Term
Assurance
This provides a fixed lump sum if you should die at
any time during the policy term. You can choose the
number of years you wish the policy to run or your
age at which the policy ceases. The premiums you pay
are fixed at the outset.
Normal terms available - 1 to 45 years. (some companies
may offer other terms)
You can take out this policy on a single life, joint
life first death or life of another basis. You must
have a financial interest in the person that you are
insuring when taking out any type of life of another
policy and we will require proof of this before we
will provide cover except in the case of a husband
and wife.
The minimum premium you can pay is normally about
- £7.00 per month.
Family
Income Assurance
This pays your chosen sum assured every year in equal
quarterly installments from the date of death of the
life assured until the end of the policy term if death
occurs within the chosen term or before a specified
terminating age. The quarterly installments are paid
in advance. The premiums you pay are fixed at the
outset.
In the event of a claim you can change the benefit
paid from quarterly payments to a reduced lump sum.
Terms available - 4 to 45 years.
Any policy of more than 10 years, including any extension
option, must finish before age 70.
You can take out this policy on a single life, joint
life first death or life of another basis. You must
have a financial interest in the person that you are
insuring when taking out any type of life of another
policy and we will require proof of this before we
will provide cover except in the case of a husband
and wife.
The minimum premium you can pay is normally about
- £7.00 per month.
Mortgage
Protection and Commercial Mortgage Protection
The policy is designed to cover the outstanding balance
of a repayment loan obtained for the purchase or improvement
of a property intended for residential or commercial
purposes. The term you choose cannot be based on a
specified terminating age. The premiums you pay are
fixed at the outset.
The sum assured will be sufficient to repay the balance
of the loan but does not cover any arrears in repayment.
The policy also has a guaranteed minimum sum assured
payable on death whether or not there is a mortgage
in force at that time. The guaranteed minimum sum
assured is calculated by assuming an interest rate
of 10% has been applicable since the policy was taken
out. This will decrease the sum assured by the policy
in the same proportion as a repayment mortgage would
decrease assuming an interest rate of 10% had been
applied to the mortgage since it was taken out.
Where the policy is covering a loan on a commercial
property, the maximum rate of interest covered is
16% p.a.
Where the policy is covering a loan on a residential
property, any rate of interest is covered.
Where a residential mortgage is being covered the
following options are also included without any further
medical evidence. The options do not apply to a commercial
mortgage:
There is an option up to age 65 to take out a replacement
policy to cover the mortgage on the new home without
further medical evidence, provided the new sum assured
is within our non-medical limits in force at that
time. If your replacement policy is for the same amount
or a lesser sum than the original, we will not require
any medical evidence. The policy and any options available
must have a terminating age of under 70. If the mortgage
repayments are rescheduled over a longer term, there
is an option up to age 65 to take out a replacement
policy to cover the extended term and the amount then
outstanding without further medical evidence. The
policy and any options available must have a terminating
age under 70. Terms available - 4 to 45 years.
You can take out this policy on a single life, joint
life first death or life of another basis. You must
have a financial interest in the person that you are
insuring when taking out any type of life of another
policy and we will require proof of this before we
will provide cover except in the case of a husband
and wife.
The minimum premium you can pay is normally about
- £7.00 per month.
