Annual Revision Process
The policy normally operates on one year accounting periods. This means we will review the cost of your policy once each year on a specified date chosen by you, we refer to this date as the annual revision date.
Prior to each annual revision date we will notify you of our data requirements and the deposit premium due in respect of the next years cover.
The deposit premium for the next year's cover is based on the current year's unadjusted premium.
We will send a letter detailing our requirements directly to you or to your intermediary, if applicable, approximately six weeks prior to the revision date.
It is important that you send accurate information to us as soon as possible so that your policy can be administered efficiently and to avoid delays in medical underwriting.
Payment of your deposit premium must be made within 30 days of the revision date.
Please note, late payment of premiums may jeopardize claim settlement or result in termination of cover.
You will be required to provide a list of all members at each annual revision date (and the day before if a premium adjustment is to be calculated) including:
- Date of birth;
- Scheme salary;
- Level of cover;
- Scheme benefit category;
- Date of joining;
- Date of leaving if appropriate;
- Details of members working overseas for a period of 12 months or more;
- Details of any members who wish to have cover beyond their termination age; and
- Confirmation that all members are actively at work (subject to specific terms given in your policy schedule).
Should a market review be undertaken please ensure that we are also provided with a copy of the specification and data in order for quotations to be produced on a like for like basis.
If an alteration in the scheme benefit basis is required, then we will need to be notified prior to the annual revision date, as it cannot be guaranteed that such alterations would be backdated.
Once we have received the required data, it will be checked by your main Account Handler and the statements of benefits and costs and an invoice will be sent to you. Any remaining premium will be due within 30 days from receipt of these accounts.
Please note, late provision of complete data may jeopardise claim settlement or result in termination of cover.