Protection for Life Demands and Needs

Transcription

1 Protection for Life Demands and Needs Mortgage sales reference OR Mortgage account number PREPARED FOR: First Name(s) in full: Surname: First Name(s) in full (if joint): Surname PREPARED BY: Lloyds Bank Plc/Halifax/Bank of Scotland Adviser Code: Date: YOUR MORTGAGE RELATED LIFE ASSURANCE ARRANGEMENTS Thank you for choosing Lloyds Bank Plc/Halifax/Bank of Scotland to arrange your life cover/critical illness cover with Scottish Widows. The purpose of this document is to provide a summary of our discussions and a written explanation detailing the reasons why particular products have been recommended as suitable to you in connection with your mortgage/further advance. This document is not intended as a detailed guide to any products mentioned and should be read in conjunction with other plan documentation you will receive. If you have dependants or wish to leave a debt-free estate, we believe it s important that, should you die or suffer a critical illness, you have funds available to allow your mortgage to be repaid. If you are single and currently have no dependants and do not want to leave a debt-free estate, we believe it s important you have funds available to repay your mortgage if you were to suffer a critical illness. I have made you aware that it s not a condition of your mortgage that you take insurance with us. Details of customer(s) existing protection policies Number Life Assured Life Cover ( ) Type Company Name Critical Illness Cover ( ) Start Date End Date Include

2 You have said you wish to use one or a number of your current Life Cover and/or Critical Illness Cover policies to protect part of this mortgage. In calculating your shortfall I asked you to consider the term and amount of the mortgage as well as the plan(s) that you wish to use. You have chosen not to include existing policy [insert number in the table on page one] towards your mortgage shortfall because: [insert reason] We have agreed that the following policies will not be used towards your mortgage protection shortfall as they are not appropriate for use in conjunction with this mortgage application: [list relevant numbers] You have chosen not to add to an existing Protection for Life plan because: [insert reason] I recommended that you add to your existing Protection for Life plan to cover the shortfall identified and you have chosen to accept this advice. Our recommendation is the shortfalls are fully covered as follows: Life Assured Shortfall Type Shortfall Amount ( ) Basis Term (years) Critical illness cover Level Life cover Level Critical illness cover Decreasing Life cover Decreasing Critical illness cover Level Life cover Level Critical illness cover Decreasing Life cover Decreasing You are single with no dependants and told me you did not want your mortgage repaid if you die. However, as life cover is provided at no additional cost (subject to your medical history), I recommended you include life cover in the policy you apply for. This means you would have more cover than you need but it would be at no additional cost. Following underwriting, if including life cover made your policy more expensive than if it wasn t included, I recommended that you take out a policy only protecting against critical illness. This is detailed later in this report. Although you have no need for life cover due to the protection you have in place I have included life cover in the policy you are applying for as life cover is provided at no additional cost (subject to your medical history). This means you would have more cover than you need but it would be at no additional cost. Following underwriting, if including life cover made your policy more expensive than if it wasn t included, I recommended that you take out a policy only protecting against critical illness. This is detailed later in this report.

3 You are aware that the advice I have given you today regarding life cover and critical illness cover has been limited to the protection of your mortgage debt. I recommend that the above shortfall(s) be covered in full with Scottish Widows Protection for Life product(s), subject to you meeting the eligibility criteria for this product. This is to ensure you have the funds available to repay your mortgage if you were to die. This is to ensure you have the funds available to repay your mortgage if you were to suffer a critical illness. This is to ensure you have the funds available to repay your mortgage if you were to die or suffer a critical illness. Due to your age at the expiry of your mortgage we have been unable to protect your mortgage for its full term. Details of what cover ends before your mortgage does can be found later in this report. Where I included Premium Protection in my initial recommendation (as shown in the quote I provided you with), we discussed that this is an optional benefit and I explained the costs to you. Where I initially included this benefit in my quote your decision on whether to include it in the policy you applied for, is detailed later in this document.

4 Protection for Life Demands and Needs Benefits you have chosen to apply for Policy Number Benefit Type Amount ( ) Basis Term (years) Premium Protection Life Assured For more/further details of the cover detailed above please read the quotation and Key Features document(s) carefully. Your final application has yet to be submitted. You will let us know your final decision in due course. Details of the policies and cover we have been able to provide are found on the next page. I have made you aware that policies can be written in trust, but before doing so you should discuss the benefits with a solicitor or legal adviser as part of an overall review of your estate planning.

