Business Decreasing Life Insurance
Amount of Cover
- No minimum sum assured. Driven by minimum premium.
- No set maximum sum assured - subject to negotiation with re-insurers, except if Critical Illness Cover or Critical Illness Extra are chosen, when maximum sum assured will be:
£3 million - If Specific Work Task definition is chosen under TPD, or
£2 million - If Own Occupation definition is chosen under TPD. - The amount of cover decreases during the term of the policy.
- The policy can be taken out to cover a business loan.
Term
- The minimum term allowed is 5 years.
- The maximum term allowed is 50 years (or 40 years if Critical Illness Cover or Critical Illness Extra are chosen).
Age restrictions
- The minimum age to take out a policy is 18.
- The maximum age at the end of the policy is 29.
- The maximum age for buying a policy is 74 (or 64 if Critical Illness Cover or Critical Illness Extra are chosen).
- The policy must end by their 90th birthday (or 70th birthday if Critical Illness Cover or Critical Illness Extra are chosen).
Premiums
- Guaranteed.
- Choice of guaranteed or reviewable premiums if Life Insurance with Critical Illness Cover or Critical Illness Extra is chosen.
- Payable monthly or annually by Direct Debit.
Options available at an additional cost
Benefits automatically included at no extra cost
- Accidental Death Benefit
- Changing your policy (Previously known as Guaranteed Insurability Option)
- Terminal Illness Cover
Other information
- For joint life policies, benefit is paid on the first death.
- Policies can be placed in trust.