Instant Life Insurance

Transcription

1 AIG Life Instant Life Insurance Key Facts

2 AIG Instant Life Insurance the Key Facts This document gives you the key information you need to help you decide whether AIG Instant Life Insurance is right for you. It is available in other formats such as Braille, large print or audio. Please ask if you need one of these formats. Welcome to AIG American International Group, Inc. (AIG) is a leading international insurance organisation serving customers in more than 130 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 and Isle of Man. 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. AIG Instant Life Assurance Aims How AIG Instant Life Insurance works AIG Instant Life Insurance is a way of leaving your loved ones some money if you die, or if you are diagnosed with a terminal illness and have less than 12 months to live, while you are insured. You can buy AIG Instant Life Insurance if you: Live in the UK, Channel Islands or Isle of Man; and Are aged 17 to 55. You choose the amount of insurance you want and the number of years you would like your insurance to last. How much insurance you can buy and the amount you pay for it will depend on your age when you apply for it. It is your responsibility to make sure Instant Life Insurance meets your financial needs so please think carefully and check it s right for you before you buy it. If you die before your Instant Life Insurance ends, we will pay out the amount of money you chose as long as you have answered our application questions fully, honestly and to the best of your knowledge, and have kept up with your monthly payments to us. It s important you give us honest, full and complete answers or you risk your insurance being cancelled or risk a future claim being rejected or reduced. To find out more about Instant Life Insurance, you can get a copy of the full terms and conditions, known as our Insurance Details. To pay a lump sum if the person covered: dies; or is diagnosed with a terminal illness (where life expectancy is less than 12 months). 2

3 Your commitment When you apply for AIG Instant Life Assurance, you commit to: give us accurate, complete and true information when you apply for cover pay regular monthly or annual premiums throughout the lifetime of your cover tell us immediately if any of the information in the Insurance Summary or Application Details we send you is wrong tell us if you change name, address or bank account. Risks to consider It is important you answer our application questions fully, honestly and to the best of your knowledge. You must give us honest and complete answers or you risk your insurance being cancelled or a future claim being rejected or reduced. If you do not keep your regular payments to us, your insurance will be cancelled and you will no longer be insured. It is your responsibility to make sure this insurance product is right for you. Your Instant Life Insurance is not a savings arrangement and has no surrender value. It is only worth something if you die or are diagnosed with a terminal illness and have less than 12 months to live while your insurance is active. Inflation will reduce the spending power of your insurance. We will not pay a life insurance claim within the first twelve months of your insurance starting if the Coroner s verdict or the evidence on the cause of death indicates, on the balance of probabilities, you intentionally took your own life. Other important information Who is insured You can buy Instant Life Insurance for yourself and you will be the person insured. If you have a partner, you can buy it as joint life insurance. It insures both people but we will only pay once. The insurance will then stop. Paying for your life insurance We will collect monthly or annual payments from you by direct debit to pay for your insurance until the date your insurance ends. If you miss a payment If you miss a payment, we ll contact you and you must make any overdue payments within 30 days. After 30 days, we will have to stop your insurance if you have not paid us and you won t be insured. If a claim is made while you still owe us one payment and it has been overdue for less than 30 days, we will deduct that from the final amount we pay out. Making a claim We want to make it easy for someone to claim if you die or suffer a terminal illness. Whoever is making the claim should get in touch as soon as they can using the contact details on page 5. A claims assessor will explain the process and what information we will need. But if you would like to know more about claiming on your life insurance, you can take a look at the Insurance Details document. 3

4 When we won t pay a claim We may not pay a claim if we discover we were given incorrect information when you applied for your life insurance. That s why it s really important that the information you give us in your application is full, honest, accurate and to the best of your knowledge. There is also an important exclusion to your insurance. We will not pay the money if you commit suicide within 12 months of starting your Instant Life Insurance. We will not pay a claim if your insurance has ended or if you do not keep up all of your regular payments to us. Changing your mind about Instant Life Insurance 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, unless we have paid you a benefit before you cancel. If you stop your cover at any other time, your insurance will end and you will not get any money back; your insurance does not have a surrender value. Making a complaint If you have a complaint, you can get in touch with us using the contact details on Page 5. We will try to resolve complaints as quickly and fairly as possible. If we cannot deal with your complaint promptly, we ll send you a letter to acknowledge it and give you regular updates until it is resolved. If you are not happy with how we deal with your complaint, you can refer it to the Financial Ombudsman Service. You can them at [email protected], call or write to The Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London E14 9SR. Making a complaint to the Financial Ombudsman Service does not affect your right to take legal action. What happens if AIG got into financial trouble and couldn t pay out the money 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 90% 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 [email protected] 4

5 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. Current tax rules Under current tax rules, there will not be any income tax or capital gains tax to pay on the money received when you die. But there might be Inheritance Tax to pay on the insurance, depending on your circumstances. The law The law of England and Wales will apply to this insurance. Language All our communications with you now, and throughout the life of your insurance, will be in English. How to contact us To contact the Claims Team call [email protected] To make a complaint Call [email protected] For any other enquiries about AIG Instant Life Insurance call [email protected] You can also write to us at AIG Life Limited, PO Box Harlow CM20 9LG or visit for more information. We are open 9am-5pm Monday to Friday except on bank holidays. (Calls are charged at standard rates from a BT landline but may cost more via mobiles and other networks. 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 Life Limited. Telephone 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