For customers Key features of the Business Protection policy

Transcription

1 For customers Key features of the Busiess Protectio policy The Fiacial Coduct Authority is a fiacial services regulator. It requires us, Aego, to give you this importat iformatio to help you to decide whether our Busiess Protectio policy is right for you. You should read this documet carefully so that you uderstad what you re buyig, ad the keep it safe for future referece.

2 Here you ca fid out the mai poits about our Busiess Protectio policy. You ll also get a persoal illustratio, so you ca put figures to the beefits you ve chose. Please take some time to go through both these documets to make sure you uderstad what the product is ad how it works. Keep these safe with your other Busiess Protectio policy documets you may wat to look at them agai. This guide refers to our product terms as at July Throughout this documet we ve highlighted various techical protectio terms i blue. To help you uderstad these terms, we ve explaied them i a Dictioary of protectio terms, which you ca fid at the ed of this documet. Other documets you should read Busiess Protectio policy coditios This provides details of the terms ad coditios that apply to your Busiess Protectio policy. You ca get a copy of this from our website or from your fiacial adviser. Defiitios guide This guide gives you a explaatio of the defiitios we ll use ad the evidece we ll eed to assess ay claim you make. It will also give you full details of the stadard exclusios that may apply to your policy. You ca get a copy of this from our website or from your fiacial adviser. Cotets 03 Its aims 03 Your commitmet 03 Risks 04 Questios ad aswers 04 What s Busiess Protectio? 04 What are the mai beefits? 05 What s icluded i the critical illess cover? 07 How flexible is Busiess Protectio? 07 What other beefits ca I choose? 09 What beefits are automatically icluded? 09 Whe does the policy pay out? 09 How do I make a claim? 10 What will stop the policy from payig out? 11 What do I have to pay? 12 Where ca I fid out about the charges? 12 What if I stop payig? 12 Ca I chage my mid? 13 What if Aego ca t pay out the beefit amout for ay reaso? 13 How do I complai? 14 Other iformatio 14 About Aego 14 What about tax? 14 Commuicatio 14 Law 14 Time limits 14 Terms ad coditios 14 Cliet categorisatio 14 Your adviser 15 How to cotact us 15 Dictioary of protectio terms

3 Its aims To help protect your busiess from the fiacial cosequeces of serious ill health or death of a employee durig the beefit term. This guide provides details of all the beefits uder our Busiess Protectio meu. The protectio cover you have will deped o the beefits you choose your beefits will be detailed i your persoal policy schedule. Your commitmet You agree to pay regular premiums throughout the term of the policy. If you do t your cover will stop. You ca fid details of the types of premium available i the What do I have to pay? sectio. You agree to give us all the iformatio we ask for whe applyig for your policy. If you do t do this, we wo t pay your claim. You must tell us i writig if there s ay chage i your or the isured perso s circumstaces (for example reaso for cover, health, lifestyle, occupatio or employmet status ad/or recreatioal activities) betwee the date you ad the isured perso aswer the applicatio questios ad the start date of the policy. If there s ay chage i your or the isured perso s circumstaces at all, you ad/or the isured perso should tell us. You agree to let us kow of ay claim you eed to make ad to give us all the iformatio we ask for, withi the relevat time limits. You ca fid more iformatio o all the available beefits ad ay relevat time limits i the sectios What s Busiess Protectio?, What other beefits ca I choose? ad How do I make a claim?. Risks If you stop payig premiums, your protectio will stop immediately. The policy oly provides protectio ad has o cash-i value at ay time. We might ot pay out a claim uder certai circumstaces. These circumstaces are kow as exclusios. You ca fid more details o our stadard exclusios i the sectio What will stop the policy from payig out? ad i our Defiitios guide. If the iformatio we receive whe you take out your policy is icomplete, icorrect or utrue, we may ot pay your claim. This could be iformatio you or the isured perso gives us or iformatio your adviser gives us o your behalf. If you choose reducig beefits, your beefit amout will reduce each moth i the same way that a capital ad iterest loa would reduce if it was repayable over the beefit term at a yearly iterest rate of 10%. So, if the iterest rates o your loa are cosistetly above 10%, the amout we ll be able to pay whe you make a claim may ot be eough to pay off your outstadig loa. If you have beefits with reviewable premiums the your premium may go up or dow at each review, although ay icrease i your premiums will be fair ad reasoable. You ca fid out more about how reviews work i the What do I have to pay? sectio ad i your policy coditios. 03

