AIG Life. Business Protection Critical Illness with Term Assurance. Key Facts

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1 AIG Life Business Protection Critical Illness with Term Assurance Key Facts

2 Contents Page Welcome to AIG 3 Section A: About Business Protection A1 What is Business Protection? 4 A2 Business Protection s aims 4 A3 How does Business Protection - Critical Illness with Term Assurance work 4 A4 The limits of the cover 5 A5 Your commitment 5 A6 Risk factors 5 Section B: The cover and the benefit 7 B1 When will we pay the benefit 9 B2 What will we base payments on 11 B3 How much will we pay 11 B4 Waiver of Premium 12 Section C: Questions about your insurance C1 Frequently asked questions 13 C2 Other information 18 This document is available in other formats. If you would like a Braille, large print or audio version, please contact us: Customer Services, AIG Life Limited, PO Box 12010, Harlow CM20 9LG Telephone: (calls are charged at standard rates from a BT landline but may cost more via mobiles and other networks). If calling from outside the UK, please call We are open Monday to Thursday, 8.30am to 8pm and Friday, 8.30am to 5.30pm, except bank holidays. Please note these opening hours are UK local time. We may record or monitor calls to make sure we have an accurate record of the instructions we are given, for training purposes, to improve the quality of our service and to prevent and detect fraud. AIG Business Protection - Critical Illness with Term Assurance Key Facts 2

3 Welcome to AIG American International Group, Inc. (AIG) is a leading international insurance organisation serving customers in more than 100 countries and jurisdictions. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. AIG Life Limited is the life insurance arm of AIG in the UK, Channel Islands, Isle of Man and Gibraltar. We provide financial and practical support for individuals, families and businesses when illness or injury threatens their life, lifestyle or livelihood. We recognise the value in the Financial Conduct Authority initiative of Treating Customers Fairly. We believe that if we treat you, our customer, fairly at all stages, then this will enhance our core values and lead to better service. Therefore we are committed to ensuring that we embed the principles of Treating Customers Fairly within every aspect of our business. About this Key Facts document If you re thinking about taking out AIG Business Protection - Critical Illness with Term Assurance, this document should be able to answer any questions you might have. But if there s anything that isn t clear or you have any questions, please speak to your financial adviser or call us on (calls are charged at standard rates from a BT landline but may cost more via mobiles and other networks). If calling from outside the UK, please call This Key Facts document is a brief guide to the cover we offer and does not set out the full terms and conditions of AIG Business Protection - Critical Illness with Term Assurance - these are available in the Cover Details document. You can get a copy of the Cover Details from your financial adviser or by calling us on (if calling from outside the UK, please call ) or us at This document complies with the Association of British Insurers (ABI) Statements of Best Practice. These guidelines were introduced to make it easier for customers to compare the different covers that providers offer. This document is based on our understanding of current law and tax rules in the UK (different rules may apply in the Channel Islands, Isle of Man or Gibraltar). Regardless of where you currently live, if you re thinking of taking out an insurance policy, it s a good idea to get expert advice from a financial adviser who can look at your personal circumstances and help you make the decision that s right for you. Contacting us by telephone Whenever you call us for any reason we may record or monitor phone calls in order to make sure we have an accurate record of the instructions we are given. We may also record or monitor phone calls for training purposes, to improve the quality of our service and to prevent and detect fraud. Who provides Business Protection - Critical Illness with Term Assurance? Business Protection - Critical Illness with Term Assurance is provided by AIG Life Limited. We specialise in protection insurance - such as life insurance, critical illness cover, whole of life insurance and income protection. Who can take out Business Protection - Critical Illness with Term Assurance? AIG Business Protection - Critical Illness with Term Assurance is only available to businesses registered in the United Kingdom, Channel Islands, Isle of Man and Gibraltar and can only provide cover in respect of people resident in the United Kingdom, Channel Islands, Isle of Man or Gibraltar, aged 17 up to 75. AIG Business Protection - Critical Illness with Term Assurance Key Facts 3

