Life Cover Flashcards
To cover all of Term Life and WOL insurance
What are the minimum and maximum terms for FTC?
Min- 5
Max- 70
What is the expiry age for FTC?
90
What is the maximum entry age for FTC?
74
What is the maximum benefit for Life cover?
£18 million, or £7.2 million on an indexed plan
What is the minimum benefit?
£10,000
Can a WOL policy be DTA?
No
What is Premium Step and on which plans is it available?
Only on WOL policies, 40% discount up front and a 2.5% increase annually
Can Premium Step be paired with Optimiser?
Yes, but not with indexation as well
Do you have to have specific qualifications to advise Lifestyle Care Cover?
No, because it is not a long-term care product, it just complements it
What is the cap amount for LCC?
£250,000
How many times will you be offered indexation at renewal before being put on a Level plan?
Three
What is the default decreasing rate on a Personal Protection Plan?
8% is default. An amount between 5-15% can be selected.
How many times can you adjust cover without underwriting with GIOs?
Three
What is the maximum increase to premiums with GIOs?
£150,000
What is Mortgage Free cover?
Cover in the interim of a mortgage going through, for a maximum of £300k, for up to 3 months
What are the two levels for Lifestyle Care Cover payouts?
Level 1- 20%
Level 2- 100%
What constitutes a Level One pay out for LCC?
Dementia, Alzheimers or Parkinsons diagnosis
What constitutes a Level Two pay out for LCC?
3/6 daily actions can’t be completed, confused state, severe stroke
What 3 ‘M’s provide reason to change your benefit under GIOs?
Marriage, motherhood and mortgage
What is Immediate Cover?
Being covered for Life or Life with SIC for up to £500k straight away if you’re under 50 and have no hazardous pursuits or occupations
What is the additional payment per month for Vitality Plus?
£4.75
Which type of plan is LCC included on?
WOL only
