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The Life Insurance Promis

What is the Life Insurance Promis?

We call it the Life Insurance Promis because our life Insurance is designed to be your ‘Promis’ to yourself and your loved ones that should the worst happen you have done what you can to help look after them even when you are not there.

If you have loved ones that are financially dependent on you the Life Insurance Promis can help to take care of them should you pass away or are diagnosed with a terminal illness during the ‘term’ period.¹ Our aim is to give you peace of mind knowing that your children, wife, husband or partner will receive the cover amount you have chosen as cash direct to their bank account – up to £500,000 (depending on your age).

  • Life insurance where you set the cover amount and the ‘term’ period
  • You will also be covered for terminal illness¹
  • 30 day money back guarantee

Call our friendly team today on 0800 061 2174 today for a free no obligation quote

How does The Life Insurance Promis work?

At Promis Life we try to make things easy as we know insurance can seem complicated. With the Life Insurance Promis from Promis Life, depending on your age you set a period of time from 5 to 40 years that you would like to be covered for, but your policy must end before your 81st birthday. This is known as the ‘term’ of your policy.

The next thing to decide is how much you would like as your cover amount. This is the amount that will be paid out, in one lump sum, should you pass away or be diagnosed with a terminal illness before the end of your term period. The maximum amount you can get as cover depends on your age but could be up to £500,000. We will also ask a few health, lifestyle and family medical history questions to determine the cost of premiums.

How long do I need cover for and for how much?

We can’t advise you what is the appropriate length of cover for you or the amount of cover you should seek. People take out this type of insurance for many reasons, such as to cover the length of a mortgage term so they know there will be money available to help reduce the risk of them losing the family home. Or, they may consider their children and base the term period on how long they will be dependent financially on their parents.

Our friendly team, who are based in the UK, can quote for different combinations of term period and cover amount to help you make a decision on what is best for you and your loved ones. It won’t take long, just a few questions. Give us a call today on 0800 061 2174.

There are two other things to think about:

1. Single or Joint cover:

Are you covering just yourself or yourself and somebody else, such as a partner? For a single life policy it will just be yourself that is covered. A joint life policy will pay out, just once, should either of you pass away or develop a terminal illness.

2. The type of cover you would like:

The Life Insurance Promis offers two types of cover; Level or Decreasing. Level cover means your cover amount and premium you pay is guaranteed not to change for the term of the policy, unless of course you make changes to the plan at a later date. Decreasing cover means that the cover amount reduces each year in line with a mortgage repayment calculation based on an 8% interest rate. This is because your debt should be decreasing as you repay it over time. The premiums you pay are guaranteed not to change unless you make changes to your plan. This type of cover is designed for example, for those that have a mortgage or loan that is expected to decrease over time. The decreasing cover amount for a mortgage or loan may not be enough to pay off all of the outstanding mortgage or loan. We recommend you keep the cover amount under review to ensure it still meets your requirements. 

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We cannot guarantee the cover amount you choose will cover all outstanding loans or costs that may still be left should the worst happen during the term period

Key Features

  • Premiums start from £1.25 a week.² We will give you your own quote based on your age, cover amount and answers to our health, lifestyle and family medical history questions
  • Choose a term period of between 5 and 40 years. The minimum expiry age is 23 and the maximum expiry age is 80
  • Choose a level of cover. The maximum cover amount is £500,000 although this is dependent on your age so could be lower.
  • Terminal illness cover is included. We will pay the cash lump sum early if you are diagnosed with a terminal illness, as defined under the plan¹
  • Our Funeral Payment Pledge – if your family needs money quickly to pay for a funeral, we may be able to pay out an early cash lump sum of up to £10,000 so they don’t have to worry about how they will find the money at an already upsetting and difficult time³
  • Choose which type of cover you would like: level or decreasing
  • Premiums are guaranteed to not go up unless you make a change to the policy
  • Choose a single life policy or a joint life
  • When you take out a policy there is no doctors report or medical tests. We can arrange cover over the phone in minutes once you have answered some health, lifestyle and family history questions

Important information you should read

  • Eligibility will depend on circumstances relating to your health, lifestyle and family medical history
  • It’s important you provide honest information at the time you make your application. When you buy a policy it is your responsibility to check your welcome pack and ensure the answer to each health and lifestyle question is complete and correct
  • The Life Insurance Promis pays out a cash lump sum to you if you are diagnosed with a terminal illness¹ or a loved one if you die before the plan ends. It is not a savings plan. Premiums are payable for the full term you choose, whilst any terminal illness claim for you or a joint policy holder is being assessed, or until you or a joint policy holder dies, or your plan is cancelled
  • You are not covered for suicide in the first year of any new policy or in the first year of any increase to a policy
  • In the future, your cover amount may not be enough as inflation will reduce its value. As a result, you may need to review and update the cover amount to ensure it continues to meet your needs
  • If you choose a Decreasing cover type for a mortgage or loan the cover amount may not be enough to pay off all the outstanding mortgage or loan
  • You can apply if you are permanently living in the UK (not including the Isle of Man or Channel Islands) and aged 18-70
  • 30 day money back guarantee – If you cancel within the first 30 days we will refund all premiums paid. If you cancel after the first 30 days, you won't get back any premiums paid and cover will cease

 

Get a quote today

We have a friendly team based in the UK who will be able to talk you through the Life Insurance Promis, answer any questions you might have and give you a free, no obligation quote. Call us today on 0800 061 2174 to help give you the peace of mind that your family and loved ones will have a cash payment when they may need it most. 

Below are some links to two important documents that you can read for further details on The Life Insurance Promis.

Key Features Document

Terms and Conditions

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1. Terminal Illness as defined in the Terms and Conditions document that can be found on our website by clicking here.

2. Premiums depend on age, cover and individual circumstances

 

 

3. If we approve a claim and Letters of Administration or a Grant of probate is the only extra document we need, we may be able to make an advanced payment directly to a UK funeral director.  The maximum payment made will be the agreed cost of the funeral, £10,000 or the claim amount, whichever is the lowest.  This advanced payment will be deducted from the claim amount with the remainder of the claim amount paid once we receive the outstanding paperwork.

The Funeral Protection Promis, the Over 50s Life Insurance Promis and the Life Insurance Promis are administered and underwritten by iptiQ Life S.A. UK Branch registered in England and Wales. Registration No: BR017015. Registered Office: 30 St Mary Axe, London EC3A 8EP. iptiQ Life S.A. is a public limited company (Société Anonyme) incorporated and registered in Luxembourg. Registered Office: 2, rue Edward Steichen, L-2540 Luxembourg. Grand-Duchy of Luxembourg. R.C.S. Luxembourg B 184281. Authorised and regulated by Le Commissariat aux Assurances. Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website. 

Promis Life © 2018. Funeral Protection Promis, Over 50s Life Insurance Promis and Life Insurance Promis are promoted by Global Life Distribution (UK) Limited trading as Promis Life, authorised and regulated by the Financial Conduct Authority number 629767. Registered office: The St Botolph Building, 138 Houndsditch, London EC3A 7AR

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