Flexible Protection Flexible Protection Plan Plan

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1 Flexible Protection Flexible Protection Plan Plan Key features of the Flexible Protection Plan (online quotation version) The Financial Services Authority is the independent financial services regulator. It requires us, LV=, to give you this important information to help you to decide whether our Flexible Protection Plan is right for you. You should read this document carefully so that you understand what you are buying, and then keep it in a safe place for future reference.

2 Key Features of the Flexible Protection Plan (online quotation version) In this booklet we try to help you by giving you the Key Features of our Flexible Protection Plan (online quotation version). It doesn t contain the full terms and conditions, which you ll find in the Policy Conditions for each of the policies available within our Flexible Protection Plan. The Flexible Protection Plan is underwritten by Liverpool Victoria Friendly Society Limited, which is part of LV=. What is the Flexible Protection Plan (online quotation version)? Our Flexible Protection Plan allows you to pick and choose different life and health insurance policies, and include them all within one plan. You can choose from: n Life Protection n Combined Life and Critical Illness Protection This Key Features document only provides information on the different policies, and their features and benefits which are available through our online quotation system. Our Flexible Protection Plan does offer some other policies and other benefits and features, which aren t currently available through our online quotation system. If you re interested in any of the other policies, and would like more information about them, please speak to a financial adviser. 2

3 Contents Section Page Your Flexible Protection Plan (online quotation version) 4 Questions and answers Life Protection 6 Questions and answers Combined Life and Critical Illness Protection 9 Questions and answers Waiver of Premium 16 Further Information 19 How to use this document Our Flexible Protection Plan allows you to pick and choose different life and health insurance policies, and include them all within one plan. This document only provides the Key Features for all the policies and different types of cover available through our online quotation system. Whatever policy and type of cover you apply for it s important that you read sections titled Your Flexible Protection Plan (online quotation version) and the section titled Further Information, as these sections give you information that applies to all the polices within our Flexible Protection Plan. Depending on the policy and type of cover you choose you ll need to read one or more of the sections in this document. These will be shown on your quotation although they ll show under a different description. The table below will help direct you to the section that relates to the cover shown on your quotation. It also shows which policy conditions to read for the quotations you ve chosen. For example if you chose to apply for Level Term Life Insurance you ll need to read the section titled Your Flexible Protection Plan the section Questions and Answers Life Protection (in green) and then the section Further Information. Cover shown on your quotation Level Term Life Insurance (this is level life cover only) Mortgage Protection Life Insurance (this is decreasing life cover only) Level Term Life Insurance with Critical Illness (this is level life cover including critical illness cover) Mortgage Protection Life Insurance with Critical Illness (this is decreasing life cover including critical illness cover) Waiver of Premium Section to read Colour code Policy Conditions Questions & Answers Life Protection Questions & Answers Life Protection Questions & Answers Combined Life and Critical Illness Protection Questions & Answers Combined Life and Critical Illness Protection Questions & Answers Waiver of Premium Green Green Orange Orange Blue Life Protection Policy Conditions Life Protection Policy Conditions Combined Life and & Critical Illness Policy Conditions Combined Life and & Critical Illness Policy Conditions Waiver of Premium Policy Conditions 3

4 Your Flexible Protection Plan (online quotation version) Its aims n To help protect you and your family against financial impact of death, and diagnosis of a specified critical illness, all in one plan. n To provide you with the flexibility to choose different types of policy for different amounts of cover and for different terms all within the same overall plan. Your commitment To meet your commitment under this plan you need to: n Choose the type and amount of cover you need. n Choose how long you need the cover for. n Pay your premiums each month by Direct Debit. n Answer all the questions when you apply carefully and to the best of your knowledge and belief. If you re insuring two people, you ll both need to do this. n Tell us if there s any change to the information given when you apply, or to any of the supporting documents provided, between the date your application was completed, and the date your policy starts. 4

