Over 50's Insurance Promis Plan

Coverage

What is covered?

If the life insured dies from any cause after the accidental death period, we will pay the cover amount.

If the life insured dies due to accidental death at any time whilst covered by the plan, we will pay double the cover amount.

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

What is not covered?

If the life insured dies due to non-accidental death during the accidental death period, the full cover amount will not be payable. However, we will refund the premiums paid to date.

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

Who can be covered?

A life insured must be aged between 50 and 79 years of age and a resident of the UK at the cover commencement date. If you do change your residency status, it’s important that you let us know. A change in residency may be subject to tax implications, and this is your responsibility.

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

Cover amount

The minimum cover amount is £1,000.

The maximum cover amount you can have at the cover commencement date is £20,000. Regardless of how many Over 50s Life Insurance Promis products you take out, the total cover amount for each life insured cannot exceed £20,000 (not including inflation fighter increases).

You can always change your level of cover at a later date, upwards (provided you are under 80 years of age) or downwards (at any time), within the above limits. Any increase in cover other than inflation fighter will have a new accidental death period applied to the additional amount.

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

Plan information

Plan options

Below are the plan options you can select. Your selections are shown on your plan schedule that you received at the time of taking your plan out.

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

Accidental death period

You would have chosen a 12 or a 24 month accidental death period

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Level or increasing premiums

You can choose your premium type: level or increasing premiums.

With level premiums, the amount you pay is locked in for the life of the plan and will not change unless you make changes to the plan or choose inflation fighter.

With increasing premiums, the amount you pay increases on each plan anniversary until the life insured’s 90th birthday.

Your cover amount will stay the same unless you choose inflation fighter or ask us to change your cover amount.

If the increasing premium option is chosen, you can switch to level premiums at any time but this will impact the premium or cover amount. If you switch from increasing premiums to level premiums, you cannot switch back.

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Inflation fighter

Inflation fighter is optional and helps protect your cover amount against rising costs over time. If selected, at each plan anniversary before the life insured’s 90th birthday, the cover amount is increased by 3%. If you have selected level premiums with inflation fighter, then, your premiums will increase by 4.5% to pay for this extra cover. If you have selected increasing premiums with inflation fighter, then premiums increase by 7.5%. Inflation fighter can be selected or removed at any time, but once removed, it cannot be selected again.

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storm, hagel, regen
inbraak, diefstal, rellen
sneeuwdruk

Premium Type

Inflation Fighter On or Off

Annual Increase in Cover Amount

Annual increase in Premium

Level

Off

Level

4.5%

Increasing

Off

Increasing

7.5%

Payments and costs

How much does your plan cost?

The premium payable is shown on your plan schedule that you received in your welcome pack when you took the plan out. This was determined by:

Your age when you took the plan out
Your chosen cover amount
Whether you have chosen level or increasing premiums
Whether you selected a 12 or 24 month accidental death period
Whether you selected to include inflation fighter
Your premium frequency

As long as you pay your premiums when due the Plan will continue until the Life Insured dies.
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The last Premium payable is the one before the Life Insured's 90th birthday. After that, You won't have to pay any further Premiums and the Plan continues at no further cost.
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Please note, depending on how long the Life Insured lives, the total Premiums paid may be more that the Cover Amount.

Paying for your plan

You can chose to pay your premium once a month or once every four weeks. Premiums can only be paid by Direct Debit from a UK bank account which has a Direct Debit facility.

Monthly – Chose a date between the 1st and the 28th of the month to pay.
4 weekly – Chose a day, Monday to Friday on which payments will be debited every
four weeks

If any payment falls on a weekend or a bank holiday the payment will be debited on the following working day.

Missed premiums

If you do miss a premium payment we will write to inform you of the unpaid premium(s). We will let you know that if you miss 3 premium payments, your plan will be cancelled. You can pay the missed premium(s)by making a debit or credit card payment over the phone.

If you miss 3 consecutive Premiums (e.g. March, April, May), you have 5 days from the third missed premium collection date to call Us and make a debit or credit card payment.
If your missed premiums aren’t consecutive (e.g. March, July, December), you have 30 days from the third missed premium collection date to call us and make a debit or credit card payment

If premiums remain unpaid, we will cancel your plan and write to you to confirm that your cover has been cancelled.If a claim is payable and there are unpaid premiums on your plan, the unpaid premiums will be deducted from the claim amount.

Plans that have been cancelled because of unpaid premiums can be restarted within 2 months of the cancellation date if you pay all the missed premiums, the life insured has not died and no claim has been made. You will not be covered until the missed premiums are paid.

Cover end date

Your plan will end on the earliest of:

The death of the life insured, or
Cancellation of the plan by a plan owner or
Cancellation of the plan by the insurer due to non-payment of premiums

Cancelling your plan

You can cancel your plan at any time for any reason by contacting us on 0800 907 0800 or writing to us at the address Freepost, Customer Care Promis Life (no other address details or stamp is required).

This plan does not have a cash value at any time. The plan is an insurance plan and any premiums paid since the start of the plan have been paying for the insurance cover that you chose at plan commencement.

If you chose to cancel your plan within 30 days of receiving your welcome pack, we would have refunded any premiums paid, provided a claim has not been made.

If you cancel it after 30 days from receiving your welcome pack, you will not get any money back. You will no longer be covered by the plan.

We will confirm the cancellation in writing.

Customer Service & Complains

Customer service and making changes

If you have any questions about your plan, if you’d like to amend your cover amount or make other changes, please contact us:
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By phone: 0800 907 0800
In writing: FREEPOST
CUSTOMER CARE
PROMIS LIFE
(no other address details needed and no stamp required).
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If your plan has a second owner and you want to remove or change the second owner, we will need verbal or written consent from the second owner before the change can be made. Once this consent has been received, a change in the second owner can occur. If the original second owner pays the premium on the plan then a new Direct Debit will need to be provided by the plan owner(s).

Please note all telephone calls may be recorded to enhance the quality of our service to you.

If you have a complaint

We hope you never need to, but if you would like to make a complaint about any aspect of the service you have received, please contact our customer service team on 0800 907 0800
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If we cannot investigate your complaint immediately we will send you a letter within 5 working days.

We will keep you informed about what we’re doing and will aim to put it right before 8 weeks.

If you are not satisfied with the response to your complaint, or after 8 weeks you can contact the Financial Ombudsman Service:
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By phone: 0800 023 4567
In writing: The Financial Ombudsman Service,
Exchange Tower, Harbour Exchange
Square, London, E14 9SR.
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk
Making a complaint won’t affect your legal rights.

Over 50s Life Insurance Promis