Get Cash Back with Altrisk’s Crisis Waiver benefit

Life has a way of throwing curve balls that can upset your client’s balance and affect their finances.  It’s especially during times of crisis – such as the death of a spouse, divorce or retrenchment – that it can be particularly daunting to keep a handle on financial obligations.  It’s exactly this type of eventuality that Altrisk’s new Crisis Waiver benefit caters for.

The Crisis Waiver benefit allows forthe premium due on an Altrisk policy to bewaived for a specifiednumber of months if any of the following specific claim events occurs, including:

• Occupational disability– offers unlimited waivers in the event of occupational disability.
• Impairment- offers unlimited waivers should the insured be unable to perform three or more daily activitiesincluding walking, bending or lifting, communicating, reading and manual dexterity without the help of another person.  .
• Death of a spouse– premiums waived for two months.
• Hospitalisation– two month’s premiums waived when the insured is hospitalised for more than 72 hours.
• Divorce– premiums waived for two months.
• Retrenchment – three months’ premiums waived, applies to salaried individuals only.
• Insufficient funds– one month’s premium waived on receipt of the second consecutive ‘not provided for’ response from the insured’s bankto a debit order request

Plus, for clients who don’t use their crisis waiver benefit or submit a claim on their policy, Altrisk will refund 5 x the average premium on the policy over a 5 year periodin the form of a cash-backbenefit after eachsuccessive five-year period.

Crisis Waiver is different because:

• If clients don’t claim they get cash back.
• Both an occupation-based and impairment-based waiver are included
• It covers a varied range of eventstraditionally not covered by waiver benefits, for example, divorce death of a spouse and even insufficient funds.

The benefit is available only when the life insured and premium payer are the same person

For those who don’t qualify for an occupational disability benefit, the crisis waiver is available on an impairment benefit for most occupations. 

Craig Harding, managing director of Altrisk says that the principles behind Altrisk’s latest developments are driven by a commitment to design products that meet the needs of clients and their changing life scenarios.  “The fact is people’s lifestyles, family circumstances and careers have changed over the years, while insurance products have not necessarily kept pace.  We recognise that many ‘life’ events such as divorce, bereavement, hospitalisation and even the growing trend towards self-employment can and do have significant financial implications.  Crisis Waiver was designed with these exact circumstances in mind and how best we could meet our clients’ changing needs,” concludes Craig.

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