5 Risks n If you don t tell us everything we ask for when you apply, or you don t tell us that the information given has changed before your plan starts, we may cancel it, or may not pay a claim. n If you stop paying premiums, your plan will stop after 60 days. This means you won t be covered. n If you choose level cover, your cover is fixed when your policy starts and doesn t change. This means it won t keep up with the rising cost of living (inflation) and will mean the lump sum we pay out on a claim will buy less in the future. n If you ve taken out any of the policies to cover a loan or a mortgage, it isn t guaranteed to pay off all of the outstanding balance in the event of a claim. n Although you re covered wherever you are in the world, if you re diagnosed with a critical illness, we will only pay a claim if that diagnosis has been confirmed by a doctor who practices in one of a certain number of countries. The list of countries can be found in Section A1 of the Policy Conditions. n For combined life and critical illness protection you re only covered for the critical illnesses covered by the policy. If you re diagnosed with any other illness or have an operation that isn t covered under the policy, then we won t pay a claim. n For combined life and critical illness protection if you re diagnosed with a critical illness, and then die within 14 days of the diagnosis, then we won t pay a critical illness claim. n For life protection if you re diagnosed with a terminal illness in the last 12 months of your policy we won t pay a terminal illness claim. n If the Government changes the tax treatment of protection products like our Flexible Protection Plan, the amount of cover paid out on a claim could change. WARNING This plan has no cash-in value at any time. IMPORTANT: When you apply for this policy, it s vital that you answer all of the questions we ask you in the application honestly and in full. We ll cancel your policy if you act fraudulently, or deliberately provide untrue, inaccurate or misleading information, when you apply for the policy or when making a claim. We may also cancel your policy, or may not pay the amount of your cover in full, if had you answered all of the questions we asked you honestly and in full, it would have led us to a different decision about the amount of your cover. If you re insuring someone else, this also applies to any part of the application that they complete. If we cancel your policy you re not entitled to a refund of the premiums you ve paid. 5

6 Life Protection Questions & Answers Life Protection What am I covered for? Life Protection is designed to provide a one-off lump sum payment if you die, or are diagnosed with a terminal illness, before the end date of your policy. The cash could be used to help pay off a mortgage or provide a lump sum to ease the financial worries for your family. You can insure two people under one policy. If you do, the policy will pay out if either person dies or is diagnosed with a terminal illness before the end of the policy. This policy will only pay out once. If there are two people insured, when a claim has been paid for one person, the policy ends, and the other person is no longer covered. If there are two people insured and they both die at the same time the older person is assumed to have died first. What is a terminal illness? This is an incurable illness, where in the opinion of an attending medical consultant and our Chief Medical Officer, you wouldn t be expected to live for more than 12 months. Is there anything I m not covered for? Yes. Life Protection will always pay out if you die before your policy ends. However it won t pay out on a terminal illness claim if you re diagnosed with a terminal illness in the last 12 months of your policy. More details can be found in the Life Protection Policy Conditions, Section A1. You re covered if you die anywhere in the world. However if you re diagnosed with a terminal illness, we ll need this diagnosis confirmed by a doctor who practices in one of a certain number of countries. We ve explained this is more detail in the Life Protection Policy Conditions, Section A1. If you ve taken this policy out to protect a loan or a mortgage, and have chosen decreasing cover, then the amount we pay out if you die, or are diagnosed with a terminal illness, is not guaranteed to repay the mortgage or loan in full. More details on this can be found in the Life Protection Policy Conditions, Section A2(c). Can I apply? To apply for Life Protection, when your policy starts: n you must be permanently living in the UK and n aged 17 to 79. If you re applying for a joint life policy, then both of you must meet these requirements. 6

7 Life Protection What types of cover can I choose? You can choose: Level cover (We call this level term life insurance) This means the amount of cover and the premium you pay is fixed when your policy starts, and doesn t change. This means it won t keep up with inflation, and will be worth less in the future. Decreasing cover (We call this mortgage protection life insurance) This type of cover is specifically designed to cover the reducing amount that you owe on a capital and interest repayment mortgage. The amount of cover will go down each year, but the premium you pay is fixed when your policy starts and doesn t change. When does my policy start and end? It starts on the date we ask for your first premium. It will end: n when a claim is paid, or n on the end date shown on your Policy Schedule, or n if you stop paying the premiums, or n if we cancel your policy. You cannot take out a policy that lasts for less than 5 years, or more than 45 years. Your policy must end before you reach age 85. How much cover can I have? There is no minimum or maximum amount of cover, there is only a minimum premium. You can choose the amount of cover that you need. Can LV= change the premium I pay? No. Your premium is guaranteed. This means we won t change it unless you ask us to change your policy. Who gets the money when there is a terminal illness claim? Once your claim has been approved, we ll pay the claim to the policy owner. If you aren t the policy owner, we ll pay it to the policy owner instead. 7

