Funeral Benefit Option

Transcription

1 Provided by: Funeral Benefit Option Aviva, the provider of your Tesco Bank Over 50 s Life Assurance Policy, has teamed up with The Co-operative Funeralcare, the UK s leading funeral provider, to offer you Funeral Benefit Option. This option is completely free of charge and will not affect your monthly payments or Sum Assured in any way. The Funeral Benefit Option allows the Sum Assured from this Tesco Bank Over 50 s Life Assurance Policy to be paid directly towards the cost of a funeral with The Cooperative Funeralcare instead of to the estate. This means the payment can help take care of the funeral bill which will be one less thing for the family to worry about at such a difficult time. If you choose this option, The Co-operative Funeralcare will make a 250 Contribution towards the cost of the funeral. In Summary This service is completely free of charge Your Sum Assured will be paid directly towards the cost of a funeral with The Co-operative Funeralcare instead of to the estate The Co-operative Funeralcare will provide a 250 Contribution towards the cost of the funeral

2 Questions and Answers 1. Your Tesco Bank Over 50 s Life Assurance Policy (s) Q. Can I use more than one Tesco Bank Over 50 s Life Assurance Policy to pay towards a funeral with The Co-operative Funeralcare? A. You can only add the Funeral Benefit Option to one Tesco Bank Over 50 s Life Assurance Policy, or similar policy from another insurance provider, to be paid to The Co-operative If you have more than one Tesco Bank Over 50 s Life Assurance Policy, please let us know which one you d like the Funeral Benefit Option to apply to. Q. What if I do not wish to add the Funeral Benefit Option to my Tesco Bank Over 50 s Life Assurance Policy? A. You don t need to do anything. Provided you continue to pay your premiums, your existing life insurance cover will not change. Q. Can I change the level of cover my Tesco Bank Over 50 s Life Assurance Policy gives me once I ve selected the Funeral Benefit Option? A. No, you cannot change the Sum Assured on your policy. The level of cover is as confirmed in your Policy Documents. 2. Accessing the Funeral Benefit Option Q. How much does the Funeral Benefit Option cost? A. The Funeral Benefit Option is free of charge. Q. What happens if once I have chosen the Funeral Benefit Option I stop paying the premiums? A. It s important to keep paying your premiums. If you stop paying your premiums your policy would end and therefore the Funeral Benefit Option would lapse and you wouldn t get anything back. There would be no Sum Assured payable on death and The Co-operative Funeralcare would not provide the 250 Contribution towards the cost of your funeral. Q. What happens if I die within the first year of taking out my Tesco Bank Over 50 s Life Assurance Policy? A. If you die within the first year of taking out your Tesco Bank Over 50 s Life Assurance Policy, the Funeral Benefit Option will not apply. Under these circumstances Aviva Life & Pensions UK Limited will pay the amount due under the terms and conditions of your policy to your estate. However, if the person arranging your funeral decided to use a Co-operative Funeralcare Funeral Home, participating Co-operative Society or an affiliated Funeral Director the 250 Contribution would still apply. 3. Important to remember Please remember this is not a Funeral Plan and it won t necessarily cover the full costs of your funeral. If you re unsure whether the Funeral Benefit Option is right for you, we recommend you speak to an Independent Financial Adviser. Don t forget the Funeral Benefit Option is free of charge you just need to tell us you d like to add it to your Tesco Bank Over 50 s Life Assurance Policy. 4. Making changes to your Tesco Bank Over 50 s Life Assurance Policy after you have applied for the Funeral Benefit Option Q. What if I change my mind after I have chosen to take up the Funeral Benefit Option? A. You are able to remove the Funeral Benefit Option from your Tesco Bank Over 50 s Life Assurance Policy at any time by writing to Aviva Life & Pensions UK Limited, PO Box 520, Norwich, NR1 3WG. Aviva will then let The Cooperative Funeralcare know that you would like to cancel the Funeral Benefit Option. However, if you remove the Funeral Benefit Option from your policy you won t be able to add it back on later. This applies to your Tesco Bank Over 50 s Life Assurance Policy, or any other similar policy you may have