Understanding Takeover Provisions

Supporting uninterrupted cover for pre-existing conditions


Transferring Insurance Cover: Takeover provisions

Supporting uninterrupted cover for pre-existing conditions in Group Personal Accident and Sickness, Expatriate and Inpatriate Policies.

Many customers stay with the same insurer due to concerns around cover of pre-existing conditions. To help protect consumers the “regulators” have put in place something referred to as “Takeover provisions”. 

What are Takeover Provisions?

In layman’s terms, takeover provisions ensure continuity of cover for pre-existing conditions when a person or company changes insurers, as long as the terms of takeover provisions have been met.

These terms can vary between insurance providers, so it’s imperative that you speak with an underwriter at each insurer to understand their specific requirements and cover.

Which Policy Types Include Takeover Provisions?

Generally speaking, policies that include takeover provisions fall under: 
•    Group Personal Accident and Sickness
•    Expatriate Cover
•    Inpatriate Cover (Inbound Medical)

How do I ensure continuity of cover?

Takeover provisions can be requested by a broker or customer from a new Insurer. Before your new insurer can provide a quote there are requirements which need to be met, e.g.
•    Provide renewal terms from your existing insurer
•    Provide policy wording and schedule from your existing insurer
•    You may be required to have been covered by a recognised health provider for the 12 months prior
•    You may be required to have been covered by specific, listed insurance providers

If you are looking at alternate insurance providers and need assistance clarifying cover for pre-existing conditions, contact AHI and speak to one of our experienced accident and health underwriters to ensure continuity of cover.