decreasing mortgage cover
Most providers work out decreasing mortgage cover premiums using an artificially high interest mortgage rate.
This means your clients pay more to make sure any payout always exceeds the outstanding mortgage amount.
At Guardian, we calculate premiums using a realistic long-term interest rate, which reduces the cost.
And if any payout falls short of the outstanding repayment mortgage, we guarantee to pay the difference at no extra cost, as long as the mortgage isn’t in arrears when the claim’s made.
When providers make improvements to the quality of their critical illness cover, the benefits are only available to new customers.
That’s hardly putting your existing customers first!
We believe existing customers should be treated as well as new ones.
If our critical illness definitions improve, in most cases we’ll apply the improvements to existing customers’ policies completely free. If they have to make a claim, we check it against both the definitions they bought and the definitions for new customers. And we pay out if the claim is valid under either.
Occasionally, we may introduce changes that we won’t automatically upgrade. If this happens, we’ll offer existing customers the chance to pay to add them.
waiver of premium
Most providers offer waiver of premium as an optional extra.
However, people with poor health or lifestyles can be denied the option, depriving them of this valuable benefit.
At Guardian, Premium Waiver comes as standard. So, if we offer someone cover, they automatically get waiver. And we not only waive premiums if they're too ill to work, we also waive them for up to 6 months after they have a baby or if they lose their job.