- Basis - single or joint life first event
- Premiums - guaranteed
- Payouts - lump sum
- Payment of cover - level, increasing or decreasing over the term of the plan
- Term - minimum one year, maximum 72 years
- Age when cover starts - minimum 18 attained, maximum 88 attained
79 attained for 5 year renewable
69 attained for 10 year renewable
- Age when cover ends - maximum 89 attained
- Amount - unlimited cover, or up to a maximum of £5 million when an increasing cover option is chosen.
To help protect against the effects of inflation,your clients can choose to increase the amount of cover over the term of their plan in one of two ways:
- Fixed rate – at a chosen rate of interest (between 2% and 5%)
- Index-linked rate – based on the change in the retail price index (between 2% and 10%)
Your clients can reduce the amount of cover over the term of their policy in the following way:
- Mortgage or business loan repayment – Reduces in line with a repayment mortgage or business loan with a set interest rate (between 0% and 15%). If your clients' mortgage interest rates change, the amount we pay may not be enough to pay off their mortgage.
Your clients' plans come with Cover Increase Options which means they can increase their cover without giving us any medical information if there's:
- an increase in the value of a key person
- an increase to their business mortgage or loan
- an increase in the value of a partner’s or shareholder's interest in the business.
However, if they want to increase the amount of their cover for any other reason, they may need to supply medical evidence.