4 Section A: About Business Protection A1 What is Business Protection? Business Protection covers you or your business against the financial impact of death, terminal illness or critical illness, all in one insurance plan. It provides you with the flexibility to choose different types of cover for different amounts and terms within the same plan. The plan can be adapted to meet your future business needs. Business Protection can be set up to protect a Key Person in your business, for Shareholder or Partnership protection or for Business Loan protection. A2 Business Protection - Critical Illness with Term Assurance aims To pay the benefit if: any of the persons covered die or are diagnosed with a terminal illness or a critical illness. The cover stops after we have paid the full sum assured. a child of the person covered is diagnosed with a children s critical illness and they survive for 10 days after they are diagnosed. There are some other restrictions attached to children s critical illness cover - these are explained further in Section C1 under When will the cover not pay out?. a child of the person covered is diagnosed with a terminal illness. a child of the person covered dies during the term of the cover, we will pay the child death benefit. There are some restrictions attached to child death benefit - these are explained further in Section C1 When will the cover not pay out?. the cover includes Total Permanent Disability and the person covered is incapacitated before the Total Permanent Disability end date and meets our definition of Total Permanent Disability which applies to them but their condition doesn t meet our definition of critical illness. The person covered will usually have to be incapacitated for at least 26 weeks before we can establish whether the incapacity is permanent. The cover stops after we have paid the full sum assured A3 How does Business Protection - Critical Illness with Term Assurance work? The amount of cover When you take out Business Protection - Critical Illness with Term Assurance, you decide how much cover you want. This amount is called the sum assured. This is the amount we pay if the person covered dies, suffers or undergoes one of the specified critical illnesses or operations included under the cover, or is diagnosed with a terminal illness. You decide whether you want the sum assured to stay at the same level for the term of your cover, increase each year, or decrease each month. Increasing it each year could help to protect your benefit against the effects of inflation. The premium will increase to pay for the extra cover. A decreasing sum assured is sometimes chosen by people who want to cover the amount outstanding on a business loan. If you choose a decreasing sum assured, the premium will remain level. The term of the cover The term of the cover is how long the cover lasts. You choose the term of the cover. Options such as Waiver of Premium and Total Permanent Disability may end sooner than the term of cover. Covering yourself or another person in your business You can take out Business Protection - Critical Illness with Term Assurance to cover yourself or another person within the business - known as the person covered. If you are taking out cover on another person, additional conditions apply. Please see the Cover Details for more information. You or your in this document means the owner of the cover or, where appropriate, their legal successors - unless a different meaning is given. Please see the Cover Details for more information. AIG Business Protection - Critical Illness with Term Assurance Key Facts 4

5 Covering one person or covering two people Business Protection - Critical Illness with Term Assurance is designed to provide cover either for one person or for two people. When it protects one person, the cover is called single life cover. It is possible to protect two people by choosing joint life cover. While either person covered can claim under joint life cover, benefit is only payable once. After we have paid the benefit for one of the people covered, joint life cover stops. For a full explanation of the effect of each decision on the cover, please see the Cover Details. A4 The limits of the cover Maximum or minimum Business Protection Critical Illness with Term Assurance Maximum sum assured No maximum Minimum term (years) 3 Maximum term (years) 50 Minimum age when the cover starts 17 Maximum age when the cover starts 75 Maximum age when the cover ends 85 Maximum age when the Waiver of Premium starts 54 Maximum age when the Waiver of Premium ends 69 A5 Your commitment When you apply for Business Protection - Critical Illness with Term Assurance, you commit to: pay regular monthly or yearly premiums throughout the term of the cover; give us accurate, complete and true information when you apply for cover; give us any medical or other evidence that we ask for; tell us if you, the business or the person covered changes a name, address or bank account; and tell us immediately if any of the information in the Cover Summary or Application Details we send you or the person covered is wrong. A6 Risk factors Business Protection - Critical Illness with Term Assurance will only pay a benefit for a critical illness if the person covered meets our definition of that critical illness. Business Protection - Critical Illness with Term Assurance only protects you against events that happen to the person covered during the term of your cover. If something happens to the person covered outside that term, they won t be covered. Your Cover Summary shows what is covered and for how long. If you don t regularly review the cover in line with the needs of the business, you may have more or less cover than you need. AIG Business Protection - Critical Illness with Term Assurance Key Facts 5

6 Over time, inflation will reduce the spending power of any benefit you are paid in the future. To help protect your cover against this effect, you can choose to set it up with a sum assured that increases by 5% each year. If the cover has an increasing sum assured, the premium will be reviewed annually and will increase by a higher percentage than that of the sum assured, because the amount of the increase of the premium will depend on the age of the person covered and the remaining term of the cover at that time. If you have a business loan and you choose decreasing Business Protection - Critical Illness with Term Assurance and you choose an interest rate that is less than the rate you are paying on the loan, the benefit we will pay for a successful claim may not meet the outstanding amount of the loan. If the first premium is not paid, the cover won t start and the person covered won t be insured. If a subsequent premium is missed and it remains unpaid for more than 30 days from the date it was due to be collected, we will cancel your cover and the person covered will no longer be insured. A claim for terminal illness can only be made where the person covered has been diagnosed as having one year or less to live. If the consultant cannot determine this, or expects death to occur more than one year after diagnosis, then we will not pay a benefit. For joint life cover, if one person covered makes a successful claim for the full sum assured, Business Protection - Critical Illness with Term Assurance will stop. The other person will therefore no longer have Business Protection - Critcal Illness with Term Assurance cover. If a child of the person covered dies within 10 days of being diagnosed with a children s critical illness, we will not pay a children s critical illness benefit. There are other circumstances in which we won t pay a claim. There s more information on these in section C of this booklet and in the Cover Details. The cover will not have a surrender value at any time. AIG Business Protection - Critical Illness with Term Assurance Key Facts 6

