Provider: NDF Administration Product: Home Protect ' Home Protect provides a choice of: • Life...
Provider: NDF Administration
Product: Home Protect ' Home Protect provides a choice of:
• Life and accelerated critical illness cover.
• Stand alone critical illness cover.
• Childrens critical illness cover.
• Plan subscription cover (waiver of premium).
• Mortgage interest payment cover/mortgage repayment.
• Cover/specific income protection cover.
• Plan subscription/mortgage interest payment cover/mortgage.
• Repayment cover/specific unemployment insurance.
• Buildings and contents insurance.
Life, critical illness and income protection benefits are provided by Prudential, unemployment cover is provided by Hamilton, insurance company and buildings and contents insurance are provided by Teachers Assurance Company.
To take out the plan a minimum of £10,000 life cover is required.
Does the provider provide access to online literature: Yes
Does the plan allow life cover plus critical illness: Life and terminal illness cover can be effected in conjunction with stand alone critical illness cover.
Does the plan allow life cover with accelerated critical illness cover: Combined Life with critical illness insurance is available subject to a minimum life assurance sum assured of £10,000. Stand alone critical illness version Home Protect requires a minimum £10,000 life assurance cover.
Is accident sickness unemployment benefit offered as part of the plan:
Unemployment insurance is available with a choice of:
• Plan subscription cover.
• Mortgage interest payment cover.
• Mortgage repayment cover.
• Specific cover.
Minimum acceptable age attained at commencement: 18 for all benefits.
Maximum acceptable age at commencement: The maximum age attained at outset is 59 attained (60 next birthday).
Maximum expiry age: The maximum age attained at expiry is 70 next birthday. Unemployment insurance will cease at age 65.
Minimum policy term: 10 years.
Maximum term (yrs): 40 years or to age 70 if earlier.
Minimum sum assured: There is no minimum critical illness benefit, however where life assurance is included this must be at least £10,000.
Maximum sum assured: Unlimited (other than restrictions imposed by financial underwriting).
Minimum acceptable monthly premium: The minimum subscription is £1.50 per month. There is no minimum amount for increases in insurance and subscriptions.
Loyalty discount: Loyalty discounts may apply from year two in respect of life and health for instance critical illness and/or sickness and accident), insurance subscriptions (before the addition of the plan charges) and year five in respect of unemployment, buildings and contents insurance subscriptions, provided such Insurance has been in force for at least four years.
In years two to six the life and health discount will fluctuate dependent on age sex and level of cover.
Premiums paid by direct debit: Subscriptions must be paid monthly by direct debit.
Life cover is offered as an option: Home Protect requires a minimum £10,000 life assurance cover.
Plan can include level benefit: Life cover and critical illness can be arranged on a level basis.
Plan can include decreasing benefit:
Decreasing cover means insurance under which the sum assured decreases each year such that the amount payable is equal to the amount outstanding on a hypothetical repayment mortgage equal to the initial sum assured taken out at commencement for the term of the plan and at a variable interest rate that fluctuates from time to time and which is equal to the Halifax variable rate 1 plus 0.5% (subject to a maximum of 12% per year).
In the event that the Halifax variable rate 1 exceeds the Bank of England base rate by more than 2% the right is reserved to substitute either;
i) a similar mortgage lending rate from a similar mortgage lender where that rate does not exceed the Bank of England Base Rate by more than 2%, or
ii) the Bank of England base rate plus 2%, instead of the Halifax variable rate 1.
Critical illness cover as a % of life cover: The plan allows the proposer to choose the precise amounts of insurance to fit in with their existing insurances (subject to a minimum of £10,000 life insurance).
Level critical illness benefit: Critical Illness cover can be arranged on a level basis.
Waiver of premium available: Plan subscription cover ' This benefit is provided by Prudential and provides a choice of deferred periods. Benefits will be paid for the duration of the disability until the expiration of the plan term or until age 65 if earlier. Alternatively, budget version enables benefits to be paid up to a maximum of two years.
