Your Funeral Plan. Terms and Conditions Pay monthly option

Transcription

1 Your Funeral Plan Terms and Conditions Pay monthly option

2 Important Information about your Funeral Plan This document sets out the Terms and Conditions of your Funeral Plan and is designed to ensure you fully understand the monthly payment method and the companies providing the product. You have chosen to pay for your Funeral Plan Services with a Life Insurance Policy which will pay the Cash Sum on death directly to Golden Charter Limited (Golden Charter). The Life Insurance Policy is provided by Phoenix Life Limited, trading as SunLife. Golden Charter will choose a Funeral Director to provide the Funeral Plan Services. Please read this document carefully as it explains: Part 1: The Terms and Conditions for the Life Insurance Policy provided by Phoenix Life Limited. Part 2: The Terms and Conditions for the Funeral Plan Services arranged by Golden Charter. The information you have been provided with does not contain advice regarding whether the Funeral Plan is suitable for you. The decision is yours and therefore it is very important that you: 1. Read this Important Information about your Funeral Plan. This explains the features and benefits, as well as the exclusions and limitations of the Policy and the Funeral Plan Services. 2. Make sure you are eligible for the Life Insurance Policy. 3. Keep this document safe so you can discuss your plans with your Personal Representatives, and make sure they know where this document can be found. 4. Check this document from time to time to make sure the Funeral Plan is still suitable for you. Your demands and needs Paying for your Funeral Plan Services with a Life Insurance Policy meets the demands and needs of those who wish to pay a monthly premium to ensure that, in the event of their death after the Policy has been in force for two years, their chosen Funeral Plan Services are paid for and in place. Frequently used words Some of the words in this document have a special meaning and are highlighted in italic. The meanings are given below to help you. Cash Sum The full amount the Life Insurance Policy pays out on your death after the first two years, or on your accidental death during the first two years, as detailed in your Policy Schedule which is provided in your Policy documents from SunLife. Estate Your estate is the total value of your assets, less all liabilities, after your death. Funeral Director The funeral director selected by Golden Charter to provide your Funeral Plan Services. Funeral Director s Costs The fees of and costs incurred by the Funeral Director in providing the chosen Funeral Plan Services, but excluding the Third Party Costs. Funeral Plan The product you have purchased, consisting of a Life Insurance Policy from Phoenix Life Limited, together with a contract with Golden Charter to arrange the Funeral Plan Services.

3 Funeral Plan Services These are the services to be arranged by Golden Charter as defined in your Golden Charter Membership Pack, being either the Standard, Select or Premier services, as chosen by you. Guarantee - The guarantee to provide your Funeral Plan Services given by the Funeral Director in the form specified by Golden Charter. Life Insurance Policy/Policy/Whole of life policy A policy which covers you for the rest of your life and pays out on your death. Personal Representatives Your Personal Representatives, executors and/or trustees who are legally authorised to act for you after your death. Policy Anniversary The anniversary of the date you started your Life Insurance Policy. Third Party Costs These are the costs and fees paid to third parties as part of making the funeral arrangements. These may include any crematorium fee and officiant s fee. These costs are outside of Golden Charter s and the Funeral Director s control.

