Provider: Legal & General Product: Protection Choices ' Family & Personal Income Plan Product d...
Provider: Legal & General
Product: Protection Choices ' Family & Personal Income Plan
Product distributed through IFAs: Yes
Minimum acceptance age at commencement:
17 attained
Maximum acceptance age at commencement: Maximum age at entry is 65, maximum age at end of benefit term is 70.
Minimum policy term: Five years
Maximum expiry age: 70 next birthday
Maximum term (years): 40 years
Minimum sum assured: None
Maximum sum assured: £350,000 monthly benefit.
Minimum acceptable monthly premium: £1.00
Minimum acceptable annual premium: £60 or £10.
Guaranteed premium rates: Yes ' if the indexation option has been selected premiums will increase in line with RPI each year.
Reviewable premium rates: No
Premiums paid by direct debit: Yes
Premiums paid by standing order or cash: No
Premiums paid by cheque: Yes, on a yearly basis.
Automatic sum assured indexation available: Option at outset.
Sum assured indexation in line with RPI: Yes ' benefit will increase each year with RPI. However, it will not increase more than 10% and no lower than 1%, and will increase at each policy anniversary. Benefits can be indexed annually both prior to and during a claim. Offered annually, if the life assured declines at any time, it will not be offered in the future.
Premium and sum assured indexed: Yes
Single life plan available: Yes
Joint life first death plan available: Yes ' when joint life is selected, benefit can be written to cover each life on a single life basis or joint life ' first event basis.
Joint life same sex plan available: Yes
Keyperson plan available: No
Monthly policy fee: None
Annual policy fee: N/a
Waiver of premium available: Yes. Initially a 26-week deferred period. This benefit protects premiums due to accident or sickness or disability preventing the life assured from following their normal occupation.
Waiver of premium deferred period: 26 weeks
Minimum age at entry to include waiver benefit: 17 attained
Maximum age at entry to include waiver benefit: 55
Age waiver cover ceases for a male/female policyholder: 60
Waiver of premium own occupation definition of disability: Yes.This will protect the premiums if the life assured is totally incapacitated from following their normal occupation because of illness or accident necessitating medical or surgical treatment. As long as the premiums have been paid up to date, then after six months incapacity and provided the assured is not following any other occupation, premiums will be waived until the life assured is fit to return to work, their 60th birthday or their death ' whichever is earlier.
Guaranteed insurability option: Yes ' automatically included. Guaranteed insurability entitles the policyholder to increase the level of cover, without the need for further medical evidence of health, upon the occurrence of certain events; marriage, the birth or adoption of a child, changing a mortgage because of moving or improving an existing home or an increase in salary.
Guaranteed insurability offered to standard rated cases only: Yes ' the option must be exercised before the life assured's 50th birthday. Each time this option is exercised the policyholder will be issued with a new plan for the additional amount of cover. The new plan will not contain the guaranteed insurability option and will be subject to the current terms applicable at that time.
Guaranteed insurability on marriage: Yes ' this option can only be exercised once up to a maximum increase of £350 per month. A copy of the marriage certificate is required.
Guaranteed insurability on moving house/ increase in mortgage: Yes ' this option can be used when increasing the mortgage amount because of moving house or making home improvements. If the option is exercised, the amount of increase will be limited on each occasion to £350 per month.
Critical illness benefit option: Yes ' this benefit will be paid if the life assured is diagnosed as suffering from one of the specified critical illnesses.
The critical illnesses covered are: Alzheimer's disease before age 65, angioplasty, aorta graft surgery, benign brain tumour, blindness, cancer (most malignant types), coma, coronary by-pass surgery, deafness, heart attack, heart valve replacement or repair, HIV/AIDS cover for medical staff and other specified groups, kidney failure, loss of limbs, loss of speech, major organ transplant, motor neurone disease before age 65, multiple sclerosis, paralysis/paraplegia, Parkinson's disease before age 65, permanent total disability (PTD), pre-senile dementia before age 65, stroke and third degree burns.
Permanent total disability included automatically: Yes ' if the life assured is not in any gainful occupation immediately before the onset of disability and suffers, through illness or accident, a mental or physical irreversible disability before their 65th birthday, which in the opinion of the chief medical officer of Legal & General, results in the life assured being permanently unable to perform, without the direct assistance of another person, four or more of the following functions:
i) mobility.
ii) continence.
iii) dressing or undressing self.
iv) washing and bathing self.
v) eating.
vi) toileting.
Permanent total disability benefit option: No
Sum assured in installments: Yes ' the life assured can choose to have the benefit paid as a capital installment option. After a claim is accepted, benefit will be paid monthly and will continue until the end of the term.
Increasing benefits will increase each year with the increase in the retail price index: Benefit will continue to increase while a claim is being paid.
Lump sum commutation available for family income benefit policies: Yes ' life benefit can be commuted and paid as a tax free lump sum.
Large case discount available: Yes
Sum assured over which discount applies: £1,500 per month benefit.
Maximum sum assured without private medical attendant's report: £300,000 up to age 35 based on a commuted sum.
Maximum sum assured without medical examiner's report: £500,000 up to age 35.
Maximum sum assured without an HIV test (single males): £200,000 up to age 60.
Maximum sum assured without an ECG test: N/S
Non smoker rates offered: Yes ' if the life assured does not smoke, premiums will be lower. The policyholder must not have smoked any tobacco products for at least 12 months at the time the policy starts. Tobacco products include cigarettes, cigars and pipes.
Own doctor medical available: Yes
Paramedical examination available: Yes
Special rates for 'preferred lives':No
Free accidental death cover during underwriting: Yes, for up to 30 days.
Total exclusions for all benefit types: 12
Excluding specified 'hazardous' activities: Subject to underwriting.
HIV/AIDS excluded: Excluded from CI, PTD, WOP if the claim is caused directly or indirectly from infection with HIV, or conditions due to AIDS. This exclusion will not apply to any claims under the third degree burns or loss of limbs definition.
Specified geographic areas excluded: The plan will remain in force if the policyholder lives or travels to the UK, EU, USA, Canada, Australia, New Zealand, Isle of Man or the Channel Islands. However, if the policyholder lives or travels to any other country for more than 12 months, the company reserves the right to decline a claim.
Pre-existing conditions excluded: Subject to underwriting.
