FOR ADVISERS ONLY

Product details of our Business Protection Life or Critical Illness Cover

Find out how your clients can tailor their cover to suit their business protection needs.

We can’t predict the future, so if your clients’ business needs change, for example as their profits grow or if they take out a larger business loan, they can amend their cover to reflect these changes.

Basis – single or joint life first event
Premiums – guaranteed or reviewable over the term of the plan
Payouts – lump sum
Payment of cover – level, increasing or decreasing over the term of the plan

Term – minimum five years, maximum 50 years
Age when cover starts – minimum 18 years old, maximum 69 years old
Age when cover ends – maximum 84 years old
Amount – maximum £3,000,000 (except for a plan with increasing cover, where the maximum is £1,200,000)

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%)
Variable 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 or loan interest rates change, the amount we pay may not be enough to pay off their loan or mortgage.

Your clients’ plans come with Cover Increase Options which means they can increase their cover without giving us any medical information. This makes it easy for your clients to quickly update their plan for situations like:

an increase in the value of the key person
an increase in their business mortgage or loan
an increase in the value of a partner’s or shareholding director’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.

We won't pay a claim if:

The claim is for death and it's the result of intentional self-inflicted injury within 12 months of the date the cover started, or
The claim is for terminal illness and the person covered doesn't meet our definition of terminal illness, or
The claim is for critical illness or total permanent disability and it's the result of intentional self-inflicted injury, or
The claim is for critical illness or total permanent disability and the person covered doesn't meet the definition of critical illness or total permanent disability, or
It’s the result of an exclusion shown on the cover summary

Children's Critical Illness Cover

When your clients take out Life or Critical Illness Cover, they can choose to add the level of Children's Critical Illness Cover to suit their needs and budget. They can also change or remove their Children's Critical Illness option at any time during the term of their plan.

Enhanced Children's Critical Illness Cover - our most comprehensive option, it provides protection from pregnancy to young adulthood, and also automatically includes a Children’s Critical Illness Cover Conversion Option.
Standard Children's Critical Illness Cover - cover for all our main critical illness conditions plus total permanent disability. An option for clients who want some protection for older children, or who may be more cost conscious.

Find out more about our Children's Critical Illness options.

Terms and conditions

For full terms and conditions, see our Business Menu Life or Critical Illness Cover Plan Details.