7 Section B: The cover and the benefit The amount of benefit we will pay, and when, depends on the cause of the claim and the options included in the cover. If the person covered dies before we have accepted a claim for another reason, we will treat the claim as one made because the person covered has died. The critical illnesses we cover The conditions we cover fall within three groups: Group I These are critical illness conditions that pay the full sum assured to the person covered; Group II These are additional payment conditions that pay a proportion of the sum assured; Group III These are additional payment conditions specifically covering children that pay a proportion of the sum assured. The payments for any Group II critical illness conditions, or children s critical illness, do not affect the amount of benefit we pay for subsequent claims under Group I critical illness conditions. To accept a claim for a critical illness, the diagnosis of the person covered needs to meet our definition of that critical illness. We list all the critical illnesses that we cover with full definitions in the Cover Details. Some people may not be covered by every critical illness in this list. This could be because, for example, they have a particular medical condition when they apply for cover. The Cover Summary will show if we have excluded any of these critical illnesses in the cover we are offering. Group I critical illness conditions Aorta graft surgery - for disease or following traumatic injury Aplastic anaemia - with permanent bone marrow failure Bacterial meningitis - resulting in permanent symptoms Benign brain tumour - resulting in permanent symptoms or specified treatment Benign spinal cord tumour - resulting in either surgical removal or permanent symptoms Blindness - permanent and irreversible Brain injury due to anoxia or hypoxia - resulting in permanent symptoms Cancer - excluding less advanced cases Cardiac arrest - requiring implantable cardiac defibrillator Cardiomyopathy - of specified severity Coma - with associated permanent symptoms Coronary artery bypass grafts - with surgery Creutzfeldt-Jakob disease - resulting in permanent symptoms Crohn s disease - with specified surgery Deafness - permanent and irreversible Dementia including Alzheimer s disease - resulting in permanent symptoms Encephalitis - resulting in permanent symptoms Heart attack - of specified severity Heart surgery Heart valve replacement or repair - with surgery HIV infection - from a blood transfusion, a physical assault or at work Kidney failure - requiring permanent dialysis Liver failure - end stage Loss of hands or feet - permanent physical severance Loss of independence - of specified severity Loss of speech - permanent and irreversible Lung disease - of specified severity Major organ transplant - from another donor Motor neurone disease - resulting in permanent symptoms Multiple sclerosis - of specified severity Paralysis of limbs - total and irreversible Parkinson s disease - resulting in permanent symptoms Parkinson plus syndromes - resulting in permanent symptoms Primary pulmonary arterial hypertension - of specified severity Pulmonary artery replacement - with surgery Spinal stroke - resulting in permanent symptoms Stroke - of specified severity Systemic lupus erythematosus (SLE) - of specified severity Third degree burns - covering 20% of the body s surface area or 20% of the face s surface area Traumatic brain injury - resulting in permanent symptoms Ulcerative colitis - treated with total colectomy AIG Business Protection - Critical Illness with Term Assurance Key Facts 7

8 Group II critical illness conditions Angioplasty - requiring treatment to multiple coronary vessels Carotid artery stenosis - treated by endarterectomy or angioplasty Central retinal artery or vein occlusion (Eye stroke) - resulting in permanent visual loss Cerebral or spinal aneurysm - with surgery or radiotherapy Cerebral or spinal arteriovenous malformation - with surgery or radiotherapy Diabetes mellitus Type 1 - requiring permanent insulin injections Less advanced cancers - of named sites and specified severity of the following: Anus Bile Ducts Breast Cervix Colon and rectum Gallbladder Larynx Lung and bronchus Oesophagus Oral cavity or oropharynx Ovary Pancreas Prostate tumour Renal pelvis (of the kidney) and ureter Stomach Testicle Urinary bladder Uterus Vagina Vulva Other cancer in situ - with surgery Pituitary gland tumours - with specified treatment Significant visual impairment - permanent and irreversible Skin cancer (not including melanoma) - advanced stage as specified Please note, we will not pay any of the above additional benefits to the owner of the cover if the person covered meets any of the critical illness definitions listed in the Group I critical illness conditions section. Group III critical illness conditions Cerebral palsy Child s diabetes mellitus Type 1 - requiring permanent insulin injections Child s intensive care benefit - requiring mechanical ventilation for 7 days Cystic fibrosis Down s syndrome Muscular dystrophy Spina bifida The payments for any Group II critical illness conditions, or children s critical illness, do not affect the amount of benefit we pay for subsequent claims under Group I critical illness conditions. Optional cover For extra protection, you can ask us to include the following options: Waiver of Premium or Total Permanent Disability. When we will pay a claim and how much we will pay, if these options are included, is explained later in this section. AIG Business Protection - Critical Illness with Term Assurance Key Facts 8

