June 2026

Your customer’s Business insurance needs change over time — especially when a business restructures or changes ownership. Regular policy reviews help make sure cover still reflects the financial reality of the business, and that any future claim can be settled without unnecessary delays.

The Business Extra policy (closed to new business in 2023) has a specific review requirement that applies to several of its covers:

ProductRequirementFrequencyBenefits of ReviewImpact if requirement not met
Business Extra

Policy Review: Policy owner(s) must provide regular information to Chubb Life which justifies the amount cover is reasonable in relation to the financial impact that the disability or death of the Life Assured would have on the business, for each of the following covers:

  • Monthly Sum Assured
  • Business Life Cover
  • Business Trauma Cover – Accelerated
  • Sum Assured 9 Months (Trauma)
  • Sum Assured 12 Months
At least once every two years

Allows customer to apply to increase the relevant cover (if there is a justifiable need) without any evidence of health. 

 

Delayed ability to claim: If a claim is made on one of the listed covers, and the last Policy Review was more than 2 years ago, no claim will be payable until the required policy review has been completed.

 

What to do next

If you have clients with a Business Extra policy, please make sure their review is completed at least every two years.

Once our Underwriting team has assessed the information, they'll be in touch if any changes are needed.