1. |
What happens if I cannot pay my life insurance premiums/policy any longer? |
Option 1 - PremiumBridge can guard your life policy for a period by paying the premiums on your behalf until you are ready to resume with the premiums.
Option 2 - Your policy will lapse and be cancelled by your insurer. You would have to take out a brand new policy with higher premiums and possible exclusions, when you wish to resume.
Option 2 - Your policy will lapse and be cancelled by your insurer. You would have to take out a brand new policy with higher premiums and possible exclusions, when you wish to resume.
2. |
How do I redeem my life policy from PremiumBridge? |
Once you are back on your feet, you can redeem your policy by repaying the premiums that was paid on your behalf and a small interest fee for the period.
3. |
What are the benefits of guardianship through PremiumBridge?
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- You still receive a 50% cover if anything should happen to you in the period of guardianship.
- You can resume the life policy anytime within the agreed period.
- You do not have to take out a new policy at a later stage with higher premiums and possibly some pay-out exclusions. See FAQ No. 4
4. |
How do I save money by guarding my policy with PremiumBridge? |
Scenario: Cancel your life policy now and take out a new life policy once you are back on your feet.
Outcome: When taking out a new policy, premiums can be much higher and/or you could face some pay-out exclusions.
You are also at risk of not providing for you dependents should anything happen to you while you have no cover.
Conclusion: By guarding your policy with PremiumBridge you keep a portion of the cover for any dependents AND you will have your policy back as it was, same premiums and cover.
Outcome: When taking out a new policy, premiums can be much higher and/or you could face some pay-out exclusions.
You are also at risk of not providing for you dependents should anything happen to you while you have no cover.
Conclusion: By guarding your policy with PremiumBridge you keep a portion of the cover for any dependents AND you will have your policy back as it was, same premiums and cover.
5. |
How does PremiumBridge determine the interest rate on repayment? |
Interest charged is determined by the several factors, such as the size of the policy, ratio of premiums to cover, your age and your credit record.
PremiumBridge is registered with the National Credit Regulator (NCR) and is governed by the NCR. PremiumBridge is NCR complaint.
PremiumBridge is registered with the National Credit Regulator (NCR) and is governed by the NCR. PremiumBridge is NCR complaint.
6. |
What is the time period for Guardianship? |
PremiumBridge has a standard period of six months for guardianship where after a further agreement can be discussed.
7. |
What happens to my policy if I do not want it back or cannot afford it further?
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PremiumBridge will assess your policy and could keep it as security for the outstanding premiums. Your beneficiaries will still enjoy a benefit equal to 5% of the life cover for as long as the policy is active, regardless of your cancellation.
8. |
What type of policies typically qualify to be guarded by PremiumBridge?
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Whole life policies older than five years; Buy and Sell policies that are no longer needed; Bond-cover policies that are no longer ceded.
9. |
What type of policies do not qualify to be guarded? |
Life policies that are ceded, retirement annuities and investment policies are some of the policies that do not qualify.
10. |
Do you still have more questions? |
PremiumBridge has a standard period of six months for guardianship where after a further agreement can be discussed.