4 Risks If you choose executive icome protectio ad the taxable eared icome of the isured perso goes dow or does t go up as quickly as your beefit amout, whe you make a claim we wo t pay the full beefit amout. We wo t refud ay of your premiums if this happes. You ad a fiacial adviser should regularly review the isured perso s taxable eared icome agaist the beefit amout to check the cover cotiues to meet your eeds ad that you re ot payig for cover that you ca t claim. If you choose executive icome protectio, the amout we pay out if you claim may affect the isured perso s: etitlemet to some meas-tested state beefits claim to beefit from other icome protectio policies The tax treatmet of key perso icome protectio or executive icome protectio beefits may chage. Questios ad aswers What s Busiess Protectio? It s a policy that ca help protect your busiess fiacially if the isured perso: dies meets our termial illess defiitio (see the What beefits are automatically icluded? sectio for more details) meets oe of the listed critical illess defiitios (full details ca be foud i our Defiitios guide) becomes totally permaetly disabled is uable to work due to accidet or sickess, leadig to a loss of taxable eared icome or profit Which of the above are covered by your policy will deped o the beefits you choose. You ca set up your policy to cover oe or two people, kow as the isured perso(s). Most of the mai beefits ca be take out o a sigle-life basis, which meas they cover oe perso, or o a joit-life first death/evet basis, which meas two people are covered but the beefit amout is oly paid out oce. O joit-life policies that pay out o death, we ll oly pay the death beefit oce. Key perso icome protectio ad executive icome protectio are oly available o a sigle-life basis. All beefits are available with guarateed premiums. However, some beefits are available with both guarateed ad reviewable premiums. You ca fid more iformatio o premium types i the What do I have to pay? sectio. Now let s look at the mai beefits available from Busiess Protectio i more detail. What are the mai beefits? Life protectio/reducig life protectio Life protectio pays out a cash lump sum if the isured perso dies or is diagosed with a termial illess, that meets our defiitio, durig the beefit term. However, we wo t pay out for a termial illess diagosed i the last year of the beefit term. You ca fid the defiitio of termial illess i the What beefits are automatically icluded? Termial illess sectio. Critical illess protectio Critical illess protectio pays out a lump sum if the isured perso is diagosed with a critical illess that meets oe of our critical illess 04

5 Questios ad aswers defiitios ad the survives for at least 14 days. We oly cover the critical illesses we defie i our policy coditios ad o others. Life with critical illess protectio/reducig life with critical illess protectio Life with critical illess protectio pays out a lump sum if the isured perso either dies or is diagosed with a critical illess that meets oe of our critical illess defiitios. We oly cover the critical illesses we defie i our policy coditios ad o others. Reducig beefits For reducig life protectio ad reducig life with critical illess protectio, the amout that we d pay out o a claim reduces each moth over the term i the same way that a capital ad iterest loa would reduce if it was repayable over the term at a yearly loa iterest rate of 10%. It will ever pay out more tha the origial beefit amout. Icome protectio There are two versios of this beefit available to choose from: Key perso icome protectio Key perso icome protectio pays your busiess a mothly beefit amout if, due to accidet or sickess, the isured perso becomes uable to work. This beefit ca the be used to either help pay for a replacemet employee or to help cover the loss of profits. For key perso icome protectio, you select the suitable amout of beefit at the start, based o oe of the followig maximum beefit amout calculatios (subject to a maximum of 250,000 a year): 2.5 times the isured perso s icome averaged over the last three years 75% of the compay s average gross profits that ca be attributed to the isured perso over the last three years loa repaymet that ca be attributed to the isured perso Executive icome protectio Executive icome protectio pays your busiess a mothly beefit amout if, due to accidet or sickess, the isured perso becomes uable to work ad so loses taxable eared icome. This allows you to isure the taxable eared icome of valued employees. This beefit must be used to help pay replacemet taxable eared icome to the employee while they re off work ad will be paid through the PAYE (Pay As You Ear) system. For executive icome protectio, the maximum beefit calculatio will be: 75% of the isured perso s pre-icapacity taxable eared icome (subject to a maximum of 130,000 a year) plus the yearly cotributio towards the isured perso s pesio made i the previous 12 moths by the compay plus employer Natioal Isurace cotributios (which ca also be protected by the employer up to the amout paid i respect of the isured perso i the last 12 moths) The combied overall limit for pesio ad Natioal Isurace cotributios is 30,000. Ad the total cover limit is 160,000. You ca fid more details i our Icome protectio the facts guide which is available o our website, or by speakig to your fiacial adviser. What s icluded i the critical illess cover? As a member of the Associatio of British Isurers (ABI), we ve adopted the ABI Statemet of Best Practice for critical illess cover, which sets out model defiitios for critical illesses ad exclusios, as well as stadard wordig. We cover 43 coditios where we ll pay out the full beefit amout if the isured perso meets the defiitio these are our mai critical illess coditios. Sevetee of these provide more cover tha is required by the ABI Statemet of Best i Practice. 05

