Protect+ Flashcards

1
Q

Protect+ includes what cover for clients?

A

Protect plus is the umbrella name for all of the below covers.

Life
Critical illness
Life and critical illness
Income protection

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2
Q

What is the plan fee and if a customer takes out more than one type of cover with Friends Life, how many plan fees are payable?

A

Plan fees are charged by most insurance companies however are normally included in the premium, Friends Life states there’s separately.

The fee is £3.30 per month regardless of how many types of cover the client takes out.

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3
Q

How do direct debits work for the FrIends Life plans?

A

First payment is collected 14 days from the start of cover. The client can amend this to a date more convenient that’s within 15 days either side of the original direct debit date.

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4
Q

Can cover be changed?

A

Yes, covers can be added or removed and the amount of cover can be amended subject to underwriting.

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5
Q

What is the terminal illness condition with Protect+

A

Only available on life cover or CIC with life. Payed out on Death or diagnosis of a terminal illness that is expected to cause death within 12 months.

Lump sum is only payable once at either diagnosis or on death, the cover will then end. This applies whether the cover is set up as joint or single policy

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6
Q

How does accidental death benefit work?

A

Pays the lower of the sum assured or £500,000 on the accidental death of the applicant if they die between making the application and the policy being accepted up to a maximum of 90 days.

Customer must be under 55 years of age to be covered.

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7
Q

How does free cover work?

A

Applicants that have been accepted at or below 1 and a half times standard rates for life or CIC to protect a mortgage to purchase or improve the main residence. Available for 90 days from offer acceptance but only commences on exchange of contracts or on commencement of home improvements.

Must be under 55, and pays lower of sum insured or £350,000 on CIC or 500,000 on death.

Free cover ends on completion of contract.

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8
Q

Guaranteed premiums

A

If the premiums are guaranteed then they will not change during the entire term of cover unless the customer makes any changes or has taken the indexation option.

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9
Q

Reviewable premiums

A

Reviewed every fifth anniversary of cover starting.

Can go up or down.

Customer can opt to decrease cover rather than pay the increase in premium.

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10
Q

Indexation

A

Based on RPI increasing the sum insured.

Premiums will increase at a higher rate to take into account customers age and length to run on the policy.

Any increase can be cancelled in writing within 30 days of the increase and will not be increased again.

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11
Q

How does premium waiver work?

A

Only available on Life, CIC and Life with CIC.

Premiums will be waived after three months deferred period where incapacity prevents them doing their own occupation.

If not in paid employment then premiums will be waived if they can’t carry out three or more of the following key activities;
Shopping, cooking, housework, handling money, taking medicine, child minding.

Waiver will end if they can go back to work or can do three or more of the above key activities, or their 70th birthday for CIC or 65 for Life only.

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12
Q

How does fracture cover work?

A

Can claim for one fracture per year even if multiple fractures are suffered.

Cost is £2.00 per person per month and can be added to any friend life policy.

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13
Q

Global treatment/ Best Doctors

A

Can be added to any CIC, Life, Income Protection policy.

£4.00 per person per month to cover that person and children up to age of 18 or 23 if still in full time education.

Provides a second opinion on diagnosis and course of treatment.

Cost of travel accommodation and medical expenses if treatment needs to be done abroad up to a max of £1 million in a 12 month period limited to £2 million over the entire term of the policy.

Pays £100 per day of hospitalisation outside of the U.K. Up to max of 60 days.

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