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Premium Watch
What is it?
'Premium Watch' is
a 'no risk' free service available to all customers who have bought Life
Assurance, Critical Illness or Permanent Health Insurance through AssureNet
UK. When most people insure their car, they tend to re-price the risk
at the policy expiration and compare it with rates available from competing
providers. This is the concept behind 'Premium Watch'.
How does it work?
Your policy details, particularly the premium you pay,
are linked to a database which, without any action your part, will automatically
re-price the contract (one month before) every 2nd anniversary of the policy
to try and save you money. Re-pricing will assume no change in any
facts disclosed on any application at the time the original policy was taken
out, particularly the medical condition of any of the insured(s) which could
affect underwriting. It will also assume a term equal to the remaining
term of the original policy at the time of re-pricing.
Will it work?
Insurance premiums tend to rise as the insured(s) get
older but other factors can sometimes result in lower premiums being achievable.
No guarantee can be given that premiums will be lower and you will not be
obliged to accept any offer made as a result of re-pricing. Replacing
the original contract with a lower cost alternative should only be done
if the saving is material and the new underwriter has confirmed an unconditional
acceptance so that there is no gap in cover. |
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