6 Questios ad aswers Our mai critical illess defiitios are: Alzheimer s disease resultig i permaet symptoms Aorta graft surgery for disease or traumatic ijury Aplastic aaemia with permaet boe marrow failure Bacterial meigitis resultig i permaet symptoms Beig brai tumour resultig i permaet symptoms or surgically removed via craiotomy Beig spial cord tumour resultig i permaet symptoms Blidess, icludig sigificat visual impairmet permaet ad irreversible Cacer excludig less advaced cases Cardiac arrest resultig i surgically implated defibrillator Cardiomyopathy of specified severity Coma with associated permaet symptoms Coroary artery bypass grafts Creutzfeldt-Jakob disease (CJD) resultig i permaet symptoms Deafess permaet ad irreversible Demetia resultig i permaet symptoms Ecephalitis resultig i permaet symptoms Heart attack Heart valve replacemet or repair HIV ifectio caught i oe of the home coutries or desigated coutries, from a blood trasfusio or a physical assault or at work Itesive care requirig medical vetilatio for 10 cosecutive days Kidey failure requirig permaet dialysis Liver failure advaced stage Loss of had or foot permaet physical severace Loss of speech total, permaet ad irreversible Major orga trasplat from aother door Motor euroe disease resultig i permaet symptoms Multiple sclerosis with persistig symptoms Multiple system atrophy resultig i permaet symptoms Ope heart surgery with surgery to divide the breastboe Paralysis of a limb total ad irreversible Parkiso s disease resultig i permaet symptoms Primary pulmoary hypertesio of specified severity Progressive suprauclear palsy resultig i permaet symptoms Pulmoary artery graft surgery for disease oly Removal of a eyeball due to ijury or disease Respiratory failure of advaced stage Rheumatoid arthritis resultig i a loss of the ability to do specified physical activities Stroke resultig i permaet symptoms Systemic lupus erythematosus with severe complicatios Termial illess where death is expected withi 12 moths Third-degree burs coverig 20% of the body s surface area, or 50% loss of surface area of the face, or 30% loss of surface area of the head ad eck Total peumoectomy for physical ijury or disease Traumatic brai ijury resultig i permaet symptoms We also cover ie additioal critical illess coditios that are automatically icluded at o extra cost, where, if the isured perso meets the defiitio, we ll pay either: a percetage of the mai critical illess beefit amout, or a fixed moetary amout 06

