Provider: Scottish Equitable Product: Personal Protection. The policy gives a variety of benefi...
Provider: Scottish Equitable
Product: Personal Protection. The policy gives a variety of benefits and options from which the life assured can choose from to meet their personal protection needs. If these needs change after the policy has been set up, they can make changes to the policy as and when they need to. The main benefits are:
• Life protection.
• Critical illness protection.
• Life with critical illness protection.
• Family income benefit.
• Critical illness family income benefit.
• Life with critical illness family income benefit.
• Lifetime protection.
• Gift inter vivos.
• Income protection.
Minimum acceptable age at commencement: 18
Maximum acceptable age at commencement: 74. Where critical illness protection is not included the maximum age is 83 (82 if gift inter vivos is chosen).
Minimum policy term: 5 years. Where critical illness protection is not included the minimum term is one year. (Seven if gift inter vivos is chosen).
Maximum expiry age: Maximum term 50 years or to age 84 attained. Where lifetime protection is included the maximum expiry age is 99 (89 if gift inter vivos is chosen).
Maximum term (years): 50
Minimum acceptable monthly premium: £10 a month. Where critical illness protection is not included the minimum monthly premium is £5 a month.
Premiums paid by direct debit: Yes
Premiums paid by cheque: No
Life cover is offered as an option: Life cover is available as an optional main benefit or combined with critical illness benefits, for example, life with critical illness protection.
Plan available without full death cover: Yes
Amount paid on death: The sum assured will be paid on death where life cover is included.
Level critical illness benefit: Yes.
The following specified critical illnesses are covered:
• Alzheimer's disease.
• HIV or AIDS from a blood transfusion.
• Angioplasty.
• Kidney failure.
• Aorta graft surgery.
• Loss of limbs.
• Benign brain tumour.
• Loss of speech.
• Blindness.
• Major organ transplant.
• Cancer.
• Motor neurone disease.
• Coma.
• Multiple sclerosis.
• Coronary artery bypass surgery.
• Paralysis or paraplegia.
• Deafness.
• Parkinson's disease.
• Heart attack.
• Stroke.
• Heart valve replacement or repair.
• Terminal illness.
• HIV or AIDS as a result of a physical assault.
• Third degree burns.
• HIV or AIDS for named occupations.
Waiver of premium available: After the deferred period the life assured will not have to pay premiums for as long as they are disabled and they meet the definition of disability.
Waiver with 13 week/three-month deferred period: Yes
Waiver with 26 weeks/six-month deferred period: Yes
Mortgage interest waiver option: A combination of mortgage income protection and unemployment protection would ensure that mortgage interest payments are met.
Unemployment cover option: Unemployment waiver of premium is available. The life assured will not have to pay premiums for a maximum of 12 months after the deferred period of 30 days if:
• They have involuntarily stopped trading and their business is in the process of being wound up.
• Their business is in the hands of an insolvency practitioner.
• They are in a partnership which is in the process of being dissolved.
The benefit is only available for sole traders who meet the eligibility criteria (please see the personal protection technical guide.
Guaranteed insurability option: Yes. There are six option events on the personal protection menu:
• Birth or adoption of a dependent child.
• Marriage.
• Change of home, change of mortgage, home improvement or home extension.
• Change of career/promotion.
• Increase in partner/directors interest of key person's value.
• Sole trader.
Guaranteed insurability includes life cover and critical illness: Yes
Critical illness cover as a percentage of life cover: 100% accelerated where life with critical illness protection chosen.
Guaranteed rates available: The policyholder can select from guaranteed or reviewable premiums. Each of the main benefits can have a different 'rate type.'
Survival period for CIC claims (days): Critical illness benefit will be paid if the life assured is diagnosed with one of the specified critical illnesses before the expiry date of the benefit and lives beyond the survival period of 14 days.
Guaranteed rates available: The policyholder can select from guaranteed or reviewable premiums. Each of the main benefits can have a different rate type.
Number of other conditions covered: 10
Number of permanent total disability (PTD) definitions available: Three
PTD linked to own occupation: Own occupation definition. The life assured has been unable to carry out their occupation because of permanent and total disability lasting for a continuous period of six months and is and will continue to be unable to carry out that occupation.
After age 60 the definition in all cases changes to 'activities of daily living'.
Deferred period for own occupation PTD: Six months
Maximum age for own definition TPD: 60
PTD linked to any occupation: Any occupation definition. The life assured has been unable to carry out any occupation for which they are paid due to permanent and total disability lasting for a continuous period of six months and there is and will continue to be no paid occupation of any kind at all which they are able to carry out.
After age 60 the definition in all cases changes to 'activities of daily living.'
Deferred period for any occupation PTD: Six months
Maximum age for any definition PTD: 60
Total permanent disability linked to any suited occupation: Not available
Deferred period for any suited occupation PTD: Not applicable
Maximum age for any suited PTD: Not applicable
PTD linked to activities of daily living: Activities of daily living definition:
The life assured has been unable to carry out any three of the five activities of daily living due to permanent and total disability lasting for a continuous period of six months and is and will continue to be unable to perform any three of these activities.