9 B1 When will we pay the benefit? We will pay the benefit if, during the term of the cover, a person covered: dies; or is diagnosed with a critical illness and the diagnosis meets our definition of that critical illness; or is diagnosed with a terminal illness where life expectancy is less than 12 months. Whether the cover is single life or joint life, the cover stops after we have paid the full sum assured. If the claim is being made because a child of the person covered dies or suffers children s critical illness We will pay the benefit if a child of the person covered is diagnosed with a children s critical illness and they survive for 10 days after they are diagnosed, or if a child of the person covered is diagnosed with a terminal illness. There are some other restrictions attached to children s critical illness cover explained in the section When we will not pay the benefit of the Cover Details. The following are not covered under children s critical illness: loss of independence and Total Permanent Disability. For more information on how we define children s critical illness, please see the Cover Details. Where the child, in the opinion of the treating medical consultant or our Consultant Medical Officer, is unable to receive treatment in the UK for the children s critical illness covered but an effective, curative or preventative treatment exists overseas, we will double the benefit payable for children s critical illness. Up to two children s critical illness claims (including for terminal illness) can be made during the term of the covers for any one child, if their parents are each covered by separate single life covers with AIG Life, or have two joint life covers with AIG Life. In addition, we will pay the child death benefit if a child of the person covered dies during the term of the cover. There are some restrictions attached to child death benefit - these are explained further in the section When we will not pay the benefit. Up to two child death benefit claims can be made during the term of the covers for any one child, if their parents are each covered by separate single life covers with AIG Life, or have two joint life covers with AIG Life. If more than one child of the person covered dies during the term of the cover a claim can be made for each deceased child. If the parents have two or more Critical Illness with Term Assurance covers then only one claim can be made by each parent per condition or event covered. The payments for any Group II critical illness conditions, or children s critical illness, do not affect the amount of benefit we pay for subsequent claims under Group I critical illness conditions. If the cover includes optional Total Permanent Disability We will pay a benefit if the person covered is incapacitated and meets our definition of Total Permanent Disability before the end date shown on the Cover Summary but their condition doesn t meet our definition of critical illness. We define Total Permanent Disability in the Cover Details. The person covered will usually have to be incapacitated for at least 26 weeks before we can establish whether the incapacity is permanent. We explain how we define incapacitated below. After we have paid the full sum assured, the cover stops. How do we define incapacitated? There are three different ways we define incapacitated in relation to the person covered. AIG Business Protection - Critical Illness with Term Assurance Key Facts 9

10 These are based on their ability to do: 1. their own occupation - the kind of job they did before they had to stop work; 2. their suited occupation - the kind of job they could do; 3. their work tasks - the things people need to do in everyday life. Which of these three definitions applies to the person covered depends on: whether they are in paid work; and what kind of work they do. The Cover Summary shows which definition applied to the person covered when the cover was taken out. If their circumstances change, a different definition may apply. For instance, if the person covered is under 70 and not in paid work when they become incapacitated, a work tasks definition will apply. If they retire while we are paying a benefit, we will reassess the claim using a work tasks definition. This may mean we stop making benefit payments. In all cases, their incapacity must be confirmed by appropriate medical evidence and agreed by our Consultant Medical Officer. Definition 1. Own occupation The person covered is not doing any paid work and has been diagnosed with an illness, injury or disability and is unable to do the essential duties of their occupation. The essential duties are those that are normally required for, and/or form a significant and integral part of, the performance of their own occupation that cannot reasonably be omitted or modified. Own occupation means the trade, profession or type of work done for profit or pay. It is not a specific job with any particular employer and is irrespective of location and availability. Definition 2. Suited occupation The person covered is not doing any paid work and has been diagnosed with an illness, injury or disability that: in the first 12 months following the date they stopped work, totally prevents them from doing the essential duties of their own occupation. The essential duties are those that are normally required for, and/or form a significant and integral part of, the performance of their own occupation that cannot reasonably be omitted or modified; after they have been off work for more than 12 months, totally prevents them from doing the essential duties of a suited occupation. A suited occupation means one they are reasonably qualified to do for profit or pay, taking into account their employment history, knowledge, transferable skills, training, and experience. Both own and suited occupations are irrespective of location and availability. Definition 3. Work tasks The person covered has been diagnosed with an illness, injury or disability which prevents them from doing: at least three out of the six work tasks, or one work task and one additional listed activity (seeing or communicating); or two listed activities (seeing and communicating); or meets our definition of mental failure. For all of the work tasks and activities, the person covered must need help or supervision of another person and be unable to perform the task on their own, even with the use of special equipment routinely available to help and take any appropriate prescribed medication. We define all three definitions of incapacitated in full in the Cover Details booklet. AIG Business Protection - Critical Illness with Term Assurance Key Facts 10

