Group Life Insurance. Member Guide

Transcription

1 Group Life Insurance Member Guide

2 Aviva By choosing Aviva, part of the UK s largest insurance group, you benefit from our financial strength. Together with millions of customers worldwide you can feel certain of your choice whether you invest for the future, provide against the unexpected, or protect the things that are important to you. Our size and efficiency give us the strength to deliver an extensive range of value for money, quality products investments, retirement, protection and healthcare designed and changing to meet your needs, both now and in the future. 2 Life Insurance - Terms & Conditions

3 Contents Page 4 Employee scheme Terms and conditions for the employee scheme Partner scheme 5 Terms and conditions for the partner scheme aviva.co.uk/health 3

4 Members of the Aviva Staff Pension scheme are currently provided with death benefits of a lump sum (4 x salary) and a dependant s pension. This remains unchanged. The Group Life flex scheme is designed to be a voluntary top-up scheme and offered to Aviva employees and their partners. This will be totally employee funded based on a lump sum death benefit. (Dependant s pension will not form part of the flex scheme.) Employee scheme Group Life benefits will be offered to the employee, based on the following: l Fixed sums insured of 50,000 to a maximum of 250,000. l Unisex age banded rates based on the attained age of the employee at the scheme anniversary date, 1st July. Terms and conditions for the employee scheme: 1. The scheme termination age is Cover ceases at the end of the month on the earliest of the following (premium will be paid until the end of the month): l The employee reaching the scheme termination age l The employee leaving service or contract of employment ending l Death whilst being covered by the scheme l The flex benefit being de-selected l Premiums not being paid for the flex benefit 3. There is no continuation option under this benefit. 4. Cover continues during temporary absence due to illness or injury until scheme termination age. Premiums must continue to be paid and a contract of employment maintained during this period for cover to be continued. No increase in flex benefit will be allowed during a period of temporary absence. 5. Where an employee is applying for initial cover of up to 100,000 or a subsequent benefit increase that sees their overall cover not exceed 100,000 they will need to be able to confirm that they are Actively at Work on the date of their election, and have been for the preceding 20 consecutive working days. If they are unable to confirm this, then they may still be able to receive cover if they are able to satisfactorily complete a short health declaration. 6. Where an employee is applying for initial cover of greater than 100,000, or a subsequent benefit increase that sees their overall cover exceed 100,000, they must satisfactorily complete and submit a short health declaration before cover will be accepted. 7. Any level of cover may be selected at the anniversary date or a qualifying lifestyle event, subject to the overall maximum of 250, Increases in cover are only allowed on the anniversary date and following a lifestyle event. There is no restriction on the number of lifestyle events in one scheme year. 9. Cover can be decreased by any number of units. 10. Any increase or decrease in benefit must take place on the anniversary date date or within a specified time period of the lifestyle event taking place. 11. A new employee will have a specified period upon joining the company to elect units of cover, subject to Actively at Work or to satisfactory completion of a short health declaration, as required. 12. Existing employees will have a specified period prior to the anniversary date of the flex scheme to elect units of cover, subject to either confirmation of them meeting the Actively at Work requirement or satisfactory completion of a short health declaration, determined by the level of cover being requested If the employee cannot satisfactorily meet the Actively at Work requirement or complete the short health declaration, then the requested cover will not be provided. Actively at Work This means that an employee is actively at work and not working against medical advice. The employee must be: l following their normal occupation, l working their normal number of contracted hours, and l working at their normal place of business or at a location where business needs them to travel. Partner scheme Group Life benefits will be offered to the employee s partner, based on the following: l Fixed sums insured of 50,000 to a maximum of 250,000. l Unisex age banded rates, based on the attained age of the partner at the scheme anniversary date, 1st July l Eligibility: the partner (regardless of gender or marital status) must reside with the employee in the UK and share a joint financial commitment with the employee. They may be the employee s spouse but must not be a member of the employee s immediate family (i.e. parents, grandparents, relation etc). 4 Life Insurance - Terms & Conditions

5 Terms and conditions for the partner scheme: 1. Cover ceases at the end of the month on the earliest of the following (premium will be paid until the end of the month): l The employee or partner reaching the scheme s termination age. l The employee leaving service or contract of employment ending l The death of either the partner or the employee whilst being covered by the scheme l This benefit being de-selected by either the employee or the partner l Premiums not being paid for this benefit 2. There is no continuation option under this benefit. 3. The partner must apply for cover by satisfactorily completing and submitting a short health declaration before cover will be accepted. A declaration will be required for each increase in cover. 4. At anniversary date or a qualifying lifestyle event for the employee any increase in cover is permitted subject to the overall maximum of 250, Increases in cover are only allowed on anniversary date and following a lifestyle event. There is no restriction on the number of lifestyle events in one scheme year. 6. Cover can be decreased by any number of units. 7. Any increase or decrease in benefits must take place on the anniversary date or within a specified period of the lifestyle event taking place. 8. Within a specified period prior to the anniversary date of the flexible benefits partner scheme, existing employees may select any number of units of cover in respect of their partner, subject to the partner satisfactorily completing a short health declaration. 9. Within a specified period of commencement of employment the employee may select any number of units of cover in respect of their partner, subject to the partner satisfactorily completing a short health declaration. 10. A partner who is also an employee of the company can only be covered either as a partner or as an employee (i.e. they cannot receive double the cover). 11. The number of units covered for the partner must never be greater than the number of units covered in respect of the employee. 12. Only one partner may be covered at any one time. 13. If the partner cannot satisfactorily complete the short health declaration then the requested cover will not be provided. aviva.co.uk/health 5

6 Aviva Health UK Limited. Registered in England Number Registered Office 8 Surrey Street Norwich NR1 3NG. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Firm Reference Number This insurance is underwritten by Aviva Life & Pensions UK Limited. Registered in England No Rougier Street, York, YO90 1UU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Firm Reference Number Aviva Health UK Limited, Head Office: Chilworth House Hampshire Corporate Park Templars Way Eastleigh Hampshire SO53 3RY. GEN /2014 Aviva plc