7 Questios ad aswers Our additioal critical illess coditios are: Carcioma i situ of the breast requirig surgery to remove the tumour the lower of 25% of the beefit amout or 25,000 Cerebral aeurysm requirig specified surgical procedures the lower of 25% of the beefit amout or 25,000 Cerebral arterioveous malformatio requirig specified surgical procedures the lower of 25% of the beefit amout or 25,000 Critical fracture cover of specified boes 1,500 Croh s disease with specified severity the lower of 12.5% of the beefit amout or 12,500 Early stage prostate cacer with specified severity the lower of 25% of the beefit amout or 25,000 Hospitalisatio due to a accidetal ijury for 28 or more cosecutive days 5,000 Partial loss of sight permaet ad irreversible the lower of 12.5% of the beefit amout or 12,500 Ulcerative colitis treated with total colectomy the lower of 12.5% of the beefit amout or 12,500 Ay valid claims made uder the additioal critical illess coditios wo t affect the beefit amout or premiums for ay critical illess beefit uder your policy. We ll oly pay a claim for a additioal critical illess coditio oce for each isured perso that s suffered the coditio. If we pay a claim for oe of our mai critical illess coditios, your policy will stop ad we wo t provide cover for ay additioal critical illess coditios. You ca fid a complete list of the coditios we cover icludig more details of how we ll cosider your claim, the full defiitios we ll use ad the evidece we ll eed, i our Defiitios guide, which is available o our website. How flexible is Busiess Protectio? We ve desiged our Busiess Protectio to allow you to chage your cover if ad whe your busiess eeds chage. We recommed that you regularly review your cover ad update it, if ecessary, to make sure it cotiues to meet your eeds. There are a umber of chages you ca make at ay time. We may be able to make some of these chages without you or the isured perso havig to provide us with more medical evidece, for example if the value of your key perso icreases, you may wish to icrease the level of cover provided by usig the guarateed isurability optio. Other chages may require us to carry out a fresh assessmet of the isured perso s health, occupatio ad pastimes. If you make ay chages to your policy, your premiums will chage. What other beefits ca I choose? As well as the mai beefits, you ca also choose from the followig beefits: Pre-completio beefits Immediate cover facility We ca provide immediate cover for the first 60 days while ay ecessary medical iformatio is beig requested. For us to cosider this, we eed: a completed applicatio form a fully completed Direct Debit istructio paymet for the first 60 days premium by cheque or direct debit all fiacial evidece If the isured perso has ay serious or uusual health coditios or has a occupatio or pastime we believe to be a higher tha ormal risk, the it s ulikely we ll be able to offer the immediate cover facilitiy (ICF). ICF is available with all mai beefits except icome protectio. This facility is subject to uderwritig ad is t available o all cases. 07

8 Questios ad aswers The maximum beefit amout is 3.5 millio for life protectio ad 1.5 millio for life with critical illess protectio, critical illess protectio ad total permaet disability beefit. There must be prove fiacial eed for example key perso, busiess loa or maagemet buyout or buy-i. You ca t use this facility if the isured perso has cover with us or aother provider which you or the isured perso iteds to cacel ad replace with the protectio beefits you re applyig for. You also ca t use this facility if you or the isured perso ited to apply to a umber of providers at the same time for the same protectio beefits. For life beefits, icludig life protectio ad reducig life protectio amouts up to 1.5 millio, if there is t eough iformatio o the applicatio form we ll eed either: a backgroud report explaiig the reaso for the cover, or a completed fiacial questioaire If the life protectio beefit amout is 1,500,001 to 3,500,000 the we ll eed a completed fiacial questioaire. For critical illess beefits, icludig life with critical illess protectio, reducig life with critical illess protectio ad total permaet disability beefit amouts up to 850,000, if there is t eough iformatio o the applicatio form we ll eed either: a backgroud report explaiig the reaso for the cover, or a completed fiacial questioaire If the critical illess beefit, icludig life with critical illess protectio, reducig life with critical illess protectio ad total permaet disability beefit is 850,001 to 1,500,000 we ll require a completed fiacial questioaire. Whe we have all the iformatio we eed to make a decisio, our uderwriters will check the applicatio. We ll let you kow if the isured perso has bee accepted for our ICF, ad o what terms ormally withi three workig days. Additioal beefits Waiver of premium Waiver of premium is a optioal beefit uless you ve chose icome protectio cover, where it s automatically icluded. This beefit will pay your premiums after the deferred period while the isured perso is uable to work due to sickess or accidet. This beefit will cotiue to pay your premiums for as log as the isured perso cotiues to meet the defiitio of icapacity as show o your policy schedule, but will stop o the earliest of: the isured perso returig to work, either fulltime or part-time the policy edig whe aother beefit is paid the ed of the beefit term the isured perso o loger satisfyig the defiitio of icapacity as show o the policy schedule the death of the isured perso For more iformatio about waiver of premium, please speak to a fiacial adviser. Reewal optio (five year) If you choose life protectio, reviewable premium critical illess protectio or reviewable premium life with critical illess protectio, the istead of settig up your beefit o a fixed-term basis, you ca choose to reew your beefit every five years. At the ed of each five-year term you ca reew the beefit without the isured perso havig to provide ay more iformatio about the state of their health. 08

