How to make sure you continue to receive bonuses after the fund has closed
We understand it’s not always easy to keep up with your premium payments and you may choose to stop paying.
If you stop paying your premiums for too long, you’ll reach a point where they can’t be restarted. When this happens, your policy becomes ‘paid up’. This can’t be reversed. When you reach this point we’ll write to tell you, so you’ll know when your policy is made paid up.
If your policy becomes paid up your bonuses will stop. You won’t receive any future, guaranteed bonuses.
If your policy has not been made paid up, your future bonuses won’t be impacted. You’ll continue to receive bonuses, which will be fixed and guaranteed, even if you haven’t paid premiums for a while.
You won’t be able to pay back your missed premiums. We’ll simply take the amount of outstanding premiums that are owed from the final amount that’s paid out when a claim is made.
If you’re worried your policy may be made paid up soon, or you’re concerned about your future bonuses, please get in touch. We can talk you through your options, including how to repay any missed premiums before the fund closes. If you’d prefer not to repay them, we’ll explain what this would mean for your policy.
What happens if you’ve paid all the premiums due on your policy?
At some point, when you’ve paid all the premiums required for your policy, your payments will naturally come to an end.
When this happens, your policy will continue and there will be no change to your policy value, your level of cover or to your guaranteed benefits. We’ll continue to pay annual and final bonuses, which will be fixed and guaranteed after the fund closes.