New insurance premium calculator

My Resolution Life portal has a new premium calculation tool that allows you to calculate a decreased sum insured and generate a quote online or submit the request to have the change applied to the customers policy, with applicable consents.

Complete the whole process online within My Resolution Life portal – there’s no need to call us to generate a quote or raise the request. The premiums calculation tool can:

• Immediately provide you a quote for the new premium amount based on the decrease the customer would like to make to their sum insured 

• Save this quote in the portal, and you can easily log back in later to retrieve it within 30 days 

• Download the quote summary 

• Submit the request to make the change online on behalf of the customer with applicable consents

We understand that it’s been a period of economic uncertainty for everyone. This is why we have launched a new premiums calculations tool in My Resolution Life portal to allow you to quickly understand a customer’s options if they’re reviewing their life insurance policy and looking to decrease their sum insured.

Eligible products

This is available in My Resolution Life to the following standalone policies with primary benefits (TPD/Death/Trauma):  

• Risk Protection Package  

• Elevate Insurance  

• Resolution Life Insurance

In the future, we’ll roll out the premiums calculation tool gradually across all products, along with other types of changes you can request to make to a policy.

How to use the premiums calculation tool

• Login to the My Resolution Life portal  

• Search for the client  

• On the left-hand side menu, select Request, then a decrease premium calculation 

• You’ll be presented with the option to decrease sum insured  

• Follow the prompts to generate a quote.

As mentioned, this is currently only available to stand-alone policies with primary benefits, and our goal is to expand the functions of the premiums calculation tool. If the policy doesn’t meet the criteria, you may see the following messages.

Message	Reason for the message
	The policy has primary and secondary benefits.
	The policy is one of the following: Is a premier or flexi link Is not relevant for a decrease premium Has only IP benefit
	The policy has any sort of linkage.

Future developments for the premium calculation tool

We know life can change at any moment, and our customer’s policies should easily and quickly adapt to suit their needs.  

Our planned future releases for this premiums calculation tool will allow customers to take control of their policy and request to make a range of changes to their premium cover online, anytime. This includes the following:

• Decrease sum insured for linked options

• Decrease sum insured for income protection 

• Decrease sum insured for PremierLink & FlexiLink 

• Availability for Firstcare - Lifetime Protection customers

We’ll keep you updated of these future releases in this adviser newsletter.

We want to hear your feedback

We want to hear about your experience with the premiums calculation tool and if there is room for improvement on the current functions. If you have any feedback, please reach out to your ARM.