8 Life Protection Who gets the money when there is a death claim? It depends on how you set up your policy. We ve explained each scenario in the table below. Who s insured? Just you You and someone else Who normally gets the money? It goes to your estate. It goes to the surviving policy owner when one of the people insured dies. If there are two people insured and they both die at the same time the older person is assumed to have died first. This means that if you re insuring yourself and someone else, it will go to the estate of the younger of you. Of course, if you put your policy in Trust then the money will go to the trustees, and if you ve given your policy away it will go to the new owners. If you d like more information about whether a Trust is suitable for you, please speak to a financial adviser or a solicitor. How is the payment from this policy taxed? Income Tax and Capital Gains Tax Claims paid from this policy won t be subject to either Income Tax or Capital Gains Tax. Inheritance Tax This depends on how you ve set up your policy. If you re insuring yourself, the lump sum we pay out when you die will normally go into your estate and Inheritance Tax could apply to the part of your estate that is worth more than 325,000. But the good news is, if your estate is less than 325,000 Inheritance Tax will not apply. 325,000 is the amount that applies for the tax years 2011/12 to 2014/15. Your estate is the total value of all your assets (for example your home, your savings, and your personal belongings) less any debts you owe (for example a mortgage or outstanding credit card bill). It can also include assets you ve already given away. If your policy is written in Trust, then it won t normally be included in your estate. Inheritance Tax can be pretty complicated. If you think your estate might be affected, or to find out whether a Trust is suitable for you, please speak to a financial adviser or a solicitor. Of course, if you own the policy with somebody else, it s not so simple. A financial adviser will be able to advise you on how Inheritance Tax will apply to your personal circumstances. How much tax you pay depends on your personal circumstances. Any references we make to taxation are based on our understanding of current legislation and HM Revenue & Customs practice, which can change. 8

9 Questions and Answers Combined Life and Critical Illness Protection What am I covered for? Combined Life and Critical Illness Protection is designed to pay out a cash sum if you die, or if earlier, are diagnosed with a critical illness which is covered under this policy, and you live for 14 days or more after your diagnosis or operation. The diagnosis or operation must occur between the start date and the end date of your policy. If we pay out the cash sum before the end date, the policy will end, unless the claim relates to Children s Cover, or we pay a partial payment. You can insure two people under one policy. If you do, the policy will pay out if either of you die, or if earlier, are diagnosed with a critical illness before the end of your policy. What Critical Illnesses am I covered for? The complete list of conditions we cover is set out below. These headings are only a guide to what s covered. The full details of the illness covered and the circumstances in which you can claim are given in Section A1(a) of the Combined Life and Critical Illness Policy Conditions. These typically use medical terms to describe the illness but in some cases the cover may be limited. Combined Life and Critical Illness Protection For example: n Some types of cancer are not covered. n To make a claim for some illnesses, you need to have permanent symptoms. For Coronary artery angioplasty (No.11) and Prostate Cancer (No.36) we will only pay out a partial payment. This will be the lower of 25% of the amount of cover or 25,000. For Ductal carcinoma in-situ of the breast (No.16), Partial loss of sight (No.33), Removal of one or more lobes of the lung (No.38), Severe Crohn s disease (No.39), and Severe Ulcerative Colitis (No.41) we will only pay out a partial payment. This will be the lower of 12.5% of the amount of cover or 12,500. In all cases where we make a partial payment the full amount of cover will continue. We won t reduce your cover by the amount of partial payment that we have paid out. However if you make a claim that meets the definition for both a partial payment condition and a full payment condition at the same time, then we will only pay a claim for the full amount of cover and not the partial payment as well. For example if we paid the full amount of cover for Blindness (No. 7) we won t also pay a partial payment for Partial loss of sight (No.33). Similarly, if you as a result of being diagnosed with lung cancer, had one of the lobes of your lung removed and we agreed to pay the full amount of cover for Cancer (No. 8), then we won t also pay a partial payment for removal of a lobe or lobes of the lung (No 38.) 9

