Changing circumstances could affect a member’s financial situation. This pandemic has already caused financial strain for many people and is expected to do so for many months and even years to come. We have put in place a number of options to help our members keep their plans in place wherever possible.
Option 1 – Set up a payment plan
For members who have got behind with their payments, they can arrange to pay off the premiums they have missed in equal monthly instalments. These payments will be made alongside their monthly premium, so will naturally increase their overall monthly payments until the outstanding amount is repaid. Members can choose over how many monthly instalments they wish to pay off their missed premiums up to a maximum of 12 months. Most importantly their cover will remain in place throughout.
Option 2 – Premium deferral
Members can arrange to defer their premiums for a maximum of 3 months, allowing them to keep their cover during this time. After this period, they can pay off the premiums owed for those three months in instalments alongside their regular premium in a payment plan (during the 12 months following the 3-month deferral).
If a client needs to claim during the 3-month deferral period the premiums owing can be paid as a card payment or can be deducted from their first claims benefit payment. This allows flexibility for your clients who may be experiencing short term cash flow problems and allow them to retain their cover during this time.
Option 3 – Arrange a Benefit Reduction
Members can apply to temporarily reduce their cover and their premiums for up to three months (a minimum of 3 months’ premiums must have been paid prior to arranging a Benefit Reduction).
After 3 months their cover will automatically return to their original benefit level with no need for any underwriting.
Alternatively, if they would like their cover to remain at the reduced level after 3 months, that can be arranged. However they would need to answer further underwriting questions if they would like to increase their cover in the future.
Option 4 – Set up a Premium Holiday
Members can alternatively choose to take a Premium Holiday (Career Break) if they need to stop payments completely. A minimum of 3 months’ premiums must have been paid prior to arranging a Premium Holiday.
This option suspends their cover for between three months and two years, and they won’t need to pay any more premiums until they’re back on their feet. After the chosen premium holiday period has ended, cover will be re-instated without the need for any further underwriting. Members can choose to end their Premium Holiday early if their situation changes. Whilst cover is suspended the member will not be able to make a claim for illness or injury.
While on a premium holiday they can still access Square Health benefits from their discretionary Mutual Benefits programme until the end of 2020 to support their health and wellbeing. This includes 150 Square Health points to use on:
- Virtual GP appointments
Get in touch
Please give us a ring on 01234 358344 or drop us an email on firstname.lastname@example.org to discuss these options and we’ll do our very best to help you.
So, if your clients are experiencing any financial difficulties, please do get in touch with us so we can help you to find the best option for them.