11 B2 What will we base payments on? We will base benefit payments on the sum assured. If an increasing or a decreasing sum assured has been chosen, the amount of the sum assured can change during the term of the cover. The Cover Summary shows if a level, increasing or decreasing sum assured has been chosen. B3 How much will we pay? How much we will pay depends on: the cause of the claim; and the cover shown in the Cover Summary. How much we will pay If the claim is being made because the person covered dies or is diagnosed with a terminal illness, critical illness, or Total Permanent Disability If the claim is being made because a child of the person covered dies or is diagnosed with a terminal illness, or children s critical illness Group I critical illness The full sum assured 50% of the sum assured or 25,000 - whichever is the lower Group II critical illness 25% of the sum assured or 25,000 - whichever is the lower 25% of the sum assured or 25,000 - whichever is the lower Group III critical illness Not applicable 50% of the sum assured or 25,000 - whichever is the lower Terminal illness The full sum assured 50% of the sum assured or 25,000 - whichever is the lower Death The full sum assured Child death benefit of 5,000 If the cover includes Total The full sum assured Not applicable Permanent Disability There is a maximum cumulative benefit of 25,000 per person covered for each Group II critical illness condition regardless of how many covers they are covered under. This maximum does not include children s critical illness claims for Group II critical illness conditions. For children s critical illness claims, we will pay double the amounts above for the child if, in the opinion of the treating consultant and our Consultant Medical Officer: the child is unable to receive treatment for the children s critical illness in the UK that is effective in curing or preventing further deterioration of the condition; and a treatment that is effective, curative or prevents further deterioration is available overseas. Up to two children s critical illness claims (including for terminal illness) can be made during the term of the covers for any one child, if their parents are each covered by separate single life covers with AIG Life, or have two joint life covers with AIG Life. In addition, up to two child death benefit claims can be made during the term of the covers for any one child, if their parents are each covered by separate single life covers with AIG Life, or have two joint life covers with AIG Life. If the parents have two or more covers then only one claim can be made by each parent per condition or event covered. AIG Business Protection - Critical Illness with Term Assurance Key Facts 11

12 If more than one child of the person covered dies during the term of the cover, a claim can be made for each deceased child. The payments for any Group II critical illness conditions, or children s critical illness, do not affect the amount of benefit we pay for subsequent claims under Group I critical illness conditions. B4 Waiver of Premium If you include Waiver of Premium in the cover, we will waive the Business Protection - Critical Illness with Term Assurance premiums if the person covered is incapacitated for longer than 26 weeks. The remainder of this section only applies where Waiver of Premium is included in the Cover Summary. How we define incapacitated depends on whether the person covered is in paid work, and what kind of work they do. For a full definition of incapacitated, please see the Cover Details. For joint life cover, you can choose Waiver of Premium for one or both of the people covered. When we will stop waiving premiums We will stop waiving your premium when the earliest of the following happens: the person covered no longer meets the definition of incapacitated that applied when they first claimed; or they die; or the cover ends or the Waiver of Premium end date is reached if this is earlier. While we are waiving a premium, we can ask the person covered to see a doctor or health specialist of our choice, to help us confirm whether they still meet the definition of incapacitated that applies to them. We will only continue to pay the benefit beyond 26 weeks of the person covered becoming incapacitated if they are resident in the UK, Channel Islands, Isle of Man or Gibraltar. AIG Business Protection - Critical Illness with Term Assurance Key Facts 12