10 Combined Life and Critical Illness Protection For Severe Crohn s disease (No.39), and Severe Ulcerative Colitis (No.41) we will only make one partial payment. So if we paid a partial payment for one of them, you won t then be covered for the other one. For example if we pay a claim for Severe Crohn s disease, you won t then be covered for Severe Ulcerative Colitis. The Critical Illnesses we cover are: 1. Alzheimer s disease resulting in permanent symptoms 2. Aorta graft surgery for disease or traumatic injury 3. Aplastic anaemia complete 4. Bacterial meningitis resulting in permanent symptoms 5. Benign brain tumour 6. Benign intramedullary spinal cord tumour resulting in permanent symptoms 7. Blindness permanent and irreversible 8. Cancer excluding less advanced cases 9. Cardiomyopathy of specified severity 10. Coma resulting in permanent symptoms 11. Coronary artery angioplasty 12. Coronary artery bypass grafts 13. Creutzfeldt-Jakob disease resulting in permanent symptoms 14. Deafness permanent and irreversible 15. Dementia (including senile dementia) resulting in permanent symptoms 16. Ductal carcinoma in-situ of the breast with specified treatment 17. Encephalitis resulting in permanent symptoms 18. Heart attack of specified severity 19. Heart valve replacement or repair 20. HIV infection caught from a blood transfusion, a physical assault or at work in a specified list of countries 21. Kidney failure requiring dialysis 22. Liver failure 23. Loss of independent existence unable to look after yourself ever again 24. Loss of hands or feet permanent physical severance 25. Loss of speech permanent and irreversible 26. Major organ transplant 27. Motor neurone disease resulting in permanent symptoms 28. Multiple sclerosis with persisting symptoms 29. Multiple system atrophy resulting in permanent symptoms 10

11 30. Open Heart Surgery with surgery to divide the breastbone 31. Paralysis of a limb total and irreversible 32. Parkinson s disease resulting in permanent symptoms 33. Partial loss of sight permanent and irreversible 34. Primary Pulmonary Hypertension 35. Progressive Supranuclear Palsy resulting in permanent symptoms 36. Prostate Cancer 37. Pulmonary Artery Surgery for disease only 38. Removal of one or more lobe(s) of the lung for disease or trauma 39. Severe Crohn s disease surgically treated 40. Severe lung disease 41. Severe ulcerative colitis with operation to remove the entire large bowel 42. Stroke resulting in permanent symptoms 43. Surgical removal of an eyeball 44. Systemic Lupus Erythematosus 45. Terminal illness 46. Third degree burns covering 20% of the body s surface area or affecting 50% of the area of the face or head 47. Traumatic head injury resulting in permanent symptoms 48. Total permanent disability of specified severity We ve included a list of all the illnesses, medical conditions and operations covered in Section A1(a) of the Combined Life and Critical Illness Policy Conditions. More detailed information including an explanation of when we ll pay out and when we won t pay out for each one is detailed in the Appendix at the back of the Combined Life and Critical Illness Policy Conditions. Combined Life and Critical Illness Protection 11

12 Combined Life and Critical Illness Protection What am I covered for with Total Permanent Disability? You ll either be covered if you re unable to carry out your normal job (we call this own occupation ), or you ll be covered if you re unable to carry out a number of certain work-related activities (we call these work tasks ). We ll tell you which one of these you re covered for before your policy starts. The cover we re able to offer you depends on your personal circumstances, such as your job and your medical history. If you change your occupation after your policy starts you don t need to tell us. However we will assess any claim for Total Permanent Disability based on the occupation that you were in immediately before you became ill or had the accident that prevented you from working. We will use the type of cover you originally had unless you re not in paid or unpaid work at the time. If this is the case then we will use a work tasks measure to assess your claim. We explain what s covered in Section A1 of the Combined Life and Critical Illness Policy Conditions, and more detailed information can be found in the Appendix (Condition 48) at the back of the Combined Life and Critical Illness Policy Conditions. What is the buy back life cover option? This is automatically included in your policy if there is one person insured. If there are two people insured then this isn t included. This option means that in return for paying an additional premium you ll be able to take out a new Life Protection policy, one year after we have paid a full claim for critical illness cover, without having to supply additional medical information at that time. Instead we ll use the medical information you ve previously supplied. There are some limits that apply to this, and more details can be found in Section B2 of the Combined Life and Critical Illness Policy Conditions. What is Automatic Children s Cover? We normally automatically include a limited amount of critical illness cover for your children in this policy. We provide this at no extra cost to you and it covers all our critical illnesses except total permanent disability. Your children are only covered for critical illness. We won t pay a claim for life cover. You cannot claim more than once for each child, and the maximum number of claims you can make for Children s Cover is two. The most we will pay for any one child for the same claim is 25,000, or if lower half the amount of your cover. If your child is covered under Children s Cover under more than one policy with us, then the most we will pay is 50,000 across all of those policies together. Partial payments for Children s cover will also be limited to half of the amount we would pay for you if you made a claim. 12

