General information

General information includes the different types of premium structures and the guarantee periods that you need to select when taking out a policy. It also includes how Altrisk’s non-disclosure practice works.

Premium patterns

At Altrisk we offer 3 different compulsory premium patterns:

  • Level
  • 5% compulsory &
  • Age rated

Over and above these compulsory escalations, you can choose to add on voluntary increases as well. These will purchase additional cover at the premium applicable at the time of the increase.

Voluntary increases can be taken as either:

  • Premium Escalations (0% - 15%)
  • Cover Escalations (0% -15%)

Guarantee period

As the future is uncertain, it may be necessary to adjust the premium payable on a policy at a later date if needed. This is where a guarantee period comes in.

We offer two guarantee periods

  • Fixed (15 years)
  • Experience rated (annually reviewable)

After the expiry of the initial guarantee period, and at each subsequent guarantee period, the premium then payable may be reduced or increased up to a determined maximum percentage.

Non-disclosure

Altrisk’s non-disclosure practice outlines what will happen in the event that any information which would have affected the underwriting decision is misrepresented or withheld at policy application stage. If this happens, benefit payments at claim stage may be reassessed and could be reduced or forfeited.