13 Section C: Questions about your insurance C1 Frequently asked questions Q. How much cover can I apply for? A. There is no maximum sum assured but we may require further information before we agree to cover large amounts. You also need to demonstrate that the amount of the cover is relevant to your insurable interest in the person covered. Q. When will the cover not pay out? A. There are specific circumstances in which we won t pay a claim. We will not pay a benefit if any of the following apply: you, the person covered or their legal representatives do not give us medical or other evidence that we ask for; or the person covered is diagnosed with a critical illness that we do not cover or they are diagnosed with a critical illness but the diagnosis does not meet our definition of that critical illness; or the diagnosis does not meet our definition of being incapacitated or terminal illness, or for terminal illness the diagnosis is not made by a consultant or is not expected to lead to death within 12 months; or we find the person covered, the owner of the cover or any representative of the business which owns the cover has given us inaccurate, incomplete or false information which would have affected our decision to offer this cover, or would have led us to offer it with different conditions; or the cover is no longer active or Total Permanent Disability is no longer active as shown on the Cover Summary; or the claim is caused by something that we have specifically excluded from this cover - this will be shown in the Cover Summary. We will not pay any of the additional benefits to the owner of the cover if the person covered meets any of the critical illness definitions listed in Group I critical illness conditons section. In addition to the above, we will not pay a benefit for children s critical illness if: the owner of the cover is claiming a benefit for a children s critical illness but they have already received the maximum children s critical illness benefits available under the cover; or the child dies within 10 days of being diagnosed with a children s critical illness; or the child is 22 or older when they suffer or undergo a critical illness; or the child is diagnosed with a children s critical illness but the diagnosis does not meet our definition of that critical illness; or the diagnosis does not meet our definition of terminal illness, or for terminal illness the diagnosis is not made by a consultant, or is not expected to lead to child s death within 12 months; or the child of the person covered is incapacitated and meets our definition of Total Permanent Disability or loss of independence but doesn t meet our definition of another critical illness that we cover; or the child was born after the cover started and suffered a children s critical illness or a terminal illness where either parent was aware of the increased risk of the child suffering a children s critical illness or a terminal illness or had received counselling or medical advice in relation to the condition before the cover started; or the child was born before the cover started and had already suffered a children s critical illness unless: treatment for the condition has been completed; and the child has been discharged from follow-up for the condition; and the child has not consulted any medical practitioner or received further treatment or advice for the condition within the last 5 years; or the child was born before the cover started and subsequently suffered a children s critical illness or a terminal illness where either parent was aware of the increased risk of the child suffering a children s critical illness or a terminal illness or had received counselling or medical advice in relation to the condition before the cover started. In addition, we will not pay a child death benefit in the following circumstances: if the cause of death first arose before the cover started; or if the cause of death is miscarriage or still birth. AIG Business Protection - Critical Illness with Term Assurance Key Facts 13

14 Q. How flexible is AIG Business Protection - Critical Illness with Term Assurance cover? A. Under AIG Business Protection - Critical Illness with Term Assurance, you can choose: the sum assured; whether the sum assured stays at the same level throughout the term of the cover, increases by 5% of the current sum assured each year, or decreases in line with the capital outstanding on a business loan; the interest rate at which the sum assured decreases, if you chose a decreasing sum assured; the term of the cover; whether to include Total Permanent Disability; whether to take out single life cover, for one person, or joint life cover, for two people with the claim payable once; and whether to include Waiver of Premium. Q. What if I change my mind and want to cancel the cover? A. When your cover starts, we will send you information about your right to change your mind and cancel your cover. You have 30 days from the date you receive this information to cancel your cover. If you cancel your cover in this time we will refund any premiums you ve paid to us, unless we have paid you a benefit before you cancel. You can stop your cover at any other time. Once you tell us, your cover will end on the day before your next monthly premium is due. If you are paying annual premiums, your cover will end on the day before the next monthly anniversary of the cover. We will retain the cost of any full (or partial) months of cover up to the date of cancellation and will refund any balance of the annual premium. Q. Once my cover starts, can I change it? A. There are many ways that you can change your cover to make sure that it is still meeting your needs. These are fully explained in the Cover Details. The options that increase the sum assured are not available to everyone. This could be because, for example, someone has a particular medical condition when they apply for cover. If the option isn t available, it doesn t mean that you can t ask us to make the increase, it just means that we won t automatically say yes. We might have to find out some more about the person covered before we can make a decision. The Cover Summary will show whether these options are available. In addition, you can choose to: reduce the sum assured; increase the term of the cover; reduce the term of the cover; stop and restart annual increases; add another person to single life cover; or change your premiums from annual to monthly and vice versa. AIG Business Protection - Critical Illness with Term Assurance Key Facts 14

