New, improved Retail Reinstatement Experience

ARTICLE
27 August 2024 dot 2 mins read
In response to adviser feedback and to better support our clients who need to reinstate their retail lapsed policies due to non-payment of premiums, we've recently aligned our reinstatement processes and forms across all of our retail products.
With a single aligned approach, the new process and underwriting forms are designed to make the reinstatement process easier and more streamlined for our clients and advisers. 

What changes have we made?

  • Effective 1 July, we introduced new, improved reinstatement questions across all retail products. For Priority Protection in particular, the number of underwriting questions has been reduced significantly from 9 pages to just 3.
  • Priority Protection policies can now reinstate up to 12 months after lapse date (previously 6 months).
  • The Tailored Protection reinstatement process has been improved significantly to allow reinstatements in the first 30 days without requiring individual underwriting approval.
For clarity:
 
  • This reinstatement process relates to policies that have lapsed due to the non-payment of premiums. It does not apply to policies cancelled upon request.
  • Full payment of outstanding premiums is required to reinstate.
 
Links to forms:
New underwriting forms can be found on the Adviser Portal by searching for the Resources tab on the left hand side. Click on Forms, Policy Services and select either Priority Protection / PP for Platform Investors (for AIA policies) or Tailored Protection (for ex-CMLA policies). Once you've made your selection, locate the search bar and type 'Reinstatement'.
 
For any questions, please contact your AIA Client Development Manager.