If you are unable to pay your premiums, for example due to financial hardship, you can contact us and request your premium be paused for up to 3 months over the life of the policy. To activate your Premium pause benefit, you must have paid premiums for the previous 12 consecutive months and your policy must have no outstanding premium payable at the time of your request.
During the period your premiums are paused, your GIO Life Protect policy will only cover you in the event you die as a result of an accident. After the premium pause has ended and you have started paying your premiums, you will be eligible for all the benefits under your policy.
If you choose the stepped premium option, your premium is based on your age, gender and your sum insured. The premium stated on your schedule applies during the first 12 months after your policy commencement date. Ongoing premiums will be recalculated each year based on your age at the time of each policy anniversary. This means your premiums will increase with age.
If you choose the level premium option, your premium is based on your age at your policy commencement date, your gender and your sum insured. If you choose level premiums, ongoing premiums will not increase each year as a direct result of your age but will increase due to any increase to your sum insured, including as a result of the Automatic Indexation Benefit.
If you accept the Automatic Indexation Benefit or apply to increase your sum insured, the increased portion of the sum insured will be calculated based on the applicable premium rate for your age at the time of applying for the increase. If you have had a birthday since your policy commencement date, the premium rate that applies to the increased sum insured will generally be higher than when you applied for the original sum insured.