If your clients apply for Life Cover of more than £1,000,000 we may be able to offer Immediate Cover so they’re protected even before their Life Cover has officially started.
Please note that Immediate Cover is only currently available to certain advisers. We hope to offer this out to all advisers in the near future.
If your clients want their Life Cover to be placed in trust from when Immediate Cover starts, please use one of the trust forms below. This will make sure any benefits paid under Immediate Cover, as well as benefits paid out from your plan are paid into your chosen trust.
Immediate Cover can be applied for on any cases with a sum assured over £1 million. The maximum sum assured we can cover Immediate Cover for is £5 million but you can still apply for more than this in your Life Cover application.
It’ll end no more than 14 days after we offer acceptance terms on the application and the cover can’t last more than 90 days in total.
You can find an application form along with the full terms and conditions for Immediate Cover. You can complete this on your client’s behalf and a copy of this will need to be emailed to your case manager or posted to us at the usual address. We’ll also need to have received a Life Cover application and Direct Debit Mandate along with any financial evidence that may be required.
Your dedicated underwriter will perform an assessment of the application along with any financial evidence that we’ve requested for the amount of cover being applied for. You’ll then be contacted with our decision within one working day.
If the plan is accepted and your client is happy to proceed we’ll start the plan from the date that Immediate Cover was placed on risk and the premiums for Immediate Cover will be collected along with the first regular premium payment.
Yes. We’ve created four trusts specifically for Immediate Cover, which as well as including any benefits paid from your policy during the normal term, will also include any benefits paid from Immediate Cover.
Please remember if you're applying for a Relevant Life Plan or any policy that needs to be written under a business trust, these should be in place before we start Immediate Cover to avoid a potential IHT liability in the event of a claim.