9 Questios ad aswers Your premium will be based o our premium rates ad the isured perso s age at the time you reew your beefit ad therefore may go up. This optio is oly available if you have t bee charged a extra premium or had additioal exclusios added to your policy because of the health of the isured perso. Idexatio optio You ca select this optio to help protect your beefit amout agaist the effects of iflatio. The beefit will icrease each year i lie with the icrease i the Retail Prices Idex (RPI). The premiums will icrease each year at 1.5 times the icrease i the RPI. The icrease i the RPI will be limited to a maximum icrease of 10% ad a miimum icrease of 0%. Idexatio is t available with reducig cover. Total permaet disability beefit You ca choose to add this beefit to ay of the critical illess beefits. We ll pay you this beefit if the isured perso, because of total permaet disability, meets the defiitio of icapacity as show i your policy schedule. The defiitios of icapacity are explaied i full i our Defiitios guide. Istalmet optio I additio to the above beefits, there s also the istalmet optio, which is available if you choose level life protectio, critical illess protectio or level life ad critical illess protectio. Your beefit must be at least 250,000 at the beefit start date. If you make a valid claim you ll receive the beefit i five equal yearly istalmets. You must let us kow at the start of your policy if you wat this optio. What beefits are automatically icluded? We automatically iclude the followig beefits at o extra cost. Termial illess Termial illess beefit is icluded with all the mai beefits except key perso icome protectio ad executive icome protectio. We ll pay out o this if the isured perso is diagosed by the attedig Cosultat with a illess that satisfies both of the followig: the illess either has o kow cure or has progressed to the poit where it ca t be cured, ad i the opiio of their attedig Cosultat, the illess is expected to lead to the death of the isured perso withi 12 moths For life oly beefits our Chief Medical Officer will also eed to agree that the illess is expected to lead to the death of the isured perso withi 12 moths. The opiio must be supported by relevat medical evidece. For life protectio ad reducig life protectio the beefit must have at least oe year left to ru from the time the claims criteria are met. Guarateed isurability optios Oce your cover has started, if you eed to icrease your beefit amout because your circumstaces have chaged you may be able to do so without the isured perso havig to provide ay more iformatio about the state of their health. These optios are oly available if the isured perso is accepted o stadard premiums ad policy terms. For more iformatio o guarateed isurability optios, please speak to a fiacial adviser or visit our website. Whe does the policy pay out? Your policy schedule will show you which beefits you ve chose, the beefit amouts, the premium for each beefit ad if there are ay exclusios that will stop your policy payig out. How do I make a claim? If you eed to make a claim, please get i touch with us either i writig or by phoe. If you re makig a claim, you must let us kow as soo as possible. 09