13 By children we mean all of your natural children, step children, and legally adopted children, who are over 30 days old, and under age 18 at the time they re diagnosed with one of the critical illnesses covered. If we pay a claim for Children s Cover, then your policy doesn t automatically end, your amount of cover remains the same, and you ll still continue to be covered. More details on Children s Cover and the illnesses and operations that are covered can be found in Section A3 of the Combined Life and Critical Illness Policy Conditions. Is there anything I m not covered for? Yes. You re only covered for the critical illnesses listed in the What critical illness am I covered for? section. If you re diagnosed with any other illness, medical condition, or have an operation that isn t listed, then we won t pay a claim. More details can be found in Section A of the Combined Life and Critical Illness Policy Conditions. If your illness or operation does not meet our definition of one of the critical illnesses we cover, we won t pay a claim. For example some types of cancer are not covered. Combined Life and Critical Illness Protection We ll only pay out a partial payment once for each condition under the policy. We won t pay a critical illness claim if you die within 14 days of your critical illness being diagnosed, or having the operation. However if this happens before the end date of your policy, we ll pay a death claim. If you die after the end date of your policy, we won t pay a claim. We ve explained this in Section A of the Combined Life and Critical Illness Policy Conditions. If you re diagnosed with a critical illness, we ll need this diagnosis confirmed by a doctor who practices in one of a certain number of countries. We ve explained this in more detail in Section A1 of the Combined Life and Critical Illness Policy Conditions. If you ve taken this policy out to protect a loan or a mortgage, and have chosen decreasing cover, then the amount we pay out if you die or are diagnosed with a critical illness, isn t guaranteed to repay the mortgage or loan in full. More details on this can be found in Section A2(c) of the Combined Life and Critical Illness Policy Conditions. Can I apply? You can apply if you re: n permanently living in the UK and n aged between 17 and 59. If you re applying for a joint life policy then both of you must meets these requirements 13

14 Combined Life and Critical Illness Protection When does my policy start and end? It starts on the date we ask for your first premium. It will end on the end date shown on your policy schedule. Your policy must last for at least 5 years, and cannot last longer than 40 years. Your policy must end before you reach age 70. If we pay a claim on this policy it will normally end (unless the claim relates to Children s cover or we pay a partial payment). If we pay a claim because you ve died, then the policy will automatically end. What types of cover can I choose? You can choose: Level cover (We call this level term life insurance with critical illness) This means the amount of cover you choose is fixed when your policy starts, and doesn t change. If you choose guaranteed premiums, the premiums you pay will also remain the same. If you choose reviewable premiums, although we aim for the premium you pay to stay the same it may be changed. If you choose level cover it won t keep up with inflation, and will buy less in the future. Decreasing cover (We call this mortgage protection life insurance with critical illness) This type of cover is specifically designed to cover the reducing amount that you owe on a capital and interest repayment mortgage. The amount of cover you choose will go down each year. If you choose guaranteed premiums, the premiums you pay will remain the same. If you choose reviewable premiums, although we aim for the premium you pay to stay the same it may be changed. How much cover can I have? There is no minimum or maximum amount of cover, there is only a minimum premium. You can choose the amount of cover that you need. 14

15 Can LV= change the premium I pay? This depends on whether you choose to have Guaranteed Premiums or Reviewable Premiums. Guaranteed Premiums No. Your premium is guaranteed. This means it won t change. Reviewable Premiums Yes. The premiums you pay are reviewable. This means they aren t guaranteed to remain the same for the whole term of your policy. When you apply for your policy we work out the premium you need to pay based on a number of assumptions. We then review these assumptions on an on-going basis, and if we need to change our assumptions then we ll look at the premium you pay to see if this also needs to change. We can only change your premium for certain reasons; we can t simply change it to make up for any losses we ve made, or to increase our profits. The premium you pay won t be changed within the first 5 years of your policy starting, but after that we can change it every year. If we do change your premium, we ll write and let you know at least 60 days before you need to start paying the changed premium. If we tell you that the premium you pay needs to increase, you can choose to continue to pay the previous amount instead. If you decide to do this, we ll reduce the amount of cover under your policy to the amount that we work out your existing premium will pay for. Combined Life and Critical Illness Protection More details about when we can change your premium and the assumptions we use can be found in Section C4 of the Combined Life and Critical Illness Reviewable Premiums Policy Conditions. What about Claiming? We understand that this will be a stressful time for you, your friends and family so we ve tried to make this as easy as we can. You can make a claim by telephoning (for textphone, dial first). We may record and/or monitor your calls for training and audit purposes. Or you can write to us at: Claims Department, LV=, Pynes Hill House, Rydon Lane, Exeter, EX2 5SP. Who gets the money when there is a critical illness claim? Once your claim has been approved, we ll pay the claim to you as the policy owner. If you re not the policy owner, then we won t pay the claim to you we ll pay it to the policy owner instead. Normally, after we ve paid a claim the policy will end. However if the claim we ve paid relates to Children s Cover or a partial payment, then your policy continues. 15