where you have the choice to add the Funeral Benefit Option provided by The Co-operative Q. Does the 250 Contribution from The Co-operative Funeralcare have to be used for a funeral with The Cooperative? A. Yes, the 250 Contribution from The Co-operative Funeralcare may only be used towards a funeral arranged through a Co-operative Funeralcare funeral home, participating Co-oerative Society or an affiliated Funeral Director. If the person arranging your funeral decides not to use The Co-operative Funeralcare to arrange the funeral, all they need to do is write to Aviva Life & Pensions UK Limited, PO Box 520, Norwich, NR1 3WG. Aviva will inform The Co-operative Funeralcare and pay the Sum Assured from your Tesco Bank Over 50 s Life Assurance Policy to your estate. The 250 Contribution from The Co-operative Funeralcare would no longer apply. 5. Paying for the funeral Q. What happens if the cost of my funeral is more or less than the Sum Assured payment from my Tesco Bank Over 50 s Life Assurance Policy? A. If your funeral costs are less than the Sum Assured payment from your policy and the 250 Contribution from The Co-operative Funeralcare, your Representative can claim the balance from Aviva. If your funeral costs are more than the amount paid out and the 250 Contribution, the person arranging your funeral will need to pay the difference. Q. What happens when the funeral with The Cooperative Funeralcare is arranged? A. The person arranging your funeral will be given a detailed estimate of funeral costs by The Co-operative Funeralcare Funeral Director before any of the funeral arrangements are made. The Funeral Director will confirm the value of the Sum Assured (provided that your Tesco Bank Over 50 s Life Assurance Policy is still in force) together with the 250 Contribution. These amounts are then put towards the cost of your funeral. 6. The Co-operative Funeralcare s services Q. What funeral services are included when I add the Funeral Benefit Option to my Tesco Bank Over 50 s Life Assurance Policy? A. There are no specific services included. All funeral arrangements will be made by the person arranging your funeral, who will be advised by the Funeral Director of any Funeral Requests you have recorded with The Cooperative

3 Q. How will The Co-operative Funeralcare Funeral Director help when the time comes? A. The Co-operative Funeralcare Funeral Director will take care of all the practical arrangements, advising on the options and choices for the funeral, and sharing your Funeral Requests with the person arranging your funeral so that they can consider your wishes when making the funeral arrangements. The Funeral Director will assist in the completion of all documentation and make all necessary arrangements with officiating clergy, cemeteries or crematoria. Help will be provided with personal touches such as choosing flowers, placing newspaper notices and arranging refreshments after the funeral, ensuring the person arranging your funeral receives complete support at all times. Q. How do I find my nearest The Co-operative Funeralcare Funeral Home? A. The best way to find your nearest Co-operative Funeralcare Funeral Home is by visiting or calling Calls may be monitored or recorded for security and training purposes. Q. How can the 250 Contribution from The Cooperative Funeralcare be used? A. You will receive a Certificate with your Documents Folder (issued by The Co-operative Funeralcare) once you add the Funeral Benefit Option to your Tesco Bank Over 50 s Life Assurance Policy. To receive the 250 Contribution towards your funeral, this Certificate must be provided to The Co-operative Funeralcare Funeral Director. The 250 Contribution can be used towards the cost of funerals carried out in mainland Great Britain and Northern Ireland. 7. The partnership between Aviva and The Cooperative Funeralcare Q. What happens if the contract between Aviva and The Co-operative Funeralcare is terminated? A. If for any reason the contract is terminated between Aviva and The Co-operative Funeralcare, then The Cooperative Funeralcare would still provide the funeral services where possible and the 250 Contribution from The Co-operative Funeralcare will still be valid. If The Cooperative Funeralcare were unable to provide the funeral for any reason, your representative will need to claim the Sum Assured from Aviva and the 250 Contribution from The Co-operative Funeralcare would not be valid. More information about Funeral Benefit