Withdrawal benefit increase for ongoing customers

You may have received a letter or seen a statement update to say that we have changed the way we calculate these withdrawal benefits – also called surrender values. This is for your information and all customers holding our conventional products will be receiving a letter or a statement update. 

You can login to My Resolution Life portal at any time and see your policy details including your gross withdrawal value. 

What you need to do
You don’t need to do anything. We are not requesting that you surrender your plan, we are simply providing an update on a change to your policy. 

There are many components to your policy and many great features, which you can find in your policy document or there’s a summary on our product page.

What value has changed?
Your withdrawal benefit (also known as surrender value) is the part of your policy that is changing. Your gross withdrawal benefit (GWB) is the gross amount available prior to any applicable deductions, if you choose to surrender your policy early, before it reaches the agreed maturity date. It’s important to note, your GWB is a different amount to your actual final maturity or death benefit which, as you may know from your statements, is a higher value.  

Why the values changed
Resolution Life is focused on helping customers achieve their investment objectives. 

Our aim is always to ensure the features of the policies, (including annual/reversionary and terminal bonus rates and withdrawal benefits), distribute benefits equitably to policyholders over the lifetime of their policies. With this in mind, we have reviewed the calculation of withdrawal benefits.

After looking at the composition of this portfolio and past earnings, we have undertaken a special one-off increase to withdrawal benefits. Your withdrawal benefit is the amount you would receive if you wanted to cash out your policy before your maturity date. 

If you have any questions

• Please read our frequently asked questions 
• You can ask questions using our online chat service.
• We would encourage you to login or register to use our My Resolution Life portal, so you can see your updated gross withdrawal benefit and policy details. Register here. 
• If you have an adviser, we have let them know of this increase.

Which product types were changed?
The product types that have been reviewed and will see a change in withdrawal benefit include whole of life and endowment insurance plans (including Children’s options). For a full product list, view it here.