If I have defaulted on a previous policy with your company, am I still eligible to purchase a new policy?

Modified on Fri, 12 Jan 2024 at 10:46 AM

Unfortunately, if you have defaulted on a previous policy with our company, our policy dictates that you will not be eligible to purchase a new policy from us.


Why does the company have this policy in place?

Our company has implemented this policy to maintain a fair and responsible business environment. Defaulting on a previous policy can impact the overall trust and financial stability of the insurance relationship. This policy helps us ensure the integrity of our services and the protection of our customers.

Is there any possibility of reconsideration or appeal if I have defaulted on a policy in the past?

While we acknowledge that circumstances can change, our current policy does not permit reconsideration or appeal for individuals who have defaulted on a previous policy. Unless the arrears are settled in full with the premium funding company and the new policy is paid in full and not financed again.

How long does the policy on not allowing customers who defaulted on a previous policy to purchase a new one last?

The policy restriction remains in effect indefinitely. Once a customer has defaulted on a policy, they will only be considered for an appeal if the outstanding arrears are settled in full with the premium funding company and the new policy is paid in full and not financed.

What steps can I take to prevent defaulting on a policy paid by premium funding?

To avoid defaulting on a policy, we recommend carefully reviewing the terms and conditions of the finance agreement, understanding your payment obligations. If you encounter any difficulties, it's crucial to communicate proactively with our premium funders to explore possible solutions or adjustments to your policy that may help you meet your obligations.

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