Partners life agreed-value suite of monthly disability covers now available to more clients
Partners Life has revised its policy on monthly disability cover, expanding availability to more clients. Self-employed applicants are now able to apply for the below benefits:
Income cover – agreed value
Income cover – taxable agreed value
Income cover – agreed loss of earnings
Mortgage repayment cover (assessed on 45% of income or actual mortgage payments)
Household expenses cover (assessed on 5% of income or actual household expenses)
Some self-employed occupations are still excluded based on presenting a “significant financial risk:, including roles in some high-risk industries like tourism and hospitality and/or where significant variations in income are likely due to remuneration structure, for example those paid on commission.
Pending new applications can be updated, and may require additional underwriting specific to the change.
For cases that have been issued during the past three years, these will follow the firm’s current business processes requiring completion of:
A signed request from the policy owners
Quote for alteration outlining the changes required
Underwriting – occupation disclosure questionnaire, which can be found in My Partners Life
Underwriting – income mortgage expenses questionnaire, which can be found in My Partners Life
Where ‘financials yes’ has been selected, evidence of income will also be required
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