How does the plan work?
Your term assurance plan provides you with:
Life Cover
To pay out if you die or become eligible for Terminal Illness benefit, (for example, where life expectancy is less than 12 months) during the period of cover; whichever occurs first. (NOTE: Periods of months noted above may vary between Life assurance providers) .
Terminal Illness Cover
Where available this is included automatically, for plans with a term of two years or more at no extra cost. This pays the guaranteed sum immediately (instead of on death) if you are diagnosed as being terminally ill, with a life expectancy of less than 12 months. This cover does not apply during the last 18 months of the period of cover. Full details and conditions are provided in the individual Life assurance company literature.
You must pay all premiums due to keep your cover in force.
All cover is subject to terms and conditions which will be fully detailed in your policy document. Please also see "When will the plan not pay out?" section. In some cases we may need medical information before we agree to provide cover.
How long can the plan last?
You also decide how long you want the cover for. The term of the plan can be up to 40 years or more. *If one year term is chosen then the Terminal Illness Cover may not apply.
Who can the plan cover?
You can apply for the plan to cover:
You alone
You and another person, or
One or two people not including you
If the plan covers two people it will only pay out once. This would be when the first of you dies or becomes eligible for Terminal Illness benefit; whichever occurs first. The plan will then end and no further benefit will be paid.
How much does the policy pay out?
You decide how much benefit you would like this plan to pay out. The level of benefit and the period of cover you choose will determine your premium. The plan only pays out benefit once and then all cover ends.
The www.GoForCustomer.co.uk on-line quotations provide all the personal illustrations, key facts and key features documents to enable an informed choice of the period of cover, how much cover you have chosen, whether other additional benefits are included and your premium.
When will the plan not pay out?
- If you do not truthfully provide all the information we ask for on your application form or when you claim.
- If the policy has ceased due to non payment of premiums.
- If you commit suicide in the first 24 months of the plan. (Time period may vary, please check the individual Life assurance company literature)
Life assurance companies may apply specific exclusions when they accept your policy. These will be shown in your acceptance terms and policy schedule.
What other options are available?
Some of these benefits are optional such as Waiver of Premium Benefit and Indexation. If required, they must be chosen at the start of the plan and there may be an additional cost. For full details see the Life Assurance companies literature
Waiver of Payment Benefit
You can choose to include Waiver of Payment benefit. This benefit means that you do not have to pay your premiums if you cannot work for six months or more as a result of illness or injury. Although you must continue to pay your premiums at first, after 26 weeks incapacity the Life Assurance company will waive your premiums.
If you are not in gainful occupation, you do not have to pay your premiums after 26 weeks.
The Life Assurance company will determine whether you are eligible for Waiver of Premium Benefit and their terms an conditions of Waiver should be understood. These are available in their Technical guide.
The Life Assurance Company will continue to waive premiums until:
-you no longer qualify for waiver
-you reach the end of the policy term or maximum age for Waiver of Payment Benefit
-you die.
Whichever is the earliest.
Conversion Option
This option gives you the flexibility to convert your life cover later on into a Whole of Life Plan without providing any further medical evidence. There are a few restrictions.
Indexation
This helps your cover to keep up with inflation. The premiums and life cover increase in line with the Retail Price Index each year (up to 10% in any one year). This option is only available if your application is accepted at normal rates. If you choose to include the Indexation Option, the Life Assurance Company will offer you the opportunity to increase your cover regularly. If you decline the option at any time, it may not offer it again.
Your personal illustration shows whether any of the above options are included in your plan. Full details of these options are available in the attaching Technical Guides.
Can I increase the amount of cover later on?
Some Life Assurance Companies provide that you may increase the amount of cover later on without the need for further medical evidence up to certain limits. This is called a Guaranteed Insurability Option.
You can do this if:
-You get married or enter into a Civil Partnership.
-You become a parent.
-You increase your mortgage because you are moving home or extending your home.
If you are under the age limit when you apply and your application is accepted on normal rates, the Life Assurance Company will not ask any more medical questions and the rates at the time of the increase will apply. The limits which apply are set out in your policy document.
Will my payments ever go up?
Your premium is stated as guaranteed or reviewable.
This means that for Guaranteed:
Your monthly(or annual) payment will stay the same throughout the term of the plan.
For reviewable:
A schedule of premium rates is provided on the Personalised Illustration. Care should be taken with reviewable rates. Please ensure that any increase in premium is affordable now as well as in the future.
For all types of cover:
Your premium will also change if you:
-Increase the amount of cover
-Choose an Indexation option
-Exercise any Guaranteed Insurability Option
-Exercise any conversion option
What are the charges?
The premium payments shown in your illustration include all the costs of administration, underwriting, claims, commission and selling expenses.
What if I am not sure whether this product is suitable for me?
If you have any doubt about whether Life assurance is suitable for your circumstances, please read our "Find Out More" section from the "Life Assurance" tab on our home page.
How do I make a claim?
If you need to make a claim, please mail us at: info@goforcustomer.co.uk or contact us.
You may also contact your Life assurance provider direct.
When we receive notification of a claim we will send you a claim form to complete and return. You are likely to be asked to provide certificates or other evidence as required