Unexpectedly finding yourself retrenched or totally disabled is something you can't plan for. Choosing to cover your insurance premiums should that happen is a way to help protect you financially from the unexpected.

What is Premium Waiver insurance?

We waive your premiums for the insurances listed below if you become disabled or are retrenched from your job and left unable to pay your premium (see conditions for retrenchment below). This means that you’re covered as if you were still making your payments.

You can apply for Premium Waiver insurance to waive premiums for the following insurances:

• Life Cover insurance

• Total and Permanent Disability (TPD) insurance

• Critical Illness insurance

• Child Critical Illness insurance

• Occupationally Acquired HIV, Hepatitis B or C Infection insurance
  

Income Protection insurance offers a separate premium waiver feature.

Do you need Premium Waiver insurance?

You may want to consider Premium Waiver insurance if you already have an insurance policy with us and want to protect yourself from being unable to pay your premium and you:

• have a partner, family or dependants

• have a mortgage or any other personal debt

• have a business or are self-employed

• would need money to live if you were unable to work, or
  

• don’t have significant savings to cover unexpected expenses.

When will we waive your premiums?

For Premium Waiver insurance:

• If you're suffering a Total and Permanent Disability under the ‘Any Occupation’ category for at least three continuous months, we’ll waive your premiums for the period of disability up to age 65.
• If you're retrenched, we'll waive your premiums for 12 months, as long as you've had this insurance and been with the same employer, on a full-time basis, for at least one year. We'll waive your premiums due to retrenchment only once in any five-year period. We’ll also waive any Income Protection insurance premiums on your policy.
• If you suffer Total Disability and remain Totally Disabled for more than three months, we’ll waive your premiums after these three months while you’re Totally Disabled, up to age 65. If you purchase Premium Waiver insurance on a policy where Income Protection insurance also applies, we’ll waive the premiums for your other insurances on the policy too.

For Premium Waiver under Income Protection insurance:

• You don’t have to pay Income Protection premiums while we’re paying you benefits.
  

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