15 How these changes affect what you pay If the sum assured or term of a cover increases, the premium of the cover will increase. If you set up a cover with an increasing sum assured, the amount you pay will increase each year to pay for the extra cover. If you then change to a level sum assured, the premium will remain at the level it was when you made the change. If you restart the annual increase, your premium will increase again. If the sum assured or term of a cover reduces, it may reduce the premium. How these changes affect the terms and conditions If you change the amount or the term of the cover, it may affect the terms and conditions of your cover. Q. How much will my cover cost? A. The amount of the monthly or yearly premium will be shown on the Business Protection - Critical Illness with Term Assurance Cover Summary we send you when your cover starts. Q. What if I stop paying? A. If the first premium is not paid, the cover will not start and the person covered won t be insured. If a subsequent premium is missed, we will write to you to let you know. If it remains unpaid for more than 30 days from the date it was due to be collected, we will cancel the cover and the person covered will no longer be insured. If we cancel the cover because a premium was not paid, you can ask us to restart it up to six months after the date of the first missed premium. We will have no obligation to restart a cover and if you ask us to do this, we will decide at our discretion if we are willing to restart the cover. If we are, we will tell you what we need in order to restart the cover and you must clear any premium arrears. There may be circumstances when we reserve the right not to restart a cover. If this happens, we will explain our decision. Q. Can the premium change in the future? The premium that you pay will only change if: you ask for a change to the cover; or we have accepted a Waiver of Premium claim - in which case the person paying the premium will pay less or nothing; or Waiver of Premium or Total Permanent Disability cover ends; or you or the person covered has misstated their age; or you have chosen an increasing sum assured - in which case your premium will increase annually. The amount of the increase will be by a higher percentage than that of the sum assured, because the amount of the increase of the premium will depend on the age of the person covered and the remaining term of the cover at that time. We will write to tell you what the additional premium will be. You can tell us that you do not want the increase. If you do this, we will keep the sum assured at its current level. Q. How do I, the business or my legal representatives make a claim? A. Please tell us as soon as you or your legal representatives think you need to make a claim. You or your legal representatives can: call us on (calls are charged at standard rates from a BT landline but may cost more via mobiles and other networks). If calling from outside the UK, please call , or us at or write to us at Claims Team, AIG Life Limited, PO Box 12010, Harlow CM20 9LG. We are open Monday to Friday, from 8.30am to 5.30pm, except for bank holidays. Please note these opening hours are UK local time. A claims adviser will explain the process and what information we ll need. There is more information about claiming your benefit in the Cover Details. AIG Business Protection - Critical Illness with Term Assurance Key Facts 15

16 Q. Who will we pay the benefit to? A. We will pay the sum assured, or a proportion of it, to the person or the business legally entitled to receive it. Who this will be depends on the nature of the claim, the circumstances at the time and whether the cover has been assigned or put under trust. Under key person protection, we will pay the owner of the cover, which may be a company, limited liability partnership (LLP), a partner or sole trader. Under partnership protection, a partner could take out an own life plan and place it in trust for the other partners. If so, we will pay the trustees. Under share protection, the plan may be written in trust. If so, we will pay the trustees. For business loan protection, we will pay the owner of the cover, which may be a company, limited liability partnership (LLP), a partner or sole trader. Normally we will pay the owner of the cover or their legal representatives, if the owner of the cover has died. Legal representatives need to send us the original Grant of Representation, Letters of Administration or Confirmation before we can pay any benefit to them. If the owner of the cover has instructed us to pay the benefit to someone else by a deed of assignment, we will pay this assignee. Assignees need to send us the original deed of assignment before we can pay any benefit to them. If the cover is under Trust, we will pay the benefit to the Trustees. The Trustees must then follow the terms of the Trust to distribute the money to the chosen beneficiaries. Trustees need to send us the original Trust Deed and any deeds altering the Trust before we can pay any benefit to them. We will return these when we pay the claim. Q. How can I contact you? A. You can: phone us on (calls are charged at standard rates from a BT landline but may cost more via mobiles and other networks). If calling from outside the UK, please call , or us at or write to us at AIG Life Limited, PO Box 12010, Harlow CM20 9LG. We are open Monday to Thursday, 8.30am to 8.00pm, and Friday 8.30am 5.30pm, except bank holidays. Please note these opening hours are UK local time. AIG Business Protection - Critical Illness with Term Assurance Key Facts 16

