Provider: Norwich Union (Age Concern) Product: Future Assured Plan ' Gold Cover Future Assure...
Provider: Norwich Union (Age Concern)
Product: Future Assured Plan ' Gold Cover
Future Assured Plan has been devised to help individuals and couples to plan for the changes that disability in old age can bring. Once a claim has been admitted, benefits are payable until death or recovery.
If changes in national or local law for long term care provision in your part of the UK mean that you and your financial adviser feel your Future Assured plan no longer meets your needs, Norwich Union will alter your plan to fit in with the new circumstances.
If you need a higher monthly care benefit Norwich Union will provide this without asking you for any evidence of your health as long as you pay the additional premiums needed.
If you need a lower monthly care benefit and if you are paying regular premiums, Norwich Union will reduce your future premiums to reflect the lower monthly care benefit. If you paid a single premium Norwich Union will refund part of the single premium. The refund will allow for the cover you have already had.
You are not limited to making only one alteration to your plan. If you do adjust it and circumstances change again later, this promise to you still holds good: you will be able to adjust your plan as many times as you need to do so.
Minimum age at entry for insured: 17
Maximum age at entry for insured: 80. There is no maximum for single premiums.
Minimum monthly premium: £20 a month
Minimum annual premium £: £200 a year
Minimum single premium: £3,000 single reduced to £500 where regular premiums are also paid.
Minimum additional single premium: £500 where regular premiums are also paid.
Maximum benefit amount: £3,333.34 each month (£40,000 each year). Plus up to 25% (of one year's benefit).
Independent living benefit: Reviewed regularly.
Benefits: Unable to perform two ADLs ' 100% of all benefits. Unable to perform one ADL ' independent living benefit. 100% of all benefits will become payable on the insured becoming mentally impaired.
Joint life plan basis: N/a
Discount for couples: Discount on premiums, for both plans, if two people living together make applications at the same time. Typically between 2% and 3%.
Plan can be written on a life of another basis: Yes
Monthly policy fee: There is no policy fee.
Number of years to first premium review: Regular premiums ' premiums will be reviewed after 10 years or when the client reaches the age of 70. Subsequent reviews will be every five years, yearly after the age of 70 and up to age 85.
Single premiums: First review after five years.
Subsequent yearly reviews: From anniversary after 69th birthday benefit provided by a single premium is guaranteed ' for age 65 at start of plan benefit is guaranteed (as 70 before first review).
Further reviews after 'x' years: Subsequent reviews every five years (yearly for single premium contract).
Annual reviews after age 70: Reviews undertaken annually after age 70. For single premium contract first review is after five years then subsequent reviews are annually up to anniversary before 69th birthday. From anniversary after 69th birthday, benefit provided by a single premium is guaranteed.
Rate guarantee after certain age: Regular premiums ' from anniversary on or before 85th birthday. Single premiums ' from anniversary after 69th birthday benefit provided by a single premium is guaranteed
Life cover available: Only for single premium plans. Separate temporary decreasing insurance plan for maximum of greater of five years or anniversary after age 70, with yearly reduction.
Waiver of premium benefit available: Yes
Surrender value available: N/a
Paid up value available: Yes. If regular premiums cease, the care benefit will be reduced. In the early years the plan may end with no value.
Automatic indexation of benefit amount: The benefit can increase each year in line with the increase in the Retail Prices Index if selected or the benefits can remain level (subject to reviews).
Benefit indexation in line with RPI: Yes ' minimum of 0%, maximum of 15%.
Benefit indexation in line with AEI: No
Benefit indexation in line with a fixed %: No
Indexation of premiums and benefits: Yes
Benefits in payment indexed: Yes, if chosen at outset
Indexation applies to paid up benefits: Yes
Increase sum assured allowed: Yes
Decrease sum assured: Premiums may be reduced at any time, subject to the then current minimum premium level. The cover will be reduced appropriately, taking into account the higher premiums paid previously.
Number of ADLs defined: Six
The insured shall be considered to be unable to perform an activity of daily living if:
a) They are unable to perform the activity even with the use of equipment.
b) They require the physical assistance of another person to perform the activity on most occasions.
ADL defined for bathing or washing: The ability to wash in the bath or shower (including getting into or out of the bath or shower).
ADL defined for eating or feeding: The ability to feed oneself once food has been prepared and made available.
ADL defined for dressing: The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances.
ADL defined for toileting: The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances, if appropriate.
ADL ' moving/mobility: The ability to move indoors from room to room.
ADL defined for transferring: The ability to move from a bed to a chair or wheelchair and vice versa.
ADL defined for continence: No
Definition for cognitive impairment: 'Mental impairment' means deterioration in or loss of mental capacity which:
a) Results from an identifiable organic cause.
b) Is evidenced by a deterioration in the insured's short and long-term memory, knowing who and where they are, the identity of others, an awareness of time and the ability to solve simple problems and make rational decisions.
c) Results in a need for continual care or supervision on most occasions.
In assessing mental impairment, the company shall have regard to the daily amount of supervision required by the insured, the period for which the insured can be left unsupervised and the results of such recognised tests of mental capacity and such other measures as it shall deem relevant from time to time.
Minimum number of ADLs for partial benefit: N/a
Number of ADLs for full benefit: Unable to perform two ADLs ' 100% of all benefits (full amount).
Deferred period for claims: There is a 90-day deferred period for claims, except for independent living devices.
Relapse benefit payable: Recurring disability. If disability recurs within 26 weeks of recovery from a previous claim under the policy, payments begin again immediately.
Assistive device long term care benefit:
Independent living benefit up to 25% of the annual benefit per annum.
Number of ADLs for assistive devices benefit:
Activity of daily living, benefit payment terms, duration ' benefits are payable until death or recovery (for example, no longer being disabled as defined above).
Specialised care services: Future Assured Plan helps to finance the care costs of long term disablement arising in old age. Benefits are not provided in cash form, but rather as specialised equipment and care services from registered care providers up to a specified benefit level.
Telephone helpline service available: Yes ' (Age Concern Helpline) open 24-hours a day.
Independent care consultant: Yes
