Benefits and options
For Share Protection
Some benefits are automatically included in our Share Protection Plan, whereas others can be added for an extra cost.
Optional benefits must be added when the plan is first taken out.
Some benefits are automatically included in our Share Protection Plan, whereas others can be added for an extra cost.
Optional benefits must be added when the plan is first taken out.
We’ll cover your client from when we receive the application, for up to 90 days or until we accept, postpone or decline their application.
This means that if they die due to an accident during this time, we’ll pay out the amount they’ve asked to be insured for, up to a maximum of £300,000 for all applications.
The amount will be paid out if the person, or one of the persons covered sustains bodily injury which is the sole cause of death and if the death occurs within 90 days of such an accident.
The lump sum will be paid only once, either under the Accidental Death Benefit or the policy itself.
Please read the PDF file: Accidental death and cover certificate PDF size: 51.70KB for exclusions and limitations.
Allows your client to increase cover subject to eligibility criteria without providing further medical evidence if:
Your client can change the plan up to three times in total and must make the change within six months of the event.
Eligibility criteria apply, but full details about when and how clients can change their policy can be found in our PDF file: Product Profiles PDF size: 961.79 .
We will consider requests to make other changes to your client’s plan as well, such as:
Additional underwriting may be required. Please see our PDF file: Product Profiles PDF size: 961.79 document for more details.
Critical Illness Cover and Critical Illness Extra are additional options with Life Insurance cover, but not Whole of Life Protection Plan.
Please note, there is no Children’s Critical Illness Cover available with business Critical Illness Cover or Critical Illness Extra.
Applies when we assume the risk before the client has been fully underwritten. An application must be made to request immediate cover and it is only provided for up to 60 days. Immediate cover for Life Insurance cannot exceed £3 million and for Critical Illness Cover cannot exceed £1.5 million.
Requests for Immediate Cover are not guaranteed. Please refer to the relevant form for more details.
PDF file: Immediate cover for Life Insurance with Critical Illness Cover PDF size: 73KB
PDF file: Immediate cover for Life Insurance PDF size: 115KB
Your client can choose to increase their cover each year, in line with any changes in the Retail Prices Index (RPI), without the need for further medical evidence. If this option is chosen, the premium will also increase.
The amount of cover will increase each year up to a maximum of 10%. If changes to RPI are 1% or less, then both the premium and amount of cover will stay the same until the next review. The premium will increase at a different rate to the amount of cover because it is indexed in line with the change in RPI, multiplied by two, which takes into account the fact that the likelihood of claiming increases as the person covered gets older.
If the client chooses not to increase their cover one year, we won't offer this option again and the premium will stay the same for as long as the policy stays in force.
Indexation is only available when standard terms apply.
Pays out the sum insured if the client is diagnosed as being terminally ill, and in the opinion of their hospital consultant and our Medical Officer, the illness is expected to lead to death within 12 months.
We won’t pay out after the death of the life insured or if the policy term at outset is less than two years.
For joint life policies, we’ll only pay out once.
Once the claim has been paid, no further benefits will be payable, and the policy will end.
Clients won't have to pay their premiums after 26 weeks if they are incapacitated due to illness or injury and are unable to do their normal job.
Incapacity is defined as either Own Occupation or Specified Work Tasks and depends on your client’s employment status. The policy documentation outlines which definition applies.
Premiums will continue to be waived until the client is no longer incapacitated, the plan pays out or the cover ends.
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