Canada Life doing to protect employees from exposure to COVID-19?
Were taking the situation seriously, and our Incident Management Team is actively monitoring the outbreak through our global threat monitoring system and government agencies, including the World Health Organization and Public Health Agency of Canada.
We communicate regularly with employees to remind them to remain vigilant, practice good hygiene, and immediately seek medical attention should they exhibit any symptoms of the novel coronavirus.
Our goal is to continue to provide a safe workplace for our employees, and to continue to serve our customers without interruption.
To support this goal, weve:
- Eliminated non-essential business travel, both domestic and international, with no travel to and from risk zones.
- Cancelled all large meetings and events until the end of June, including conferences.
- Enacted a 14-day self-quarantine in cases of illness, personal travel outside Canada, or contact with someone who recently travelled outside Canada, and are exhibiting symptoms.
- Increased cleaning in all offices and limiting in-person meetings, including visitors to our offices, and asking those who are ill to remain home.
What if Canada Life employees get sick?
We have a plan for this, too. Many employees can work from home, and employees from other locations can fill in as needed if a particular office is affected. Meetings and business can be conducted with teleconferencing and videoconferencing.
Am I Still Eligible For The Hospital Cash Benefit If I Am Admitted To A Public Or Government Hospital With Covid
Yes. The hospital cash benefit is designed to reward members with COVID-19 or another condition who receive inpatient medical treatment at a hospital within a countrys public healthcare system.
Usually, treatment at these hospitals is free for patients, or at least heavily subsidised. As no costs are passed on to us, we pass on some of the savings to our members. Well pay a cash benefit for each night you stay in a hospital as an inpatient, where no charge is made by the hospital and where the treatment costs would have been covered by your plan.
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Everything You Need To Know Including How To Defer A Payment
Coronavirus latest: As we continue to adapt to the situation, were still committed to giving people access to insurance and to paying all valid claims.
If youre wondering how your policy might be impacted by coronavirus, here are answers to some of the questions were being asked right now.
Alternatively, if youre looking for money guidance or considering whether a payment deferral is right for you, the Money Advice Service’s Money Navigator Tool can help you with free and impartial money advice.
- Your income is down and you’re worried about future finances
- Youre facing redundancy or have lost your job
- Youre self-employed and work has dried up, or
- You want to make the most out of money youve saved during lockdown
For information on where you can obtain free debt advice please see Money Advice Service’s Where to get free debt advice.
Further information on how to deal with financial difficulties can be found on the FCA website.
Bma And Abi Joint Statement
Having discussed the issue in detail, the BMA and ABI are clear that there should be no detriment to healthcare workers and no one should be discouraged from having a test. Each application for life insurance and income protection will be assessed on an individual basis, regardless of profession, and focussed on the persons health and severity of any symptoms at the time. A positive test for COVID should not delay an application as long as the individual has recovered and been back at work for the required period.BMA and ABI joint statement
We will continue to work with the ABI to ensure that the approach taken by insurers when assessing applications form healthcare workers remains appropriate in a rapidly changing environment and this does not lead to any difficulties for healthcare workers.
What Steps Have Life Insurance Companies Taken In Response To The Coronavirus
If your income has been affected because of a layoff or furlough due to the impact of the pandemic on your employer’s business, it may be worth calling your life insurance company to see what options it has made available to work with customers in your situation. Several companies have signaled that they are willing to defer premium payments for the time being, such as Northwestern Mutual, which offered a 90-day grace period for customers who couldnt make premium payments at the time.
How major life insurance companies are responding
|No specific guarantees. Asks customers with COVID-19-related questions to call 800-556-8527 for support.|
|Lincoln||No specific guarantees regarding life insurance.|
If you’re in Connecticut or Massachusetts and work for a hospital, urgent care center or emergency medical services provider, look up MassMutual’s new HealthBridge program. This is a free three-year term life policy being offered as a thank-you by the company to those who have the greatest risk of exposure to the coronavirus as a result of their work in providing care for others.
This is a short list of major life insurance providers and what they’ve said about adjusting their policies to the current situation. These standards may change as insurers learn more about the risks of COVID-19.