What additional benefits can be used to tailor a Personal Protection policy?
Waiver of premium
This keeps the policy in force during a long-term disability without you paying any further premiums.
Total and permanent disability benefit
This allows a benefit to be paid in cases of permanent disability. You can choose between three definitions of disability:
- being unable to work at your normal occupation
- being unable to work at all
- being unable to carry out some of the activities of everyday life
Please note that the first definition is not available on all occupations. You can find further details on this in our Definitions Guide, which is available from your financial adviser.
Are there factors which will stop the policy paying out?
Yes. These are known as exclusions, and they include areas such as drug abuse, failure to follow medical advice and the results of war or revolution. The particular exclusions which apply to any policy are detailed in the policy documents, so you should read these carefully.
What is included in critical illness protection?
The policy covers a specified list of critical illnesses and conditions, including most cancers, dementias, heart diseases, organ failures, strokes, loss of limbs or faculties and degenerative nerve diseases. However, the list is necessarily complex and so you should read it with our Definitions Guide.
What is the 'survival period'?
This is the 14 days between the diagnosis of critical illness and the day benefit becomes payable.
What do I have to pay?
The premium payments. The times when these are due are set out in the policy documents. You can make payments monthly or yearly, but they must be made by direct debit.
Premiums can be either guaranteed (they stay constant throughout the period of payments) or reviewable (they are adjusted every five years).
Please refer to the key features document for further details of what type of premium applies to which benefits.
What other charges are there?
All of the administration costs are included in the premium. There are no other fees or charges to pay.
What if I stop paying premiums?
If you stop paying premiums, your protection stops and you'll no longer be covered for any benefits. We won't refund any premiums. If you subsequently want to restart your policy, there may be additional charges or conditions.
Are benefits taxable?
Under current regulations, no tax will have to be paid on any of the benefits we pay you. However, tax rules do change from time to time. You should therefore get advice from a financial adviser.
Can I take out a policy then change my mind?
During the first 30 days of a policy, you have the right to cancel. If you do cancel the policy during this period, we'll refund all premiums paid.
Next steps
If you would like more information about mortgage protection, you should talk to a financial adviser.
Further information... Who should I talk to?
Speak to your financial adviser to find out more. If you don't have an adviser, the IFA Promotion Service or the Society of Financial Advisers can help you find one.