Life Insurance Promis

The life or lives insured are shown on your policy schedule. Your policy was set up on a single life or joint life basis

• On single life, the life insured is the owner and pays the premium
  
• On joint life, there must be an insurable interest between both of you, both the lives insured are the owners and at least one must pay the premium. The policy will pay out on the first valid terminal illness or death claim and the cover will then stop.
  

The life or lives insured are shown on your policy schedule that you received in your welcome pack when taking out the policy. Your policy can be set up on a single life or joint life basis.

We will pay the cover amount if a life insured dies or is diagnosed with a terminal illness while covered by the policy.

Terminal illness means the life insured has a definite diagnosis by a consultant of an illness for which both:

• the illness either has no known cure or has progressed to the point where it cannot be cured; and
  
• in the opinion of the life insured’s consultant and our medical officer, the illness is expected to lead to death within 12 months.
  

You are not covered if the life insured dies by suicide before your first policy anniversary. If you choose to increase your cover amount, you will not be covered for the additional cover amount if the life insured dies by suicide before the first anniversary of the increase.

• PL8: Funeral Protection Plan
  
• PL6: Over 50's Insurance Promis Plan
  
• PLT: Life Insurance Promis

The minimum entry age of the life insured is 18 at policy inception and the maximum entry age is 70.

You can choose a term between 5 and 40 years but your policy must end before your 81st birthday.

The cover amount payable under your policy is shown on your policy schedule.
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Depending on the type of cover you have selected, the cover amount may change as outlined below.
There are two types of cover available on your policy:

• Level cover – For level cover, the cover amount and the premiums you pay are guaranteed not to change over the term of the policy, unless you make changes to the policy.
  
• Decreasing cover - For decreasing cover, the cover amount reduces on each policy anniversary in line with the amount of capital that would be outstanding under a repayment mortgage with an interest rate of 8% and an initial loan amount of the cover amount if all repayments have been made. The premiums you pay are guaranteed not to change over the term of the policy, unless you make changes to the policy.
  

Your Life Insurance Promis cover begins on the cover commencement date shown on your policy schedule.
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Your Life Insurance Promis cover ends on the earliest of:

• the payment of the life insurance cover amount;
  
• the cancellation of the cover or the policy by you or us; or
  
• your policy’s end date.

Premiums can only be paid monthly or annually by Direct Debit from a UK bank account which has a Direct Debit facility. You can choose a regular collection date between the 1st and the 28th of the month to pay.
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The minimum premium when you take out your policy is £5 per month.
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The minimum premium for any future increases in your cover amount is £1.