The Waiting Period for this Mortgage Income and Rent Benefit will reduce to align with the Waiting Period on the cancelled cover. The reduced Waiting Period on this Mortgage Income and Rent Benefit will apply to the lesser of: • the monthly benefit for the Business Continuation Cover, Farmers Revenue Protection Cover or New to Business Cover at the time it was cancelled; or • the monthly Benefit for this Mortgage Income and Rent Benefit . For example: A Life Assured has the following: • Mortgage Income and Rent Benefit with a $2,500 per month Benefit and a 52 week Waiting Period ; and • New to Business Cover with a $1,000 per month Benefit with a 13 week Waiting Period . When New to Business Cover is cancelled the Mortgage Income and Rent Benefit Waiting Period would be reduced to a: • 13 week Waiting Period with a $1,000 per month benefit; and • 52 week Waiting Period with a $1,500 per month benefit. within sixty (60) days of the cancellation of cover the Life Assured must notify Us in writing, with supporting evidence that they are no longer Actively Involved in the business or their business has been sold or is no longer Actively Trading ; • the Life Assured is no longer Actively Involved in the business due to reasons other than retirement, redundancy, ill health or incapacity; • the Life Assured must be under the age of sixty (60); • if the Life Assured has had a claim paid or is entitled to be paid a claim under any policy with Us or any other insurance company, the request will be referred to an AIA underwriter; • the premiums must be up to date and are not being waived for any reason. If We agree to reduce the Waiting Period , the following applies: • premiums will increase with any reduction Waiting Period ; • only one reduction in Waiting Period under this Benefit is allowed without evidence of health; • any loadings, exclusions or special terms on the cancelled policy will be applied to the reduced Waiting Period Benefit . The following conditions apply: • 18 If the Life Assured is Totally Disabled or Partially Disabled and able to receive a monthly Mortgage Income and Rent Benefit under this policy, and they also hold a Business Continuation Cover, Farmers Revenue Protection Cover or New to Business Cover, then the Waiting Periods applicable to the Life Assured under each policy will be served concurrently from the disablement date. If during the Waiting Period under this policy, the Life Assured should suffer a recurring disability under their Business Continuation Cover, Farmers Revenue Protection Cover or New to Business Cover policy, after returning to full-time work, the portion of their Waiting Period for their Mortgage Income and Rent Benefit under this policy will be considered to have been continuous and only the remaining period will apply.
CONCURRENT WAITING PERIOD
PC-MIRC- 05/2026
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