When does Life insurance cover begin?
A common question we get asked is, "when does my life cover begin". Who would have thought that something so simple could feel confusing? At Pinnacle, the answer is as soon as we've accepted your application, which for most people is immediately.
When you apply for cover, there are three stages:
1.Get a quote – an estimation of how much we think you'll need to pay based on your age, whether you smoke, and your gender.
2.Health and lifestyle questions - we ask you lots of questions to get an understanding of your health and lifestyle. At the end of this section, we will let you know if we can accept your application immediately and confirm your price.
3.If we don't have any further questions about your health and lifestyle, we will ask you to set up your payment options, and then, tada! You are covered.
If we have more questions about your health and lifestyle, we might ask for more information from your doctor or just phone you to clarify a few things. Once we have the answers, we'll confirm your price, and then you can set up your payments and be covered straight away.
For your policy to stay active, we must receive your first payment within 14 days. If you don't pay in this time, the date you pay will be your policy's start date. Also, if we don't receive your first payment within 30 days of taking out your policy, your offer will expire, and you will need to reapply.There are two ways you can make your payments.
Ways to pay:
You can use our online Direct Debit form, which is part of the application process, or have a direct debit form sent to you. When you set up your Direct Debit, you can choose which date of the month you would like your monthly premium to be paid on, from the 5th, 15th, or 21st of each month. This date will be your payment date for the entire time you have your policy unless you ask to change it, which you can do at any time. Your first payment might be on a different cycle, so we receive it within the first 14 days.
If you want to pay by credit card, you have the option of a monthly, six-monthly, or annual payment cycle. The cover will begin as soon as you pay your first premium, which you can set up during your application, so your cover starts immediately. A credit card transaction fee of 3.95% will be added to your payments.
What happens to my cover if I miss a payment?
Your payment is for your next month's cover, so you are paying in advance. We need to receive your monthly payment on or before the 25th of each month. If we don't, we will send you a reminder. If we haven't received your payment by the 1st of the next month, we will put your cover on hold (suspend your cover). If you pay 6-monthly or annually, you are also paying in advance.
If we suspend your cover, we:
·Will notify you of the suspension at your last known contact address.
·Won't pay any claim during the period your cover was suspended.
·Will restart your cover in the month following your next payment.
When could my cover end for non-payments?
If you miss three of your monthly payments within 24 months without catching them up, your policy will end the next time you miss a payment. The three payments don't need to be consecutive. If this happens:
·We'll try to contact you at your last known contact address.
·Your cover will stop on the 1st of the month following the last due date missed.
·We won't refund any payments you have made to date.
Being covered straight away is one of the things that make Pinnacle Life different; no paper forms to fill in or appointments to schedule. Knowing your family is covered is as important to us as it is to you; that’s why we try to keep it as simple and easy as possible. If you have more questions about life cover or payment options, check out our FAQ’s.