Scottish Provident: Pegasus Assurance Plan

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Provider: Scottish Provident Product: Pegasus Personal Assurance Plan ' Ultimate (Whole of Life)....

Provider: Scottish Provident

Product: Pegasus Personal Assurance Plan ' Ultimate (Whole of Life). A Pegasus Personal Assurance Plan is a regular premium unit-linked whole of life assurance plan suitable for providing protection for a policyholder and their family, or supplement cover on other plans.

The Ultimate Cover includes:

• Critical illness cover.

• Total permanent disability cover.

• Terminal illness cover.

• Life cover (optional).

• Child cover.

Product distributed through IFAs: Yes

Minimum acceptable age at commencement: 17

Maximum acceptable age at commencement: 60

Minimum policy term: N/A

Maximum policy term and/or expiry age: N/A

Minimum sum assured: No minimum

Maximum sum assured: Subject to underwriting.

Minimum acceptable monthly premium: £15

Minimum acceptable single premium: N/A

Premiums paid by direct debit: Yes

Premiums paid by cheque: Yes

Premiums paid by any other means: No

Premium amount can escalate automatically:

Only in line with indexation of sum assured. If required, premium alone can be increased although not automatically.

Monthly policy fee: £2.63pm

Number of unit-linked fund links available: There are three funds each with a different strategy and objectives ' safety, growth and opportunity. Premiums may be invested in one or more of the three funds available.

Number of free switches allowed per year: Two

Fund redirection allowed: Yes

Increase sum assured subject to underwriting: Scottish Provident may consider increases in cover, but these will be subject to normal underwriting at the time. Premiums will increase to pay for the extra cover, the increase being based on premium terms at the time.

Decrease sum assured subject to underwriting: The revised premium will depend on the premium terms at the time of the alteration.

Change lives assured after start date: Yes

Waiver of premium available: Yes

Age waiver cover ceases for a policyholder: 65

Waiver definition of disability:

• Own occupation.

• Suited occupations.

Waiver benefit amount indexed: Yes

Waiver benefit covers both lives: Yes

Joint life first claim basis available: The plan can be taken out jointly with someone else, normally a spouse or partner.

Joint life second claim basis available: No

Joint life with benefit payable on both first and second claim: Yes. Split sums assured.

Plan can be used for key person protection: No. However, a separate business assurance plan is available.

Plan can be used for partnership/shareholder protection: No. A separate business assurance plan is available.

Plan includes full life cover as an option: Yes

Plan available without life cover if required: Yes

Critical illness cover as a % of the life cover: 100% if life cover selected.

Automatic sum assured indexation available: Indexation options can be chosen at the start of the plan.

Sum assured indexation in line with RPI: Yes

Sum assured indexation in line with average earnings: Yes

Sum assured indexation in line with a fixed percentage: No

Guaranteed insurability option: Guaranteed insurability options allow the cover to be increased if certain events happen without providing any evidence of health.

Guaranteed insurability offered to standard rated cases only: Yes

Guaranteed insurability on marriage: Yes

Guaranteed insurability on childbirth or adoption: Yes

Guaranteed insurability on moving house/ increase in mortgage: Yes

Options available on retirement: Long term care option is available at age 65.

Hospital cash benefit available: No

Benefit can be paid in installments: The annual installment option allows the policyholder to take the amount due after a claim in yearly installments, payable in advance, rather than one lump sum.

Replacement/renewal option: The replacement cover option is only available for joint life plans.

If a claim is made for a life assured, either by death, critical illness or total permanent disability, a single life plan can be taken out on the life of the other life assured, without providing any further evidence of health.

Critical illness cover buy back: This option allows the policyholder, after a critical illness or total permanent disability claim has been paid, to apply for a new plan on the life of the same life assured, thus allowing further cover (before age 65).

The new plan will:

• Be on the life assured who claimed under the old plan.

• Be a term of 10 years.

• Pay a sum assured which is the lower of:

' 50% of the final claim amount paid under the old plan.

' £50,000.

• Need a yearly premium of £25.

• Provide a basic death benefit of £250.

• Cover claims if the life assured survives 14 days after being diagnosed with cancer, a heart attack or a stroke.

• Include child cover for a sum assured which is lower of:

' 50% of the final claim amount paid under the old plan.

' £20,000 (NB Scottish Provident provide continuous cover for children ' no break).

Long term care option: The long term care option allows the planholder to replace all existing cover under the plan with long term care cover for the same sum assured.

The following conditions are covered: Alzheimer's disease, dementia, Parkinson's disease, deafness, blindness and loss of independent existence.

The option can be taken up at any time after the later of:

' the first plan review date (normally after 10 years)

' the 65th birthday of the life assured (older life if joint life plan).

Regular income facility available: No

Non-smoker rates offered: Yes. A life insured is considered to be a smoker if they have smoked tobacco within the last 12 months.

Own doctor medical available: Yes

Free cover during underwriting: Yes ' some temporary limited free cover is given.

Notify change in occupation/pastimes after start date: No

Deferred period for own occupation total permanent disability: None

Total permanent disability linked to any occupation: Not available

Number of total permanent disability definitions available: Four. Becoming permanently disabled according to all the requirements of any one of the following four definitions:

• Own occupation.

• Work tasks.

• Life tasks.

• Mental incapacity.

Survival period for CIC claims (days): The ultimate cover pays a cash sum if the life assured (either life assured for a joint life plan) is diagnosed with a critical illness, or as being totally and permanently disabled, and survives 14 days (the survival period).

Number of additional critical conditions defined by ABI/IFAA: 13

IFAA core condition definitions used: Yes

Number of exclusions: Seven



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