Simplified Life Insurance

Here are some of the features of simplified life insurance.

Premiums starting at £5 a month for level life Insurance and decreasing life insurance.
Find out more about Simplified Life Insurance (pdf) and how you can get from quote to cover in just fifteen minutes.
Faster, simpler application process, to help you overcome time objections.
Regular updates on application progress from your dedicated case owner.

For further information, please read our Simplified Life Key Features (pdf) document.

Here are some of the facts you need to know about simplified life insurance:

Criteria	Min/Max	Detail	Notes
Age Limits	Min age	18	The plan cannot run beyond your client’s 70^th birthday. Plans can be taken out individually or jointly but the cash sum is payable on the first claim only.
Term	Min term	3 yrs
Term	Max term	None	The maximum term depends on the client's age when they take out the policy. All plans must end before the client’s 70th birthday.
Payment Limits	Min payment to start plan	£5	Payments must be made monthly, by direct debit.
Maximum Cover		£500,000	Maximum depends on age attained at outset: 18 - 49 - £500,000 50 - 54 - £300,000 55 - 59 - £200,000 60 - 66 - £100,000 If a joint life policy, the maximum sum assured is based on the older life.

Charges

There are no additional charges for clients to pay. All charges for level life insurance and decreasing life insurance cover are included within a client’s monthly payments.

Here is some information to help you to decide if Simplified Life Insurance is right for your client.

Level

Designed for clients who	Not designed for clients who
Want to protect against the financial consequences of death for a defined term (could be personal reasons) Have financial dependants Have creditors Anticipate IHT liabilities	Want an investment-linked arrangement Want protection for the whole of their life Want a cash-in value Want a Simplified Life Insurance amount that decreases over the term of the plan Want a critical illness option Want more than £500,000 cover Want Partnership/Share Protection arrangements where a trust is required
Level of cover required Existing levels of cover State of health Financial liability assessment Dependants	Self-insurance (existing assets) Term Assurance

Designed for clients who

Not designed for clients who

Want to protect against the financial consequences of death for a defined term (could be personal reasons)
Have financial dependants
Have creditors
Anticipate IHT liabilities

Want an investment-linked arrangement
Want protection for the whole of their life
Want a cash-in value
Want a Simplified Life Insurance amount that decreases over the term of the plan
Want a critical illness option
Want more than £500,000 cover
Want Partnership/Share Protection arrangements where a trust is required

Key considerations

Possible alternatives

Level of cover required
Existing levels of cover
State of health
Financial liability assessment
Dependants

Self-insurance (existing assets)
Term Assurance

Decreasing

Designed for clients who	Not designed for clients who
Want to protect a capital repayment mortgage or loan for a specific period of time. Have financial dependants Have creditors	Want sum assured to remain constant during plan Want protection for whole of their life Want an investment-linked arrangement Want cash-in value Want a critical illness option Want more than £500,000 cover
Level of cover required Existing levels of cover State of health Financial liability assessment Dependants Type of mortgage/type of loan Rate at which mortgage reduces and policy reduces What level of flexibility required Trusts Cost – decreasing cover plan likely to be cheaper than level cover	Self-insurance (existing assets) Mortgage Life Insurance

Designed for clients who

Not designed for clients who

Want to protect a capital repayment mortgage or loan for a specific period of time.
Have financial dependants
Have creditors

Want sum assured to remain constant during plan
Want protection for whole of their life
Want an investment-linked arrangement
Want cash-in value
Want a critical illness option
Want more than £500,000 cover

Key considerations

Possible alternatives

Level of cover required
Existing levels of cover
State of health
Financial liability assessment
Dependants
Type of mortgage/type of loan
Rate at which mortgage reduces and policy reduces
What level of flexibility required
Trusts
Cost – decreasing cover plan likely to be cheaper than level cover

Self-insurance (existing assets)
Mortgage Life Insurance

Here are some examples of the support we offer you and your clients on simplified life insurance:

Secure Services

Quote / Illustrations online
Apply online
Retrieve quotes and applications
New business tracking

Contact us

We have a wide range of support staff available to help you. View our contact details to find the right number that meets your needs.

Simplified Life Insurance

Features

Facts

Figures

Clients

Support

Charges

Level

Decreasing

Secure Services

Contact us

Related links

Related documents