How might the conditions of my cover change over time?
Our principle is that, if we can, we’ll always have one version of all benefits that we offer. Whatever we sell to new clients at that stage, will also be provided to our existing clients on their benefit anniversary.
What you are and are not taxed for is entirely up to the government, so we can’t promise that we won’t change the rules about whether you pay tax on your payout or Wealth Bonus. (Right now none of this gets taxed.)
Look, we want to level with you here: we CAN change our minds about what exclusions we apply to your policy. If we did, we'd notify you.
But the chances are very, very good that we would never do this, because we don't want you to think you're covered for something when we've changed the rules behind your back. If we need to apply new exclusions, we'll almost always only do that for new customers going forward.
There is one important exception: our excluded countries list won't stay the same forever, because exactly which countries are dangerous or not will change over time.
New Critical Illness Cover conditions
Our catch-all clause already covers most serious conditions. But if we added a new condition to the list, we would do this for ALL customers, old and new. For example, let's say a new hectic strain of Ebola breaks out that we want to cover clients for. If you bought a policy 5 years ago, it would be pretty unfair for us to offer cover against Ebola to new clients but not to you. Right?
Again, we don’t want you to be in a position where you got a policy and were covered for something, and then suddenly you weren’t covered because we changed the rules and you didn’t notice. 😰So if we add something to the list of reasons we won’t pay a disability claim, we’ll apply it going forward for new clients only.
Over time, the cost of insuring people tends to go down. We want our existing clients to benefit (get it? 😀) from new rates, so you aren’t locked into an expensive premium pattern just because you got insurance early in life. We rerate all our existing policies in January every year, and we’ll apply the same premiums across the board.