16 Combined Life and Critical Illness Protection Who gets the money when there is a death claim? Who we pay out the lump sum to on death depends on how you set up your policy. We ve explained each scenario in the table below. Who s insured? Just you You and someone else Who normally gets the money? It goes to your estate. It goes to the surviving policy owner when one of the people insured dies. If there are two people insured and they both die at the same time the older person is assumed to have died first. Of course, if you put your policy in Trust then the money will go to the trustees, and if you ve given your policy away it will go to the new owners. If you d like more information about whether a Trust is suitable for you, please speak to a financial adviser or a solicitor. If we pay a claim because you have died, then the policy will automatically end. How is the payment from this policy taxed? Income Tax and Capital Gains Tax Claims paid from this policy won t be subject to either Income Tax or Capital Gains Tax. Inheritance Tax This depends on how you ve set up your policy. Inheritance Tax only applies if we ve paid a claim because you have died. If you re insuring yourself, the lump sum we pay out when you die will normally go into your estate and Inheritance Tax could apply to the part of your estate that is worth more than 325,000. But the good news is, if your estate is less than 325,000 Inheritance Tax won t apply. 325,000 is the limit that applies for the tax years 2011/12 to 2014/15. Your estate is the total value of all your assets (for example your home, your savings, and your personal belongings) less any debts you owe (for example a mortgage or outstanding credit card bill). It can also include assets you ve already given away. If your policy is written in trust, then it won t normally be included in your estate. Inheritance Tax can be pretty complicated. If you think your estate might be affected, or to find out whether a trust is suitable for you, please speak to a financial adviser or a solicitor. Of course, if you own the policy with somebody else, it s not so simple. A financial adviser will be able to advise you on how Inheritance Tax will apply to your personal circumstances. How much tax you pay depends on your personal circumstances. Any references we make to taxation are based on our understanding of current legislation and HM Revenue & Customs practice, which can change. 16

17 Questions and Answers Waiver of Premium Waiver of Premium What is Waiver of Premium? You can choose to apply for our Waiver of Premium policy at the same time as applying for any of the policies mentioned in this document. If you choose to do this you ll be able to insure your premiums. Then if you re unable to work because of sickness or accident this would normally mean that your premiums for all of the policies in your Flexible Protection Plan would continue to be paid on your behalf if you suffered an accident or sickness which left you unable to work for longer than the waiting period you ve chosen. There are two ways we can measure whether you re unable to work; we call these Own Occupation and Work Tasks cover. Own Occupation cover means we ll pay the premiums on your behalf if, because of an accident or illness, you re unable to do your occupation. You wouldn t be expected to go back to work in a different job for as long as you re unable to do your occupation, the policy will continue to pay out. Work Tasks cover means we ll pay the premiums on your behalf if, because of an accident or illness, you re totally unable to carry out 3 or more tasks from a list of everyday activities. The cover we can offer depends on your job when you take out the Waiver of Premium policy. Sometimes we may use a different measure, for example if you are a homemaker. If this is the case, this will be fully explained to you before your policy starts. When you ask for a quote we can tell you what type of cover is available. We ll confirm this when you apply. When you apply you can choose whether you want to be covered up until age 70, or up until age 85. If you choose to be covered beyond age 70, then if you are unable to work after you have reached age 70, we will use the Work Tasks cover measure to determine whether we will pay the premiums for all of the policies included in your plan. This is irrespective of what cover you had in place before age 70. Full details of this cover are included in our Waiver of Premium Policy Conditions. Is there anything I m not covered for? Yes. Unemployment We ll only pay the premium on your behalf for all of the policies in your plan if you re unable to work, because of sickness or accident. This means we won t pay them if you aren t working for a different reason, for example if you have chosen not to work, or you have been made redundant. 17