10 Questios ad aswers For icome protectio ad waiver of premium claims, you must let us kow withi the timescales set out below. Deferred period Notificatio period 4 or 8 weeks by week 2 13 weeks by week 4 26 weeks by week 6 52 weeks by week 12 You should carry o payig premiums util we accept your claim. You do t eed to pay premiums to us while we re payig you a beefit amout uder your key perso icome protectio or executive icome protectio cover. However, you ll eed to start payig premiums if the isured perso starts workig agai eve if the work is o a part-time basis or they re performig differet duties. To allow us to assess all claims, we ll get writte medical evidece. For icome protectio claims we ll also eed to get fiacial evidece. For critical illess, additioal critical illesses, termial illess ad total permaet disability, we eed to get writte evidece from a medical specialist appropriate to the cause of your claim which meets the satisfactio of our Chief Medical Officer. At the time of claim, the isured perso does t eed to be residet i oe of the home coutries or oe of the desigated coutries but, the medical specialist providig reports must hold a appoitmet as a Cosultat or equivalet at a hospital i oe of the home coutries or oe of the desigated coutries. This also applies to the critical illess claims o life with critical illess beefits. You ll oly remai covered for executive icome protectio, key perso icome protectio ad waiver of premium while the isured perso is a permaet residet of the home coutries. If they travel or live temporarily outside the home coutries for more tha 13 cotiuous weeks i ay 12-moth period the cover for the icome protectio beefits will be excluded. If the isured perso travels or lives temporarily i ay oe or more of the desigated coutries the the 13-week period metioed above will be exteded to 26 weeks durig ay 12-moth period. What will stop the policy from payig out? If you or the isured perso do t give all the relevat facts, the protectio provided by the policy could be lost or cacelled ad your claim rejected. I certai circumstaces we wo t pay out a claim. These are kow as exclusios. If there are ay additioal reasos why we wo t pay out a claim o your policy, we ll tell you about them before your cover starts. They ll also be icluded i your policy schedule. For life protectio, reducig life protectio, life with critical illess protectio, ad reducig life with critical illess protectio, our suicide exclusio will apply. This meas we wo t pay a claim i the evet that the isured perso has died as a result of their ow actios (whether or ot at the time of such actio they were sae or isae) withi 12 moths of the policy start date or, if later, the date o which a particular beefit starts, or a policy is reistated, or the beefit amout for a particular beefit is icreased. This exclusio oly applies to the life elemet of the beefits listed above. 10

11 Questios ad aswers What do I have to pay? You ca fid details of your premiums i your persoal illustratio. All premiums are paid by Direct Debit ad are due throughout the term of the policy. We take various thigs ito accout whe calculatig your premium. These iclude whether cover is for oe life or two, the age of the isured perso, whether they smoke, their medical history, their occupatio, ay hazardous pursuits they re ivolved i, which beefits you ve chose, how much cover you ve selected ad for how log. Premium types All mai beefits are available with guarateed or reviewable premiums except for life protectio ad reducig life protectio. These are available o a guarateed premium basis oly. Guarateed premiums Guarateed premiums mea that the amout you pay whe you take out the beefit stays the same throughout the beefit term uless you chage your beefit. If you choose the idexatio optio, the premium will chage as a result of the yearly Retail Prices Idex (RPI) icreases. See the Additioal beefits sectio for more iformatio o the idexatio optio. Reviewable premiums If you choose beefits with reviewable premiums the the amout of your premium may chage at a review. This is because whe we calculated the premium rates to charge for these beefits we had to predict what we expected various factors to be over the whole term of your reviewable beefit. Reviews will take place every five years o the aiversary of the relevat beefit start date. The first review will be o the fifth aiversary of the relevat beefit start date. The reasos your premiums may chage at a review are: medical advaces which affect our view o the expected umber ad timig of future claims evets outside our cotrol which may affect the expected umber ad timig of future claims, for example a global epidemic ew data, either from our ow experiece or from exteral sources, which idicates the level of historic claims has chaged from the last time such data was published ad therefore affects our view of the expected umber of future claims chages to the tax regime which may favour oe type of policy over aother this will affect the umber of beefits we expect to stop before the ed of their beefit term ew data, either from our ow experiece or from exteral sources, which idicates the level of beefits stoppig before the ed of the beefit term has chaged from the last time such data was available ad therefore affects our view of the expected umber of beefits stoppig before the ed of the beefit term i the future chages i iflatio from the levels assumed whe we calculated your premiums this affects the cost of lookig after your policy chages i the tax regime for isurers chages i the way the govermet wat us to calculate the amout of moey we have to set aside to make sure we ca meet claims as they fall due If there s bee ay chage i the value of these factors sice your policy started or sice it was last reviewed the we ll use a fair ad reasoable method to calculate whether there should be a chage i your premium. The method is described i the Busiess Protectio policy coditios booklet. There s o limit o the amout we may icrease your premium by. 11