5 Protection for Life Demands and Needs For For For For For the option to include Critical Illness Cover has been discussed and is included which will provide you with a lump sum which could be used to repay some, or all, of your mortgage. Full details of the benefit can be found in the Key Features document which I provided you with. the option to include Critical Illness Cover has been discussed and is included which will provide you with a lump sum which could be used to repay some, or all, of your mortgage. Full details of the benefit can be found in the Key Features document which I provided you with. the option to include Critical Illness Cover has been discussed but will not be included in your application. Unfortunately, following underwriting, Scottish Widows are unable to provide you cover at this time. This means should you want to repay your mortgage in the event of suffering a critical illness, alternative funds will need to be found. the option to include Critical Illness Cover has been discussed but will not be included in your application. Unfortunately, following underwriting, Scottish Widows are unable to provide you cover at this time. This means should you want to repay your mortgage in the event of suffering a critical illness, alternative funds will need to be found. the option to include Critical Illness Cover has been discussed and you have declined this because For [enter reason why not included] This means should you want to repay your mortgage in the event of suffering a critical illness, alternative funds will need to be found. the option to include Critical Illness Cover has been discussed and you have declined this because For For For For [enter reason why not included] This means should you want to repay your mortgage in the event of suffering a critical illness, alternative funds will need to be found. the option to include Critical Illness Cover has been discussed but will not be included in your application. Following underwriting you have decided not to take any cover at this current time. This means should you want to repay your mortgage in the event of suffering a critical illness, alternative funds will need to be found. the option to include Critical Illness Cover has been discussed but will not be included in your application. Following underwriting you have decided not to take any cover at this current time. This means should you want to repay your mortgage in the event of suffering a critical illness, alternative funds will need to be found. you have decided to include it as you wanted to ensure your premiums were maintained for you in the event of you suffering an accident or illness. Full details of the benefit can be found in the Key Features document which I provided you with. you have decided to include it as you wanted to ensure your premiums were maintained for you in the event of you suffering an accident or illness. Full details of the benefit can be found in the Key Features document which I provided you with.

6 For For For For For you have decided to include it, unless the underwriting decision on the premium protection or the associated main cover is declined or postponed. You wanted to ensure your premiums were maintained for you in the event of you suffering an accident or illness. Full details of the benefit can be found in the Key Features document which I provided you with. you have decided to include it, unless the underwriting decision on the premium protection or the associated main cover is declined or postponed. You wanted to ensure your premiums were maintained for you in the event of you suffering an accident or illness. Full details of the benefit can be found in the Key Features document which I provided you with. you had decided to include it as you wanted to ensure your premiums were maintained for you in the event of you suffering an accident or illness. However, for the reasons outlined by your adviser, unfortunately we are unable to offer you this cover. you had decided to include it as you wanted to ensure your premiums were maintained for you in the event of you suffering an accident or illness. However, for the reasons outlined by your adviser, unfortunately we are unable to offer you this cover. you have declined this because For For For [enter reason why not included] This means you would need to continue to meet the cost of your premiums if you suffered an illness or accident for your cover to continue. you have declined this because [enter reason why not included] This means you would need to continue to meet the cost of your premiums if you suffered an illness or accident for your cover to continue. the option to include Premium Protection has been discussed and you had decided to include it. However, as a result of the underwriting decision you have decided not to take this cover. This means you would need to continue to meet the cost of your premiums if you suffered an illness or accident for your cover to continue. the option to include Premium Protection has been discussed and you had decided to include it. However, as a result of the underwriting decision you have decided not to take this cover. This means you would need to continue to meet the cost of your premiums if you suffered an illness or accident for your cover to continue. Where critical illness has been included you have confirmed that in addition to this plan and all other existing policies you hold with both Scottish Widows and other providers, you do not have more than 2,000,000 critical illness cover in total (for each life assured). Where critical illness has been included, premiums are reviewed every 5 years and in order to maintain your chosen benefit, it may be necessary to increase your premiums. Where you have chosen to include Premium Protection and you will be aged 66 or over next birthday at expiry of this policy, I have made you aware that this benefit will cease when you reach this age which means should you suffer an illness or accident after this age you would need to meet the cost of your premiums yourself.

7 is currently single with no dependants and has requested life cover because as this would provide a lump sum that could be used to repay some or all of your mortgage if you were to die. is currently single with no dependants and has requested life cover because as this would provide a lump sum that could be used to repay some or all of your mortgage if you were to die. has decided to take of life cover which is less than the identified shortfall of because This means you may not have sufficient money to repay your mortgage if you die. has decided to take of life cover which is less than the identified shortfall of because This means you may not have sufficient money to repay your mortgage if you die. has decided to take of critical illness cover which is less than the identified shortfall of because This means you may not have enough money to repay your mortgage if you were to suffer a critical illness. has decided to take of critical illness cover which is less than the identified shortfall of because This means you may not have enough money to repay your mortgage if you were to suffer a critical illness. has decided to take of life cover which exceeds the amount of your identified mortgage shortfall because This means you will be paying more for your cover than you should. has decided to take of life cover which exceeds the amount of your identified mortgage shortfall because This means you will be paying more for your cover than you should. Rated underwriting decision [delete as ] Critical Illness Cover / Critical Illness with Life Cover is included. However, following underwriting, we ve increased the premium we previously told you. Rated underwriting decision [delete as ] Critical Illness Cover / Critical Illness with Life Cover is included. However, following underwriting, we ve increased the premium we previously told you. Rated underwriting decision [delete as ] Life cover has been discussed and was initially included as the policy provided life cover at no additional cost. Following underwriting, providing life cover in your policy became more expensive than providing just critical illness cover and I therefore removed life cover from your policy.

