I am pleased to announce that we are extending the application date for customers to apply for our unique 3 month Mortgage Protection premium waiver and our Term Assurance 3 month premium deferral. These customer supports were due to close on 17 July but are now extended to 30 September 2020.
I am also pleased to advise you that we have extended our postponement of any regular premium commission clawback for a period of 3 months, through to 31 August 2020.
You can view our full range of supports here, which includes:
- A 3 month Mortgage Protection premium waiver to customers who have been granted a payment break on their mortgage. The 3 months premiums will not be required to be repaid at a later date. For customers granted a second mortgage payment break, this waiver can be extended from 3 to 6 months.
- Term Assurance Customers will have the option to request a deferral of their protection premiums for 3 months. This will ensure that cover remains in place during the 3 month period for customers who are granted a deferral. All premiums due will be collected in month 4.
- Implementing a moratorium on clawbacks on all lines of individual unit linked business (Including individual PRSAs) where a ‘premium holiday’ is requested. We will postpone any regular premium commission clawback for a period of 3 months through to 31 August 2020.
- For existing customers, we have reduced the minimum premium on our regular premium pension and savings products to €50 per month.
We fully appreciate these continue to be challenging and evolving times for you and your clients. You can be assured we will continue to support you and your clients to the very best of our ability.
As always, we welcome your questions and feedback. Please contact your Broker Consultant by phone or by email and we’d be happy to help.
Ray McKenna
Distribution Director