18 Waiver of Premium Sickness or accident and still working You cannot generally claim under this policy if you are ill or injured and are still able to work in your normal occupation or are doing other work. Do please check with us if you have more than one job. You may not be covered if you re able to do one job but not the other. Death This policy does not pay out in the event of your death. Travelling Abroad We pay the premiums on your behalf for all of the policies in your plan after your waiting period, if you are in one of a number of countries listed in the Policy Conditions. If you are anywhere else in the world, we would only pay them for a maximum of 26 weeks. This is explained in more detail in Section A of the Policy Conditions. How much cover is provided? The cover will be the total premium you pay for all of the policies included in the Flexible Protection Plan. The cover will usually be changed automatically if you change or take out any new policies in your plan. However if you re adding new policies or increasing your cover then your waver of premium might not be increased, in certain situations, for example if you are in poor health at that time. How long do I have to wait after making a claim before my payments start? You can choose how long you have to wait after you stop being able to work before we start to pay the premiums on your behalf. We call this the waiting period. You can choose a 1, 2, 3 or 6 month waiting period. For example, if you re self employed, you may want payments to start after just 1 month as you won t have an employer paying you sick pay. If you re employed, you might choose a longer waiting period like 3 or 6 months, to tie in with how long your employer pays you sick pay. The longer the waiting period you choose the lower the premium for your cover will be. However, you ll have to wait longer after you become unable to work, before we start paying the premiums on your behalf. You ll still need to pay the premiums for your plan during this waiting period. If you don t then the cover provided by all of the policies in your plan will stop. Can I apply? You can apply if you are: and permanently living in the UK, aged between 17 and

19 When does my policy start and end? It starts on the date we ask for your first premium. It will end on the end date shown on your policy schedule. Waiver of Premium Your policy must last for at least 5 years. When you apply you can choose whether you want this policy to end at age 70 or at age 85. You cannot have this policy in place once all of the other policies included in your plan have ended. Can LV= change the premium I pay? Yes. If the total premium for all of the policies included in your plan changes because you have premiums that are reviewable, or if you choose to change any of the policies included in your plan for any reason, then the premium for this policy will also need to change. This is because the cover provided by this policy is the total premium you pay for all of the policies included in your plan. So if your total premium changes, then the cover provided by this policy will also need to change. We ll write to you and let you know what the changes are before you need to start paying the changed premium. More details about this can be found in Section C1 of the Policy Conditions. What happens if I have made a claim, recovered, gone back to work, and then I become ill again? If this happens within the first 6 months of you going back to work then we may be able to start paying the premiums on your behalf again straight away, without you having to wait until the end of your waiting period. We call this a linked claim. However we will only do this if the reason you are unable to work is the same as it was for your original claim, and you are still working in the same job as you were originally. If the reason you are unable to work is not the same, or you are working in a different job when you need to claim again, then we will not treat this as a linked claim, and you will need to wait until the end of your waiting period before we start paying the premiums on your behalf again. More details and the limits that apply can be found in Section B5 of the Policy Conditions. How is the payment from this policy taxed? Claims paid from this policy will not be subject to either Income Tax or Capital Gains Tax. This is based on our understanding of current legislation and HM Revenue & Customs practice, which can change. 19

20 Further Information How will I know if I have enough cover in the future? It s a good idea to check your policies each year to make sure you have enough cover, as your financial or personal circumstances might change. Remember that if you choose level cover, inflation will mean that the amount of cover you choose now will buy less in the future. A financial adviser will be able to help you with this. Can I change my cover? Yes, you can change the amount of your cover or the end date of your policies at any time. Normally, this will depend on your health at the time you want to change your cover and the terms and conditions that apply at that time. But in some circumstances you can increase your cover, or extend the term of your policy without having to complete a new application. We ve explained this in more detail in the relevant Policy Conditions. How much does it cost? This depends on the amount of cover you choose, and also your personal circumstances, for example your age and whether you smoke or not. The minimum premium is currently 5 a month, but there s no maximum. We ll confirm the premium you need to pay for your cover before your policies start. This may be different to that shown on your personal quotation. How long do I pay premiums for? You pay a premium every month by Direct Debit until the month immediately before the end date of your policies, or until we pay out a claim if this is earlier (unless the claim is for critical illness and relates to children s cover or we pay a partial payment). You can choose to stop paying premiums at any time, but if you do then your policies will stop, you won t be covered and you won t get anything back. The policies have no cash value at any time. Are there any charges? The premium you pay for each policy includes a monthly administration charge of If you choose to include more than one of the policies available in our Flexible Protection Plan, then we may reduce the administration charge for each policy that you take out. 20