Option Selecting the Funeral Benefit Option is free, and means that you will be choosing to have the Sum Assured from your Tesco Bank Over 50 s Life Assurance Policy paid directly to The Co-operative Funeralcare, the UK s leading funeral provider. This is designed to help towards the overall cost of providing your funeral. Plus, The Cooperative Funeralcare will also make an additional 250 Contribution towards your funeral costs. In addition, the Funeral Benefit Option also includes a Funeral Requests service, giving you the opportunity to record any Requests regarding your funeral arrangements such as the type of service you might like or a special song that you would like played. When the time comes, these Requests will be shared by The Co-operative Funeralcare Funeral Director with the person arranging your funeral, so they can consider your wishes when making your funeral arrangements. There is a network of almost 1,200 Co-operative-owned funeral homes across the UK. Should you decide to select Funeral Benefit Option with your policy, The Co-operative Funeralcare will: Pass on to the person arranging your funeral any Funeral Requests that you have recorded. Advise on all the details from registering the death to organising the funeral. Help with bereavement advice, if needed. Deal with people such as the crematorium staff and the Minister or Officiant. Talk about any local regulations. Advise on a fitting tribute. Help organise things like transport for your family, flowers, catering and newspaper notices. Be there to ensure that everything runs smoothly on the day of the funeral. To find your nearest The Co-operative Funeralcare Funeral Home or for more information, please visit or call Calls may be monitored or recorded for security and training purposes. Calls costs may vary depending upon your service provider

4 The Co-operative Funeralcare Funeral Benefit Option Terms and Conditions Selecting the Funeral Benefit Option If you select the Funeral Benefit Option with your policy, the proceeds of your Tesco Bank Over 50 s Life Assurance Policy will be paid directly to The Co-operative The proceeds of your Tesco Bank Over 50 s Life Assurance Policy may not cover the full cost of the funeral and if not, the person arranging your funeral would need to pay the balance due in full at the time of arranging the funeral. Alternatively, if the cost of the funeral is less than the proceeds from your Tesco Bank Over 50 s Life Assurance Policy your Representatives would need to claim the outstanding balance from Aviva Life & Pensions UK Limited, the provider of Tesco Bank Over 50 s Life Assurance Policy. If you die within 12 months of the Policy start date the Policy proceeds will not be paid to The Cooperative Funeralcare and will instead be paid to your estate. In this event the person arranging your funeral would still be able to use the 250 Contribution towards the cost of a funeral with The Co-operative You can only take out Funeral Benefit Option for one Policy, whether this is a Tesco Bank Over 50 s Life Assurance Policy or a policy from another insurance provider with whom The Cooperative Funeralcare offer this facility. If ownership of your Policy has been transferred to someone else, either by assignment or trust, you cannot take out Funeral Benefit Option with The Co-operative Contribution This is the fixed amount that The Co-operative Funeralcare will contribute towards the cost of your funeral when the funeral arrangements are made; this is in addition to the Sum Assured from your Tesco Bank Over 50 s Life Assurance Policy. Where The Co-operative Funeralcare Contribution is applied against the funeral costs, no additional discounts can be used against the cost of the funeral. The Certificate issued by The Co-operative Funeralcare should be presented to the Funeral Director at the time of making the funeral arrangements to validate your entitlement to the Contribution. The funeral services are arranged and provided by The Co-operative Funeralcare which is not authorised or regulated by the Financial Conduct Authority but is a registered provider with the Funeral Planning Authority. 