8 Underwriting decision with exclusions [delete as ] Life Cover / Critical Illness Cover / Critical Illness with Life Cover is included. However, following underwriting, we ve had to apply an exclusion/exclusions which I have explained to you. Confirmation of any exclusion will be confirmed in the documents sent from Scottish Widows. You should review these documents when you receive them to ensure you understand when we won t pay out on a claim. Underwriting decision with exclusions [delete as ] Life Cover / Critical Illness Cover / Critical Illness with Life Cover is included. However, following underwriting, we ve had to apply an exclusion/exclusions which I have explained to you. Confirmation of any exclusion will be confirmed in the documents sent from Scottish Widows. You should review these documents when you receive them to ensure you understand when we won t pay out on a claim. Rated underwriting decision with exclusions [delete as ] Life Cover / Critical Illness Cover / Critical Illness with Life Cover is included. However, following underwriting, we ve increased the premium we previously told you and applied an exclusion/exclusions which I have explained to you. Confirmation of any exclusion will be confirmed in the documents sent from Scottish Widows. You should review these documents when you receive them to ensure you understand when we won t pay out on a claim. Rated underwriting decision with exclusions [delete as ] Life Cover / Critical Illness Cover / Critical Illness with Life Cover is included. However, following underwriting, we ve increased the premium we previously told you and applied an exclusion/exclusions which I have explained to you. Confirmation of any exclusion will be confirmed in the documents sent from Scottish Widows. You should review these documents when you receive them to ensure you understand when we won t pay out on a claim. Rated underwriting decision You have chosen to include Premium Protection. However, the cost of Premium Protection has increased following underwriting. Rated underwriting decision You have chosen to include Premium Protection. However, the cost of Premium Protection has increased following underwriting which I have explained to you. Confirmation of any exclusion will be confirmed in the documents sent from Scottish Widows. You should review these documents when you receive them to ensure you understand when we won t pay out on a claim. Underwriting decision with exclusions You have chosen to include Premium Protection. However, following underwriting, we ve had to apply an exclusion/exclusions which I have explained to you. Confirmation of any exclusion will be confirmed in the documents sent from Scottish Widows. You should review these documents when you receive them to ensure you understand when we won t pay out on a claim. Underwriting decision with exclusions You have chosen to include Premium Protection. However, following underwriting, we ve had to apply an exclusion/exclusions which I have explained to you. Confirmation of any exclusion will be confirmed in the documents sent from Scottish Widows. You should review these documents when you receive them to ensure you understand when we won t pay out on a claim. Rated underwriting decision with exclusions You have chosen to include Premium Protection. However, following underwriting, we ve increased the premium we previously told you and applied an exclusion/exclusions which I have explained to you. Confirmation of any exclusion will be confirmed in the documents sent from Scottish Widows. You should review these documents when you receive them to ensure you understand when we won t pay out on a claim.

9 Rated underwriting decision with exclusions You have chosen to include Premium Protection. However, following underwriting, we ve increased the premium we previously told you and applied an exclusion/exclusions which I have explained to you. Confirmation of any exclusion will be confirmed in the documents sent from Scottish Widows. You should review these documents when you receive them to ensure you understand when we won t pay out on a claim. PLEASE RETAIN THIS FOR REFERENCE You understand that the recommendations have been based on the information provided and that you are under no obligation to act upon any recommendation that has been made. You understand that if you have declined, or have been unable to disclose all the information required, that recommendations may be incomplete and may not necessarily be the most suitable solution to meet your mortgage protection needs. You understand and agree with my assessment of your mortgage protection needs. For a joint application, you have had explained to you and understand that we only offer single life policies and that other companies offer polices where both lives can be covered in one policy. This is known as a joint life, first death policy which typically ends when a claim is made. You have confirmed that the flexibility offered by single life policies is important to you as it will enable you to amend them if or when your future needs change. It also provides you with the peace of mind of knowing that if a claim is made under one person s policy, the other person s policy will continue. In the event of a claim on one of your policies, you should review your remaining cover to ensure it still meets your needs. You have had explained to you and understand the risks and characteristics of the products which are being proposed. You can confirm that you understand what I am proposing for you. You can confirm that you can afford the action you have agreed to, and that you will be able to continue making the regular payments for the foreseeable future /18