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If you'd like to set up a new plan with us, please visit our Whole of Life page to find out more about the products available.
What is a reviewable Whole of Life plan?
A reviewable Whole of Life plan is designed to provide cover when you die or if you become seriously ill, depending on what you chose at the start. It can help support your time off work, pay off your mortgage or leave money behind to help with estate expenses like inheritance tax.
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Choose your initial cover and payments
You choose your level of cover at the start, and the cost is set for an initial period. After that, the cost is reviewed periodically and may increase significantly as you get older, depending on your plan.
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Regular plan reviews
The plan is reviewed at regular intervals. At each review, you may be offered options such as, increasing your payments to maintain the same level of cover, or keeping your payments the same but reducing your cover.
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Flexibility and suitability
It’s important you regularly review whether this plan is still right for you or whether a different plan would suit you better. Please remember that if your plan ends and your cover stops, you might find replacement cover more expensive. You could also find it difficult to obtain cover if your health has changed since you bought this plan.
Understanding your plan
What’s the difference between my plan value and my cover amount?
The plan value reflects the amount you might get if you were to cancel your plan. This is not intended to match the cover amount which we’ll pay if you die or become seriously ill. The cover amount is guaranteed only until the next review date.
Your plan is mainly for protection. This is not a savings plan and shouldn’t be used for investment purposes. The amount we pay, if any, when you cancel your plan may be far less than the amount you’ve paid in.
What cost and charges are included in my payments?
At review stage, depending on which option you choose, your plan might have an administration charge. This includes commission paid to your financial adviser. Commission is included because when you took out your plan, your financial adviser at the time provided you with advice.
The amount of administration charge and commission paid depends on how much your payment has increased, the type of cover you have, your age, and the term of your plan.
This charge isn’t an additional cost, it’s already included in your payments quoted.
If you have an active financial adviser and choose to increase your payment, commission will continue to be paid to them in respect of the initial advice.
If you no longer have a financial adviser on your plan, no commission will be paid but you may have to pay an administration charge. Your review letter will confirm if an administration charge applies.
My plan is unit linked, what does that mean?
Units are the currency used to pay for the cover provided by your plan.
A unit-linked plan means your payments are used to buy units in an investment fund. A fund is a collection of different investments.
The number of units is calculated by dividing your regular payment by the fund price.
Example:
Your monthly payment: £10
Today’s fund price: £5 per unit
Units you’ll get: 2
Your plan value can go up or down depending on the performance of these investments.
Managing your plan
Can I change the funds my plan is invested in?
If your plan is unit-linked, you may be able to switch funds. This depends on the terms and conditions of the plan.
If your plan’s not unit-linked, you won’t be able to choose or switch funds. Instead, we review your payments regularly to make sure they can maintain your cover.
We recommend reviewing your plan terms and conditions or speaking to a financial adviser to understand your options better.
Can I reduce my cover?
Yes, you can usually reduce your cover at any time. For example, if your financial circumstances have changed e.g. you've paid off your mortgage, you might not need as much cover. These changes can help reduce payments as you get older.
We recommend reviewing your plan terms and conditions or speaking to a financial adviser to understand your options better.
My health has changed. Will I struggle to find cover somewhere else?
If your plan ends and your cover has stopped, you might find it harder or more expensive to get new cover. This is especially true if your health has changed since you first took out the plan.
We recommend reviewing your plan terms and conditions or speaking to a financial adviser to understand your options better.
I can’t afford my payments right now, what are my options?
We understand that managing payments can be challenging, and we’re here to help you find the best solution.
You’ll be offered options at your next review. These may include:
- Keeping your payments the same but reducing your cover.
- Cancelling the plan.
We recommend reviewing your plan terms and conditions or speaking to a financial adviser to understand your options better.
For further support and resources, including how to find a financial adviser, please see the help and support section.
What happens if I stop making payments?
If you stop making payments, you won’t be charged any fees, but your cover will end. This means you’ll lose the protection your plan provides, so it’s important you explore your options.
If you wish to cancel, there may be a value payable to you but please keep in mind that this value will be less than your cover amount.
Depending on the terms of your plan, you might be able to catch up on missed payments.
We recommend reviewing your plan terms and conditions or speaking to a financial adviser to understand your options better.
I want to cancel, will there be a value to my plan?
Some plans won’t pay out if you cancel, but exceptions can apply, for plans that are unit-linked.
If you cancel your plan, your cover will end. This means you’ll lose the protection your plan provides, so it’s important you explore your options.
If you still wish to cancel, there may be a value payable to you but please keep in mind that this value will be less than your cover amount.
We recommend reviewing your plan terms and conditions or speaking to a financial adviser to understand your options better.