Rental Life Insurance with Critical Illness Cover

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Rental Life Insurance with Critical Illness Cover

Asking rents are at a record high of £817 per month, in London it was £2,059

A plan designed to provide a monthly benefit if the client dies or is diagnosed with a specified critical illness during the term of the plan.

Can be used to help pay rent or help protect the family’s lifestyle and everyday living expenses.
Specific rental-based option which allows your client to increase the benefit amount if their rent increases. Eligibility criteria applies.
A suite of Nurse Support Services provided by RedArc Assured Limited included as standard.

Benefits and options

Accident Hospitalisation Benefit: Automatically included
Accidental Death Benefit: Automatically included
Changing Your Policy (also known as Guaranteed Insurability Option): Can increase cover on certain specified events, without need for further medical evidence. Eligibility criteria and restrictions apply.
Other Changes – Your client can request to make other changes to their policy: Additional underwriting may be required
Joint life policy separation on divorce or dissolution of a registered civil partnership: Can be done unless a claim has been accepted
Children’s Critical Illness Cover: Automatically included. Children’s Critical Illness Extra available for an additional cost
Nurse Support Services – Provided by RedArc Assured Limited: Automatically included
Legal & General GP24 – Provided by Healix Health Services and Medical Solutions UK Ltd: Additional cost of £3.25 per month
Total and Permanent Disability: Can be included for an additional cost
Free Life Cover: Between exchange of contracts and completion (completion of missives and date of entry in Scotland)
Immediate Cover: On request, subject to eligibility
Increasing and Decreasing Cover: Increasing Life Insurance and Decreasing Life Insurance cover available
Terminal Illness Cover: Automatically included if life expectancy is less than 12 months unless term is less than 2 years
Waiver of Premium: Can be included for an additional cost

Full details about benefits and options

Product details

Minimum cover: No minimum sum assured. Driven by minimum premium.
Maximum cover: £3 million if Specific Work Task definition under TPD applies. £2 million if Own Occupation definition under TPD applies.
Type of cover: Level, increasing and decreasing cover is available.
Minimum term: 5 years for Decreasing Life Insurance with Critical Illness Cover, 2 years for Life Insurance with Critical Illness Cover.
Maximum term: 40 years.
Minimum age: 18. It is possible for a life of another policy to be taken on a 17 year old by an adult with insurable interest. This policy can then be placed in an Absolute Trust with the 17 year old as the beneficiary. Minimum age at the end of the policy is 29.
Maximum age: 64. Increases to 67 if bought with Life Insurance. Policy must end by 70th birthday.
Premiums: Guaranteed or reviewable depending on the type of cover.
Joint life policies: The cover is paid when either life insured dies or is diagnosed with a terminal illness (and our Medical Officer has confirmed the illness is expected to lead to death within 12 months) or is diagnosed with a specified critical illness, whichever occurs first.

Target market

The cover is designed for clients who want to provide financial support for their dependents if the client is diagnosed with a specified critical illness.

It can be used to contribute towards paying back a debt, like a mortgage or loan, or help provide financial support to your client during and after their illness or injury, such as helping with their rehabilitation or taking time away from work.

Cover can also be taken out for business purposes - to provide a lump sum to cover the loss of a key person, to purchase shares owned by a director or partner or cover interest payments on a business loan.

Suitable for clients who:

Meet the eligibility criteria shown in the product details.
Have a need for life insurance, terminal illness cover or critical illness cover because they have dependents and little or no access to funds elsewhere if they were to suffer from one of the critical illnesses covered.
Can be covered by our underwriting process.
Are UK resident and can afford the monthly premiums.
Want level, increasing or decreasing cover.

Not suitable for clients who:

Do not meet the eligibility criteria shown in the product details.
Have no need for life insurance, terminal illness cover or critical illness cover because they have no dependents and reasonable access to funds elsewhere if they were to suffer from one of the critical illnesses covered.
Cannot be covered by our underwriting process.
Are not UK resident and cannot afford the monthly premiums.
Want a monthly benefit rather than a lump sum payout.

Sales support

PDF file: Rental Protection Plan Guide (Q58443) PDF size: 641KB

PDF file: A4 Poster Rental Protection Plan (Q58442) PDF size: 2.3MB

PDF file: A3 Rental Protection Plan Poster (Q58441) PDF size: 2.8MB

PDF file: Rental Protection Customer Sales Aid | Legal and General PDF size: 852KB

Policy documents

PDF file: Rental Life Insurance with Critical Illness Cover Policy Booklet PDF size: 1.7MB

PDF file: Rental Life Insurance with Critical Illness Cover PDF size: 199KB

Underwriting

We try to make underwriting as smooth and straightforward as possible. Our interactive online protection quote and application system, OLP Connect, removes the need for unnecessary information. Questions asked are disclosure-specific so there is a much greater chance that an underwriting outcome will be presented.

Plus, several digital initiatives now help simplify the underwriting process including E-consent and Signature-less consent.

If you want to discuss a case before quoting, our Medical Underwriting and Technical Advice Line offers a wealth of experience. 83% of cases go on risk at point of sale. Only 16% of cases are referred for evidence. If your case is referred it will be handled by our team of UK-based underwriters.

Making a claim

We understand that your client is going through a very difficult time when they make a claim, so we handle each case with sensitivity and understanding. We have over 70 Samaritans’ trained claims assessors and all our claims handlers complete the Samaritans ‘Conversations with vulnerable people’ course.

We try to keep making a claim easy and straightforward, but there are certain things we need to do before making a decision.

We check that the plan is in force with all premiums paid to date at the time of the claim.
Each case is assigned a claims assessor who remains the main point of contact throughout the process. This means you or your client should be able to speak to the same person throughout and they will be familiar with the progress of the case.
The claimant can nominate someone else to act on their behalf. We’ll let you know if we need written permission to deal with that person.
The assessor will decide on the next step having received the claim form. Please complete the form with as much detail as possible, as this will speed up the claim. We’ll keep you informed if we need to ask for more information.

Making a claim

Telephone

0800 068 0789
Open 9.00am to 5.30pm Monday to Friday
Calls may be recorded

Email

health.claims@landg.com

Postal address

Health Claims Department, Legal & General Assurance Society Ltd, Pod 25, First Floor, City Park Building 2, Hove
BN3 7PY

Adviser support

Your short cut to our useful tools and calculators, literature library and latest webinars.

Plus, a handy guide to helping you talk to your clients about income protection and details about our underwriting process.

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OLP Connect

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Disclaimer

This website is designed to give professional financial advisers information and tools that they can use to help control and develop their business and should not be relied upon by private investors or any other persons.