One of the things to consider when a client is looking to change insurers is the convenient takeover of existing covers. With the provision of the necessary contact details along with the acceptance form, we are often able to obtain the information directly making this process much easier for you.
The following is helpful information to be aware of:
- Takeover of cover does not apply when there’s been a break in cover or a break in service.
- Only ‘like for like’ benefits can be taken over by the new insurer.
- Individual underwriting letters are required as proof of previous covers and contain essential terms and conditions.
- Existing conditions and exclusions may apply.
- Maximums differ from insurer to insurer, so always double check that the new insurer’s maximums will not leave the members worse off.
- Forward underwriting is not taken over, however, the new insurer may decide to grant forward underwriting at their discretion.
Should you need any more information on this, please just give us a call on 031 561 1044.
Thank you and regards,
The TSA Team
You’ll find all back issues of TSA Connect by visiting our blog.
All information provided is intended to inform and explain, but please remember to always check the current terms on policies when considering options and advising clients.
(Vol. 6 Issue 16)