1. Funeral Plans A Policy cannot have Funeral Benefit Option added to it when you already have a Funeral Plan arranged with The Co-operative 2. The Co-operative Funeralcare are only obliged to provide the funeral where: Your Tesco Bank Over 50 s Life Assurance Policy has not been cancelled, either at your request or as a result of premiums being outstanding; and The selection of Funeral Benefit Option is still in place on your Tesco Bank Over 50 s Life Assurance Policy; and The date of your death is on or after the first anniversary of the Commencement Date of your Tesco Bank Over 50 s Life Assurance Policy. Only one Tesco Bank Over 50 s Life Assurance Policy can have Funeral Benefit Option added to it; and Only a single Policy from any insurance provider can ever have Funeral Benefit Option added to it. If you ever add Funeral Benefit Option to more than one Policy, The Co-operative Funeralcare will remove all but the first Funeral Benefit Option. 3. Services which the Sum Assured will be accepted in payment towards The Sum Assured from your Policy must be used in payment towards the main funeral account. The main funeral account includes all of The Co-operative Funeralcare Funeral Director s fees and services, and fees paid to third parties (such as cremation fees, doctors fees and clergy fees). Only if there is any remaining amount from the Sum Assured once the main funeral account has been paid, can the remaining Sum Assured be used to pay towards any other accounts which are raised for services ordered separately such as headstones, floral tributes and obituaries. In such cases, the 250 Contribution would be applied to the main funeral account and only one 250 Contribution would apply. 4. Using the 250 Contribution from The Co-operative Funeralcare The 250 Contribution from The Co-operative Funeralcare is only valid when your Tesco Bank Over 50 s Life Assurance Policy has Funeral Benefit Option with The Cooperative Funeralcare added to it. The 250 Contribution is only valid for your funeral and only one 250 Contribution can be used towards the cost of the funeral. The 250 Contribution is only valid when a Co-operative Funeralcare, other participating Co-operative Society Funeral Home or affiliated Funeral Director conducts the funeral. The Certificate should be presented to the Funeral Director at the time of making the funeral arrangements to validate your entitlement to the 250 Contribution. 5. Funeral Arrangement Discounts Where the 250 Contribution from The Co-operative Funeralcare is applied against the funeral costs, no additional discounts can be used against the cost of the funeral. 6. Responsibilities relating to the funeral arrangements No funeral services are specifically included or covered by the act of adding Funeral Benefit Option to your Tesco Bank Over 50 s Life Assurance Policy. The person arranging your funeral must present the Certificate to the Funeral Director when arranging the funeral. The Funeral Director will issue a detailed estimate of costs before any of the funeral arrangements are made. The person arranging your funeral will then be required to sign this estimate to confirm they agree to these services and costs. If the total of the Sum Assured from your Tesco Bank Over 50 s Life Assurance Policy and the 250 Contribution from The Co-operative Funeralcare is less than the cost of providing the funeral, the person arranging your funeral must pay the balance at the time of arranging the funeral. If the total of the Sum Assured from your Tesco Bank Over 50 s Life Assurance Policy and the 250 Contribution from The Co-operative Funeralcare is greater than the cost of providing the funeral, your Representative will need to claim the remaining balance from Aviva. 7. Your Funeral Requests If any Funeral Requests have been recorded with The Co-operative Funeralcare, these will be passed on to the person arranging your funeral by the Funeral Director at the time of arranging the funeral. The Co-operative Funeralcare cannot guarantee to carry out Funeral Requests. 8. What happens if you die within the first year of starting your Tesco Bank Over 50 s Life Assurance Policy? The full Sum Assured may not be payable and The Co-operative Funeralcare will not be obliged to carry out your funeral - this applies whether or not there is an entitlement to Accidental Death Benefit. In this instance your Representative will need to claim the Sum Assured, as detailed in your Tesco Bank Over 50 s Life Assurance Policy Terms and Conditions, from Aviva. The person arranging your funeral would still be able to use The Co-operative Funeralcare 250 Contribution towards the cost of a Co-operative Funeralcare funeral. The funeral account will need to be settled following the funeral according to the Terms and Conditions of the Funeral Director.

