Provider: UnumProvident Product: Elixia 123 Standalone critical illness term product. Availabl...
Provider: UnumProvident
Product: Elixia 123
Standalone critical illness term product. Available in increasing/decreasing and level terms. The product divides illness types into three categories depending on severity: life threatening, disabling or traumatic. It is then possible to choose different levels of cover for each category to suit client needs.
Minimum acceptable age at commencement: 16
Maximum acceptable age at commencement: 64
Minimum policy term: Five years
Maximum expiry age: 70
Maximum term (yrs): 53
Minimum sum assured: No minimum
Maximum sum assured: Total maximum sum assured at standard terms, £1,000,000. Maximum sum assured is £2,000 000 on terms available on request.
Minimum acceptable monthly premium: £10 a month.
Monthly policy fee: £4.20 a month or £48 yearly.
Policy fee indexed automatically: No
Amount paid on death: None
Level critical illness benefit: Yes
Decreasing critical illness benefit: Yes
Increase term after start date: Yes
Decrease term after start date: No
Increase sum assured subject to underwriting: Yes
Decrease sum assured subject to underwriting: Yes
Waiver of premium available: Yes
Waiver with 26 weeks/six month deferred period: Six months only.
Minimum age at entry to include waiver benefit: 16 attained
Maximum age at entry to include waiver benefit: 55 attained
Age waiver cover ceases for a male policyholder: WOP ceases at age 70.
Age waiver cover ceases for a female policyholder: WOP ceases at age 70.
Cost of including waiver benefit %: 3%
Waiver benefit amount indexed: Yes
Joint life first claim basis available: No ' joint life plans are administered as two single life plans with reduced policy fee
Plan can be used for keyperson protection: Yes
Plan can be used for partnership/shareholder protection: Yes
Automatic sum assured indexation available: Yes
Sum assured indexation in line with RPI: Yes
Sum assured indexation in line with average earnings: No
Sum assured indexation in line with a fixed percentage: No
Guaranteed insurability option: Ability to increase cover without underwriting for certain life events:
• This must be effected before the 55th birthday and within three months of life event.
• Events include marriage, birth or legal adoption of a child, increasing mortgage (to move or for home improvements), or an increase in a share of a business.
• Benefit may be increased by up to 50% on each special event, subject to an overall maximum of £50,000 for any category.
• Cumulative maximum increase for all GIO's (100% of the original benefit amount but no more than £150,000).
• GIOs cannot be exercised during waiver claim or if any CI event has been paid.
Guaranteed insurability includes life cover and critical illness: No ' critical illness only
Guaranteed insurability on marriage: Yes ' maximum increase the lower of £50,000 and 50% of original benefit.
Guaranteed insurability on childbirth or adoption: Yes ' maximum increase the lower of £25,000 and 25% of original benefit.
Guaranteed insurability on moving house/increase in mortgage: Yes ' maximum increase the lower of £50,000 and 50% of original benefit.
Guaranteed insurability on increase in business liabilities: Yes ' maximum increase the lower of £50,000 and 50% of original benefit.
Number of years before the first premium review: Five years
Subsequent premium reviews every 'x' years: After five years premium reviews can be anytime.
Annual reviews after a certain age: N/A
Non smoker rates offered: Yes
Own doctor medical available: Yes
Paramedical examination available: Yes
Free cover during underwriting: Yes
Insurer pays for cost of obtaining underwriting evidence: Yes
Insurer pays for cost of claims evidence: Yes
Notify change in occupation/pastimes after start date: No ' unless an increase in sum assured is required
Number of core critical conditions as defined by ABI/IFAA: Seven core critical illnesses covered. The critical illness events are divided into three categories according to their relative severity and likely impact on lifestyle: Life threatening: Conditions that may significantly reduce life expectancy and probably result in major lifestyle changes. Disabling: Conditions that may have a significant impact on lifestyle and may have some impact on life expectancy. Traumatic: Conditions that are traumatic and, although not expected to significantly reduce life expectancy, may possibly result in changes to lifestyle.
The level of cover for each category can be selected.
Cancer: category one and three
Coronary artery bypass surgery: category three
Heart attack: category one and three
Kidney failure: category one
Major organ transplant: category one
Multiple sclerosis: category two
Stroke: category one and three
Number of ABI/IFAA additional conditions covered: Nine additions are covered:
Aorta graft surgery: category three
Benign brain tumour: category three
Blindness: category two
Coma: category three
Deafness: category two
Heart valve replacement or repair: category three
Loss of limb: category two
Loss of speech: category two
Motor neurone disease: category two
Paralysis/paraplegia: category two
Parkinson's disease: category two
Terminal illness: category one
The benefit amount for category one is paid if, as a result of suffering any event as defined in either category two or category three, a rapidly progressing, incurable disease is suffered, which on balance of probabilities will lead to death within 12 months. The opinion must be confirmed by an appropriate independent specialist.
Third degree burns: category two
Number of other conditions covered:
Chronic emphysema: category one
Balloon valvuloplasty: category three
Mastectomy following diagnosis of carcinoma in situ of the breast: category three
AIDS blood transfusion: category two
AIDS occupation: category two
Alzheimer's disease: category two
Angioplasty: category three
The undergoing of any interventional technique, on the advice of a consultant cardiologist involving the use of transluminal coronary catheters to correct significant stenosis of at least 50% diameter narrowing of two or more coronary arteries as part of a single procedure.
Children's benefit: Included automatically.
This will pay out 25% of the benefit amount under the relevant category, with a maximum payout of £25,000 per child. All CI events are covered except total permanent disability and loss of independent existence. Congenital conditions, and conditions which existed before the plan was taken out, are not covered.
Creutzfeldt-Jakob disease: category one
Liver failure: category one
Loss of independence: category two
Major head trauma: category two
Open heart surgery: category three
Pre-senile dementia: category two
No. of total permanent disability definitions available: There are two definitions available: Own occupation or ADLs (three out of nine fails)
Survival period for CIC claims (days): 14 days