17 Q. How do I make a complaint? A. If you have a complaint, please contact Customer Services at the following address: AIG Life Limited, PO Box 12010, Harlow CM20 9LG. Telephone: (calls are charged at standard rates from a BT landline but may cost more via mobiles and other networks). If calling from outside the UK, please call We are open Monday to Thursday, 8.30am to 8.00pm, and Friday 8.30am 5.30pm, except bank holidays. Please note these opening hours are UK local time. We will try to resolve complaints as quickly as possible. If we can t deal with your complaint promptly, we will send you a letter to acknowledge it and then give you regular updates until it is resolved. We are committed to resolving complaints through our own complaints procedures. However, if a matter cannot be resolved satisfactorily, you may be able to refer your complaint to the Financial Ombudsman Service. The Financial Ombudsman Service helps settle disputes between consumers and financial firms. Their service is independent and does not cost you anything. They can decide if we have acted wrongly and if you have lost out as a result. If this is the case they will tell us how to put things right and whether we have to pay you compensation. Some businesses may not be eligible to complain to the Financial Ombudsman Service if they exceed a certain number of employees or have an annual turnover in excess of the Ombudsman s limits. If a complaint is made, we will send a leaflet explaining more about the Financial Ombudsman Service which includes information on the current eligibility requirements. The leaflet is also available at any time on request. Alternatively, the Ombudsman can be contacted at the following address: Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London E14 9SR. Telephone (calls to this number are normally free for people ringing from a fixed line phone - but charges may apply if you call from a mobile phone) or (calls to this number are charged at the same rate as 01 or 02 numbers on mobile phone tariffs). If calling from outside the UK, please call Website: If you make a complaint, it will not affect your right to take legal proceedings. AIG Business Protection - Critical Illness with Term Assurance Key Facts 17

18 C2 Other information The Law The Law of England and Wales will apply to this cover. Language All our communications with you, and throughout the term of the cover, will be in English. Financial Services Compensation Scheme The Financial Services Compensation Scheme (FSCS) is designed to pay compensation if a firm is unable to pay claims, because it has stopped trading or been declared in default. Before looking to pay compensation, the FSCS will first see if they can arrange for your current policy to be maintained. They may arrange for your policy to be transferred to another insurer or provide a new policy. If this is not possible, the FSCS aims to provide compensation. Most of our customers, including most individuals and small businesses, are covered by the FSCS. Whether or not you can claim, and the amount you could claim, will depend on the specific circumstances of your claim. The FSCS will pay 100% of the value of the claim. There is no upper financial limit on the amount of the payment. You can find out more about the FSCS, including eligibility to claim, by visiting its website Alternatively, you can contact the Financial Services Compensation Scheme at the following address: Financial Services Compensation Scheme, 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU Telephone: or If calling from outside the UK, please call Please be aware that the rules of the FSCS may change in the future, or FSCS may take a different approach on their application of the above, depending on the circumstances. Personal information we collect Personal information we may collect about the owner of the cover or the person covered and their dependants includes: General identification and contact information; Family details; Sensitive information such as health and lifestyle details; Other sensitive information such as racial/ethnic origin, religious or other beliefs, sexual life, criminal proceedings outcomes and sentences, offences/alleged offences; and Financial details: bank account details and other financial information. How we use your personal information We may use the personal information provided to us to: Make decisions about whether to provide insurance and to provide insurance and assistance services (such as claim assessment, claim processing and claim settlement); Administer the policy, assess and pay claims, and general customer service activities (including complaint resolution and claims disputes); Detect, prevent and investigate financial crime activities; Carry out market research and analysis; Comply with applicable laws and regulatory obligations (including those outside your country of residence); and Market products and services of the AIG Group, unless you have specifically asked us not to in the application. We will retain this personal information for the period necessary to fulfil the purposes outlined above unless a longer retention period is required or permitted by law. AIG Business Protection - Critical Illness with Term Assurance Key Facts 18

19 Where we may get personal information from We may get personal information about the person covered or the owner of the cover from them, their financial adviser, or from other sources - for instance their doctor. We may ask their doctor for information before we offer cover. We may also get a report from their doctor or telephone them for more information after the cover has started. If we find that we have been given incomplete, inaccurate or false information, we do not receive the report from their doctor or they are unavailable for interview, we reserve the right to cancel the cover within 13 weeks. Who we will share personal information with We may share personal information about the person covered or owner of the cover solely for the purposes listed above in How we use your personal information with certain named third parties. These third parties are: AIG Group companies: AIG Life Limited is a member company of American International Group, Inc. As such, we have group companies throughout the world, both inside and outside Europe (for example, in the USA); Our reinsurers (a list of these reinsurers can be provided on request); Our external third party service providers; Their financial adviser; Their own doctor and other medical consultants; Legal and regulatory bodies; Law enforcement and fraud prevention agencies; and Other insurance companies or organisations. Giving us information about another person If you or the person covered gives us information about another person, you confirm the other person has consented to the processing of their personal data. You and the person covered also confirm you have informed the other person of our identity and the purposes for which we will use their personal data. If the person covered or the owner of the cover would like more information about how we will use their personal information or they would like to choose how they get marketing communications from us, they can contact us as detailed on page two. AIG Business Protection - Critical Illness with Term Assurance Key Facts 19

20 AIG Life Limited. Telephone If calling from outside the UK, please call Registered in England and Wales. Number Registered address: The AIG Building, 58 Fenchurch Street, London EC3M 4AB. AIG Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The registration number is EDCO

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