21 What if I can t pay my premiums? We give you 60 days from the due date for you to pay a premium. Normally, if you stop paying your premiums, your cover will stop and you won t get anything back. However, you may be able to insure your premiums, if you wish. We call this Waiver of Premium. Please see the section titled What is Waiver of Premium on page 16 for more information. What about claiming? We understand that this will be a stressful time for you, your friends and family, so we ve tried to make this as easy as we can. You, or your legal representatives can make a claim by telephoning (for textphone, dial first). We may record and/or monitor your calls for training and audit purposes. Or write to us at: Claims Department, LV=, Pynes Hill House, Rydon Lane, Exeter EX2 5SP. Can I change my mind? Yes, you can cancel your policies at any time. If you cancel a policy within 30 days of it starting, we ll refund your premiums. If you cancel at any other time, your cover will end and you won t get anything back. Your policies have no cash-in value at any time. To cancel a policy please call us on (for textphone dial first). We may record and/or monitor your call for training and audit purposes. Or you can write to us at LV=, Pynes Hill House, Rydon Lane, Exeter, EX2 5SP. Could LV= cancel my policies? Whilst the vast majority of our customers are honest, we do have to protect ourselves (and our customers) against the effect of fraudulent claims. We ll cancel your policies if either you or anyone you are insuring act fraudulently, or deliberately provide untrue, inaccurate or misleading information when you apply for it, or when making a claim. This means we can cancel your policies, or not pay the amount of your cover in full, if we determine that you would have known, or ought to have reasonably known, the true answer to a question we ask you, but have deliberately provided a false answer. So, when you apply, please take care to answer all of the questions as accurately as you can. After you ve applied for your policies online, we ll send you a summary of the questions we ask and the answers you give. We ll also do this if, when you apply, we telephone you to ask you some further questions about your application. When you receive this summary it s very important that you check the answers you gave, as we rely on this information to set up your policies. We ve explained when we can cancel your policies in more detail in Section C of the Policy Conditions for the particular policies you ve taken out. 21

22 How much will the advice cost? There s no cost as you haven t received any financial advice or a recommendation from LV= in connection with this plan. How do I complain? If you have a complaint about any part of the service you receive from us, it s important that we know about it, so we can help put things right. You can let us know by calling us on (for textphone, dial first). Or, you can write to us at: Box 2, LV=, County Gates, Bournemouth. BH1 2NF. Your complaint will be dealt with promptly and fairly and in line with the Financial Services Authority s requirements, and if you want more information on how we handle complaints, please contact us. We hope that we ll be able to resolve any complaint that you have, but if you aren t happy with the outcome you can refer your complaint to the Financial Ombudsman Service. If you make a complaint it won t affect your right to take legal action. Retail Clients We re required by our regulator, the Financial Services Authority, to categorise our customers to determine the level of protection they ll receive. If you take out our Flexible Protection Plan described in this Key Features document, we ll treat you as a retail client. This gives you the highest level of protection available under the Financial Services Authority rules. What would happen if LV= got into financial trouble and was not able to pay out? We ve been in business since 1843, and take great care to manage our affairs sensibly. If we ever did get into financial trouble and couldn t honour our commitments, you would be entitled to compensation from the Financial Services Compensation Scheme. The compensation you could get depends on the type of product you have. For this type of plan, the scheme covers 90% of the claim. The scheme s first responsibility is to seek continuity rather than to pay compensation. For more information go to or call or Law The plan and policies are governed by the law of England as applied by the courts for that part of the UK where you live. We ll always communicate in English. 22

23 LV.com You can get this and other documents from us in Braille, large print or on audiotape by contacting us. Liverpool Victoria Friendly Society Limited: County Gates, Bournemouth BH1 2NF. LV= and Liverpool Victoria are registered trade marks of Liverpool Victoria Friendly Society Limited (LVFS) and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. LVFS is authorised and regulated by the Financial Services Authority, register number LVFS is a member of the ABI, AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF. Tel: /12

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