5 9. Accidental Death Benefit If upon your death, on or after the first year of commencing your Policy, your Representative would be entitled to the Accidental Death Benefit as detailed in your Tesco Bank Over 50 s Life Assurance Policy Terms and Conditions and a successful claim is made, the additional amount above the Sum Assured can be claimed by your Representative from Aviva. 10. Transfer of ownership by assignment or trust If ownership of your Tesco Bank Over 50 s Life Assurance Policy has been transferred to someone else, either by assignment or trust, Funeral Benefit Option cannot be added. Transferring ownership of your Tesco Bank Over 50 s Life Assurance Policy to someone else, either by assignment or trust, will have the effect of revoking Funeral Benefit Option on the Policy. 11. Changing your mind If you decide you no longer want to add Funeral Benefit Option to your Tesco Bank Over 50 s Life Assurance Policy then you must write to Aviva at the following address: Aviva, PO Box 520, Norwich, NR1 3WG. The Sum Assured will no longer be paid to The Co-operative Funeralcare and your Representative will need to claim the Sum Assured from Aviva. The Co-operative Funeralcare 250 Contribution will no longer be valid and cannot be used towards the cost of your funeral. Funeral Benefit Option cannot be reinstated and you will not be able to add Funeral Benefit Option to another Tesco Bank Over 50 s Life Assurance Policy, or an equivalent Policy from another provider, to The Co-operative Funeralcare at any time in the future. 12. If the person arranging your funeral pays for a funeral with another Funeral Director unaware of the Funeral Benefit Option in place with The Co-operative Funeralcare The Sum Assured that would have been paid to The Co-operative Funeralcare can be claimed by your Representative from Aviva. The Co-operative Funeralcare 250 Contribution will not be valid and cannot be used towards the cost of your funeral. 13. If the person arranging your funeral wants to use the Sum Assured for your funeral but not with The Cooperative Funeralcare In this instance, they must write to: Aviva, PO Box 520, Norwich, NR1 3WG. The Co-operative Funeralcare will release Funeral Benefit Option and your Representative will need to claim the Sum Assured from Aviva. The Co-operative Funeralcare 250 Contribution will not be valid and cannot be used towards the cost of your funeral. 14. Cash value of The Co-operative Funeralcare 250 Contribution There is no cash value to the 250 Contribution. The 250 Contribution can only be used towards the cost of your funeral and only if the funeral is arranged through The Co-operative Funeralcare, other participating Co-operative Society Funeral Homes or affiliated Funeral Director nominated by The Co-operative 15. Inflation The Sum Assured paid out on your Tesco Bank Over 50 s Life Assurance Policy and The Co-operative Funeralcare 250 Contribution towards the cost of your funeral will remain the same, so inflation is likely to reduce their value over time. 16. Change of address Although a change of address does not affect the validity of adding Funeral Benefit Option to your Tesco Bank Over 50 s Life Assurance Policy to The Cooperative Funeralcare, it is your responsibility to keep Aviva advised of all changes by writing to them at: Aviva, PO Box 520, Norwich, NR1 3WG. You can only use your Tesco Bank Over 50 s Life Assurance Policy to pay towards your funeral if it takes place within mainland Great Britain or Northern Ireland. 17. Termination of contract between The Co-operative Funeralcare and Aviva If for any reason the contract was terminated between Aviva and The Co-operative Funeralcare, then The Co-operative Funeralcare would still provide the funeral services where possible and the 250 Contribution from The Co-operative Funeralcare will still be valid. If The Co-operative Funeralcare were unable to provide the funeral for any reason, your Representative will need to claim the Sum Assured from Aviva and the 250 Contribution from The Co-operative Funeralcare would not be valid. 18. If The Co-operative Funeralcare were to stop trading In the unlikely event that this was to happen, The Cooperative Funeralcare would release Funeral Benefit Option, would not provide the funeral services and your Tesco Bank Over 50 s Life Assurance Policy would continue as normal. The 250 Contribution from The Co-operative Funeralcare would not be valid and could not be used towards the cost of your funeral. 19. Complaints procedure If you are not satisfied with any aspect of the services you receive from The Co-operative Funeralcare, then please write to: The Co-operative Funeralcare Funeral Planning Team (Tesco Bank), 99X, 12th Floor, 1 Angel Square, Manchester M60 0AG. If your complaint cannot be resolved by the end of the next working day, they will write to you within five working days of receipt, and then try to settle the complaint within 28 days. If they cannot respond to the issue within 28 days, they will contact you to explain why this has not been possible and when they will contact you again. 20. General These Terms and Conditions make up the agreement between you and The Co-operative Funeralcare concerning your Funeral Benefit Option. They do not affect the rights you have as a consumer buying products and services. No other person (including the Policy Holder or their Representative) has any right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. This does not affect any other rights these people may have. If any part of the agreement is not effective the rest of the agreement will still apply. English Law applies to this agreement.