Renewals

To help keep policy administration simple, we ask for details of the people being covered, once a year at the time of the yearly account. We call this accounting day the ‘annual renewal date’ and will send a reminder three months in advance.

We’ll update the policy account on or soon after the annual renewal date using the details you send us, and confirm any premium adjustment. If the unit rate or premium rate guarantee is due to end at this time, we encourage you to send us this information as soon as you can. We use it to work out and confirm your new rate and terms too.

We use either a unit rate or premium rates to work out the cost of cover each year. We usually guarantee these rates and our policy terms for two years, with the guarantee ending at the time of a yearly account. The rate guarantee period is shown in the policy, and we’ll remind you in advance when the rates are due for review.

We can review a unit rate sooner if there’s a significant change to the group of people we’ve agreed to cover. Usually, a 25% or more change to the total cover or number of people covered compared to information used to set the unit rate will prompt a review. This helps us continue to make sure we’re charging a fair premium for the cover.