Competitor Products: A Comparison. Minimum/maximum and premium details. Legal & General. Liverpool. Scottish

Transcription

1 Competitor Products: A Comparison Our plan provides death benefit with terminal illness cover, with a choice of guaranteed and reviewable premiums that can be used to protect your client's family or their business. The table below illustrates how this plan, which will launch on 26 November 202, compares with other whole of life plans in the market. Protect Adaptable Life Plan Payments Minimum/maximum and premium details Unit linked standard maximum target specific Minimum age at entry Maximum age at entry m with accelerator option Single Limited Product type Maximum sum assured ( m) Low start option Premiums Min premium (pm) Policy fee m guaranteed 4.m rolling term

2 2 Protect Adaptable Life Plan Payments Not available with CI Rate types and indexation Reviewable premiums Years to first review Further reviews after 5 Reviewed annually After age 75 After initial year review Joint life second claim Indexation (between 2% and %) 5% (between 2% and %) Indexation costing % change in x 2 5% % change in x 2 Change in +2.5% Attained age Attained age 3, 26 or 52 weeks 3 weeks 4, 3, 26 or 52 weeks week (self-employed only) 3 weeks Maximum age at entry males 59 females Age waiver ceases males 60 females Own/work tasks/ life tasks Own/FATS Own/work tasks Own Any Own / ADW Own/suited Premium options premiums 3 Deferred period Definition of disability % or if higher 5% or if higher AWE option

3 4 Protect Adaptable Life Plan Payments Exclusions Alcohol or drug /TPD Criminal acts /TPD Flying /TPD Hazardous sports/ pastimes /TPD HIV/AIDS Living abroad (Geog limits apply) /TPD Medical advice /TPD /TPD 2 years Self inflicted injury War & civil commotion Suicide (self inflicted injury) 5 Product features Terminal illness cover included Critical illness included Option TPD included Option Replacement option Continuing cover

4 6 Protect Adaptable Life Plan Payments Additional options instalments option Retirement option Free cover during underwriting Life only, 3 months. Max lower of SA or m Accidental death Lower of SA & 300K 6 weeks Lower of sum assured & 500K 7 Increase options IHT increase Standard rated clients only Maximum age for IHT for IHT 60 Bus inc 64 IHT (no max age for change in legislation) Other no max age for IHT estate value (every 500K Increase in liability Changes in legislation 250k 500K Increase in liability Marriage/ civil partnership 30K Birth/adoption 60K Available for occ or pastime ratings but not health ratings 90 for IHT no max age for IHT 0% SA 0% SA 0% SA increase in liability 69 for IHT or 0% SA liability

5 7 Salary increase/ promotion (every business loan Key person Shareholder/partnership Other increase options Joint life separation Protect Adaptable Life Plan Payments Increase options (continued) Mortgage/loan Divorce/separation 30K 0% SA 5x inc in salary 25% SA 5x inc in salary of key person value % SA share value (every Every third anniversary Retirement Retirement when pension life cover ends Ending business partnership Source: product literature, correct as at 0 November 202. Royal London accepts no responsibility for the interpretation of product literature. This information is for adviser use only, it is not a consumer advertisement and should not be relied upon for making financial decisions. For more information on talk to your relationship manager or us at ifasalesline@royallondonsales.co.uk is a division of the Royal London Group which consists of The Royal London Mutual Insurance Society Ltd and its subsidiaries. The Royal London Mutual Insurance Society Ltd is authorised and regulated by the Financial Services Authority No.7672 and is registered in England and Wales No The registered office is 55 Gracechurch Street, London, United Kingdom EC3V 0RL. SCPR6239 NOV2 LD