12 Questios ad aswers We ll write ad tell you the result of your premium review two moths before we make ay chage. If we chage the timig of these letters we ll let you kow. If your letter tells you your premium will go up at the beefit aiversary, the you may: pay the icreased amout ad cotiue with the same beefit amout ask us to reduce your beefit amout so you ca keep the premium at its curret amout ask us to cacel your beefit If you cacel all the mai beefits o your policy the your policy will stop with o cash-i value ad you ll o loger be covered by your policy. If you re usure whether reviewable premiums are suitable for you, you should speak to a fiacial adviser. Waiver of premium The premiums you pay for waiver of premium will chage if the premiums for ay of the other chose protectio beefits chage. Total permaet disability beefit The premiums you pay for total permaet disability beefit will be o the same premium basis as the mai beefit premium. Where ca I fid out about the charges? Whe calculatig the premium we take ito accout how much it costs to set up ad look after the policy, alog with the cost of providig the protectio beefits. These costs are icluded withi the premiums you pay. You ca fid details of your premiums i your persoal illustratio. What if I stop payig? If you stop payig premiums your policy will stop ad the isured perso will o loger be covered for ay of the beefits you ve chose. You wo t get ay of your premiums back. If you stop payig premiums but the wat to restart your policy, write to us ad we ll let you kow if this is possible. We may: make a charge for restartig your policy ask for proof that the isured perso is i good health ask for proof that the isured perso s occupatio ad leisure activities are, i our opiio, ot more likely to cause sickess or a accidet tha before icrease your premiums You ca stop payig premiums at ay time by cacellig your Direct Debit ad writig to us at the address show i the How to cotact us sectio. Ca I chage my mid? Yes. After your policy has started, we ll sed you a otice tellig you of your right to cacel. You ll the have 30 days from the date you receive the otice to chage your mid ad get a refud of all premiums paid. You ca cacel your policy by writig to: Protectio Customer Service Cetre Aego Ediburgh Park Ediburgh EH12 9SE If you do t cacel your policy, it will cotiue. 12

13 Questios ad aswers What if Aego ca t pay out the beefit amout for ay reaso? If this product was recommeded to you by a fiacial adviser, you may have a legal right to compesatio if it s established that the recommedatio was usuitable whe it was made. I the evet that we were t able to pay your claim, you d have access to the Fiacial Services Compesatio Scheme (FSCS). The amout of cover depeds o the type of busiess ad the circumstaces of the claim. Isurace busiess of this type is geerally covered for 100% of the value of the whole claim, without limit. You ca get more iformatio about compesatio arragemets from the FSCS by callig or visitig fscs.org.uk How do I complai? We hope you ever have to complai, but if you do, please cotact us first to see if we ca help. If you re ot satisfied with our respose, you ca the raise the issue with: The Fiacial Ombudsma Service Exchage Tower Lodo E14 9SR or complait.ifo@fiacial-ombudsma.org.uk Complaiig to the Ombudsma wo t affect your right to take legal actio later o. 13

