There will also be no impact on commission for advisers when their clients use this facility.
VitalityLife members who may be experiencing financial difficulties linked to COVID-19 can now reduce the premiums they pay each month, with a proportional reduction in cover.
This will help those in financial need afford cover at a time when they need it most.
Members can reduce their premiums by 25%, 50% or 75% and their cover will reduce by the same percentage, effective from their next premium collection date. This option applies to all VitalityLife policies.
The reduction in premium will be in place for three months following which it will revert to the member’s previous premium and cover amounts without the need for further underwriting.
There will also be no impact on commission for advisers when their clients use this facility, and where a member needs advice around these options they will be referred back to their adviser.
Deepak Jobanputra, managing director, VitalityLife, said: “These are exceptional times and we remain committed to supporting our members during this pandemic and beyond.
"As such, any VitalityLife member experiencing financial difficulties linked to COVID-19 can now reduce their premium and associated cover by either 25%, 50% or 75%, and this reduction will apply for a three month period.
"We hope this approach will provide our members with additional financial support during a time when we recognise they may need it most.”
Emma Walker, chief marketing officer at LifeSearch, said: “It’s great to see that VitalityLife is doing the right thing for customers during these extraordinary times.
"Many people will be struggling financially and may be tempted to cancel their insurance, so any reduction in premium while still staying covered will be a big help and ensure they remain protected if the worst should happen.”
