AIG extends Covid policy flexibility for customers amid cost of living crisis
Insurer AIG Life has extended its flexible financial hardship policy for customers struggling with the high cost of living.
The flexible policy option which was first introduced at the start of the Covid-19 pandemic allows customers to request that their protection insurance premium, sum assured or benefit be reduced for six months.
The insurer said this support should continue given the current economic conditions. It is open to any protection client, individual or business, who needs financial support.
No proof of financial hardship is required and customers will not be asked to repay the difference in payment when their premiums return to normal.
According to the life insurer, more than 500 people in financial difficulty have been helped since its establishment in April 2020.
It highlighted that 85% of customers continued to be insured after their flexible option ended, while 73% returned to their original premiums (and benefits) after the six months.
The protection provider said the support will ensure customers and their families continue to have access to all of AIG Life’s support services, including smart health from the 24/7 telehealth service. .
Debbie Bolton, AIG Life’s chief underwriter, said it means customers, businesses and families who are worried about how to pay their bills can seek help and stay assured as they consider their finances in the coming months.
Bolton said: ‘Covid restrictions have been lifted, but as a nation we face new financial challenges – from rising energy prices, rising interest rates or other increases in the cost of living. At the same time, we understand the valuable role protection insurance plays in people’s lives and how important it is for them to maintain coverage.
“If something were to happen to them and they no longer have it in place, the financial implications could be far worse for their families and businesses.
“Our flexible policy option has already helped other customers in need of assistance and we want to help ease the pressure now. If people are feeling hardship or have money worries, we will ask them to contact AIG Life and to talk to us about how we can help them.