14 Other iformatio About Aego We ve bee helpig people take resposibility for their fiacial future sice 1831 whe Scottish Equitable was fouded. Today we re part of Aego N.V., a iteratioal provider of life isurace, pesios ad asset maagemet, with busiesses i over 20 coutries aroud the world. We provide retiremet, workplace savigs ad protectio solutios to over two millio customers i the UK, helpig them create the tomorrow they wat. Aego is a brad ame of Scottish Equitable plc. Authorised by the Prudetial Regulatio Authority ad regulated by the Fiacial Coduct Authority ad the Prudetial Regulatio Authority. Fiacial Services Register umber What about tax? The taxatio treatmet of the premiums ad proceeds will deped o whether the busiess is isurig the life of the idividual o a key perso basis or whether the isurace is o a shareholder or partership protectio basis. For more iformatio o this please speak to a fiacial adviser. This tax iformatio is based o our uderstadig of curret legislatio, taxatio law ad practice, which may chage. All details are correct at the time of publicatio (May 2015). Commuicatio Our cotract with you is i Eglish ad ay commuicatios about it will also be i Eglish. If you d like a large prit, Braille or audio CD versio, please call Law The policyholder must be residet i the UK whe the applicatio is made, ad so the cotract will be set up ad govered by the law i the part of the UK that they live i at that time. The applicable law ca oly be chaged if both the policyholder ad we agree. Time limits We ll let you kow of ay time limits that may apply that are t covered i your key features or illustratio, for example ay time limits o uderwritig decisios or requiremets. You must let us kow if there are ay chages i your circumstaces betwee the date you give us your details ad the date your policy starts. Terms ad coditios This key features documet oly gives you a summary of the mai poits of the policy. You ca fid full details i the policy coditios booklet. You should read the policy coditios carefully, as it ll set out the terms ad coditios of the cotract betwee you ad Scottish Equitable plc. If you have more questios, or eed ay more iformatio, a fiacial adviser will be able to help you. Cliet categorisatio We categorise all of our cliets as Retail cliets uder the Fiacial Coduct Authority rules for all services ad trasactios. This helps us to make sure that you receive appropriate disclosure documets from us ad that you re made aware of everythig you eed to kow i a timely fashio. Your adviser To help your adviser give you a improved service, we may provide them with marketig ad promotioal support, techical services ad traiig, semiars, travel ad accommodatio expeses. We may also provide them with gifts ad hospitality. Your adviser ca give you details of ay beefits they receive from us. 14

15 How to cotact us Remember, a fiacial adviser will ormally be your first poit of cotact. We wo t be able to give you ay fiacial advice at ay stage. If you have ay questios, you ca phoe, or write to us: , Moday to Friday, 8.30am to 5.30pm protect_support@aego.co.uk If you wat to make a claim, please phoe or us: Moday to Friday, 8.30am to 5.00pm claims@aego.co.uk Alteratively, please write to our Claims departmet at the address opposite. Aego Ediburgh Park Ediburgh EH12 9SE We may moitor calls to improve our service. Dictioary of protectio terms Throughout this documet we ve highlighted various techical protectio terms i blue. The followig explaatios should help explai what these mea. Deferred period The period durig which a isured perso must be cotiuously uable to perform their isured occupatio due to illess or accidet. Desigated coutries Europea Uio (excludig the Uited Kigdom), Adorra, Australia, Gibraltar, Liechtestei, Moaco, Sa Mario, Turkey, the Vatica City State, New Zealad, Caada, Icelad, Norway, Switzerlad or the Uited States of America. Irreversible Ca t be reasoably improved upo by medical treatmet ad/or surgical procedures used by the Natioal Health Service i the UK at the time of the claim. Permaet/Permaetly Expected to last throughout life with o prospect of improvemet, irrespective of whe the cover eds or the isured perso expects to retire. Stadard premiums ad policy terms Where we accept the protectio cover requested with o chages to the cover you ve requested ad usig our stadard premium rates. Home coutries Uited Kigdom, the Chael Islads or the Isle of Ma. 15

16 As Lead Parter of British Teis, we re helpig to trasform the future of the sport by supportig youg talet, atioal teams ad evets throughout the coutry, icludig the Aego Champioships at The Quee s Club. Fid out more at aegoteis.co.uk Aego is a brad ame of Scottish Equitable plc. Scottish Equitable plc, registered office: Ediburgh Park, Ediburgh EH12 9SE. Registered i Scotlad (No ). Authorised by the Prudetial Regulatio Authority ad regulated by the Fiacial Coduct Authority ad the Prudetial Regulatio Authority. Fiacial Services Register umber A Aego compay Aego UK plc C IP /15