Vivium: automatic paid-up conversion in the event of non-payment of the policy
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This article concerns clients who have a life insurance policy running with Vivium through our intermediation. Vivium has recently started following a new procedure for life insurance contracts with unpaid premiums. If a premium remains unpaid, Vivium sends a final payment reminder 3 months after the last premium due date. If no payment follows this reminder, Vivium automatically makes the contract paid-up. This means that no further premiums are requested.
Consequences of the paid-up conversion:
1. Thirty days after the last payment reminder, coverage for any disability risk guarantees stops. For the 'minimum Death Capital' guarantee, the premium will be drawn from the reserve, which would reduce your accumulated reserve. 2. If, as policyholder, you wish to reactivate the contract afterwards, new rates will apply, along with the applicable medical and financial acceptance for the risk guarantees.
From March 2023, Vivium will start making contracts without premium payment since the beginning of 2022 paid-up. Vivium sends the client 3 payment reminders, 1 of which is registered (and this last one only in the case of a contract with supplementary guarantees). After the last letter, the risk guarantees are stopped after 30 days and the contract is made paid-up.
Questions about your own situation?
This article is general information. Your adviser will look at what it means for you.