Waiver deferred period: A choice of deferred periods is available of four weeks, 13 weeks or 26 weeks.
Waiver definition of disability: For class one and two occupations the definition is:
The insured is totally unable to carry out the material and substantial duties of their usual occupation; and is not following any other occupation for profit or reward.
Does the plan offer an own occupation definition of disability
For class one and two occupations the definition is;
n The insured is totally unable to carry out the material and substantial duties of their usual occupation; and is not following any other occupation for profit or reward.
Does the plan offer an own or suited occupation definition: For class three occupations the definition is:
n The insured is totally unable to carry out the material and substantial duties of their usual occupation and to carry out any occupation for which they are reasonably suited by training, education or experience and is not following any other occupation for profit or reward.
For class four occupations the definition is:
The insured is totally unable to perform three out of six work tasks. The six work tasks are:
• Walking ' the ability to walk 200 metres on a level surface with a stick or other aid without stopping or severe discomfort.
• Lifting ' the ability to pick up 1kg from table height and carry it for 5 metres:
• Using a pen/pencil/keyboard - the ability to use a pen, pencil or keyboard with either hand or any aids.
• Hearing - the ability to hear well enough to understand someone speaking a common language in a normal voice in a quiet room with a hearing aid.
• Speech 'the ability to be understood in a common language in a quiet room.
• Vision - the ability to see well enough to read 16 point print using spectacles or other aids.
For insureds not engaged in a full-time remunerative occupation immediately prior to the commencement of disability, the definition is:
The insured is totally unable to perform three out of the six life tasks:
The six life tasks are:
• Washing ' the ability to wash in the bath or shower (including getting into and out of the bath and shower) such that an adequate level of personal hygiene can be maintained.
• Dressing ' the ability to put on, take off, secure and unfasten all necessary garments and any medically necessary braces, artificial limbs or other surgical appliances.
• Transferring ' the ability to move from a bed to an upright chair or wheelchair, and vice versa and to get on or off a toilet or commode.
• Mobility ' the ability to move from one room to another on a level surface.
• Continence ' the ability to manage bowel and bladder functions such that an adequate level of personal hygiene can be maintained.
• Feeding ' the ability to feed oneself once food and drink have been prepared and made available.
Waiver benefit covers both lives: Two individual plans can be arranged.
Does the plan offer income protection as a rider benefit:
Income protection can be arranged on three bases:
• Mortgage interest payment cover ' to cover the mortgage interest amount which is variable and calculated monthly.
• Mortgage repayment cover - the mortgage repayment amount which is variable and calculated monthly.
• Specific cover ' the monthly specific cover amount.
Unemployment cover option: Unemployment insurance -
the policy is underwritten by Hamilton Insurance Company. The policy can be arranged on a choice of bases.
•Plan subscription cover.
• Mortgage interest payment cover.
•Mortgage repayment cover
•Specific cover.
Benefit is paid for one year.
Deferred period for unemployment benefit: The period before Unemployment commences can be one or three months.
Maximum unemployment benefit insurable: The maximum monthly benefit payable to any insured is £2,000.
Increase term after start date other than by insurability:
The plan term can be changed at any time subject to the minimum and maximum limits and the normal underwriting process.
Guaranteed insurability option: Guaranteed insurability is available on:
• Home purchase (or house improvement).
• Marriage.
• Birth/adoption of child.
Non smoker rates offered: Non -smoker defined as a person who has not used any tobacco products for the last 12 months.
Free life insurance: For plans taken out in conjunction with a mortgage, provided the insured has answered 'no' to all the health and other information questions and does not take part in any hazardous occupations or sporting activities and subject to the insurer's agreement, life insurance for the maximum amount of £150,000 (or the sum assured if less) will be granted free of charge on the date of receipt of the application form until a declinature notice is issued, the mortgage completes, or the expiration of 90 days whichever is sooner.
Weblink: www.homeprotect-uk.com
