Jo and premium waiver - What advisers need to know

COMPANY CUT BACKS COST JO HER
JOB AND HER CRITICAL
ILLNESS COVER

Jo lost her job as a chef 3 months ago. Her redundancy money has run out and the struggling economy has made finding a new opportunity impossible.

Money is now so tight that Jo’s been forced to cancel the critical illness policy she’s had for 10 years.

Jo plans to take out cover again when she’s back on her feet. But doesn’t yet realise that insuring herself again in the future will be much more expensive because she’s 10 years older.

Jo is not alone

395,000

people were made redundant in the uk from july to november 2020

Source: www.ons.gov.uk, labour market overview, UK: January 2021

THAT’S WHY, AT GUARDIAN, WE DO THINGS DIFFERENTLY

All Guardian policies come with Premium Waiver as standard regardless of their age or occupation. So if we offer someone cover, they automatically get waiver. And we not only waive premiums if they’re too ill to work, we also waive them for up to 6 months if, they're involuntarily made redundant, or take maternity or paternity leave as long as their policy has been in force for a year. So they never need to sacrifice their cover if money gets tight.

While other providers offer Premium Waiver as an optional extra, the additional cost means it’s often overlooked. That’s why we include it as standard. And that's because we don’t want any policyholder to have to cancel their cover due to misfortune and then have to pay more to insure themselves again in the future.

The cost of cancelling cover and taking out cover again later in life:

Cost example
£100k of combined Life and Critical Illness Cover:

Monthly premium if cover is
taken out at age 35:

£42.19

V

Monthly premium if cover is
taken out at age 45:

£89.26

Source: Guardian quote: female age 35 and 45, non-smoker, £100k
Combined Life and Critical Illness Protection, 25 years. 2 March 2021.

WHAT ELSE YOU NEED TO KNOW

BECKY AND
DUAL LIFE

LEE AND
UPGRADE PROMISE

CHEN AND
CRITICAL ILLNESS

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