4 PART 1: Terms and Conditions for the Life Insurance Policy provided by Phoenix Life Limited 1) Am I eligible for the Life Insurance Policy provided by Phoenix Life Limited? You are eligible for this Life Insurance Policy provided that, at the start date, you are: Aged and Resident in the UK. 2) What are the features and benefits of the Life Insurance Policy? Your acceptance is guaranteed. By taking out your Funeral Plan you agree that the Cash Sum from your Life Insurance Policy is paid directly to Golden Charter on your death after the first two years, for arranging your chosen Funeral Plan Services. The Cash Sum increases by 3.25% each year on the Policy Anniversary, until your death. Your premiums will not increase. Accidental Death Benefit applies if you die within the first two years of taking out the Policy, solely as a result of (and within 90 days of) accidental bodily injury you suffer because of a sudden and unexpected event. In these circumstances the full Cash Sum will be payable directly to Golden Charter and your Funeral Plan Services will be arranged. 3) What are the exclusions and limitations of the Life Insurance Policy? The Cash Sum is not payable on death during the first two years unless you die as a result of an accident as defined in Sections 2&3. Instead, an amount equal to 120% of the premiums paid will be paid to Golden Charter. This amount can be used as a contribution towards your funeral, but the Funeral Plan Services will not be provided unless any funeral costs (including the Funeral Director s Costs and Third Party Costs) in excess of this amount are paid by your Personal Representatives. Alternatively your Personal Representatives can choose to have this amount paid to your Estate and the Funeral Plan Services would not be provided. Accidental Death Benefit would not be payable, and so the Cash Sum will not be paid to Golden Charter and the Funeral Plan Services will not be provided unless additional costs are paid by your Personal Representatives as mentioned above, in the event that death during the first two years was caused directly or indirectly through: - your involvement in any criminal act - flying (except as a fare-paying passenger) - your involvement in any hazardous pursuits - any self-inflicted injury - your involvement in war or hostilities - your alcohol/drug abuse - natural causes, an illness or disease. If you stop paying your premiums when due for any reason, your Policy would be cancelled, you would not get anything back, and the Funeral Plan Services would not be provided.

5 Depending on how long you live, the total premiums paid may be greater than the Cash Sum paid on death. You are only eligible for the Policy if, having taken it out: 1) the total amount of life cover under all life insurance policies you hold with Phoenix Life Limited where your acceptance is guaranteed, is 25,000 or less. If any of these policies pays a cash sum that increases, we will only include the cash sum at the start of the policy when calculating this total. When calculating this total, we will not include any additional life cover that is paid in the event of death in a travel accident; and 2) the total of your premiums under all life insurance policies you hold with Phoenix Life Limited where your acceptance is guaranteed does not exceed 100 a month. 4) How much will it cost? A fixed premium will be payable every month based on your age at outset and your chosen Funeral Plan Services. Premiums stop on the Policy Anniversary immediately before your 90th birthday or on your death if earlier. Your premium will be shown on your Policy Schedule which is sent to you after you take out a Policy. 5) How do I pay? Monthly by Direct Debit. After the first premium has been paid, if any subsequent premiums are not paid on the due date, we will write to you to let you know and will allow you 30 days to pay the outstanding premium. If the outstanding premium is not received within this time, we will send you a reminder letter and will allow you an additional 14 days to pay. If the premium is paid within this time the Policy will remain in force. If outstanding premium(s) are not paid within this time the Policy will be cancelled, your Funeral Plan Services will not be provided and you will not get anything back. If the Policy has been cancelled because a premium has not been paid you can choose to continue the Policy within 6 months of the date of the first unpaid premium. To do this you will need to pay all the premiums that you haven t paid. The Policy will then continue for the same Cash Sum and premium. 6) What if I no longer want my Funeral Plan Services but want to continue with the Life Insurance Policy? Should you decide you no longer want your Funeral Plan Services to be provided, you can write to SunLife, Golden Charter Admin, PO Box 1395, Peterborough PE2 2TR. We will then inform Golden Charter that you would like to cancel your Funeral Plan Services and, provided you continue to pay your premiums every month when due, we will pay the Policy proceeds to your Estate when you die. In this case your Funeral Director will not provide your Funeral Plan Services. Once the Funeral Plan Services have been provided, the proceeds from the Policy must be paid to Golden Charter, and cannot be paid to your Estate. 7) How do I cancel the Life Insurance Policy? You can change your mind within 30 days of when you receive your Golden Charter Membership Pack. You ll find the Your right to change your mind form included with your Policy documents from SunLife. Complete and return the form within 30 days to: SunLife, PO Box 1395, Peterborough PE2 2TR and any premiums you have paid will be refunded. After 30 days, you may cancel your Policy at any time by notifying SunLife in writing. If you do cancel, your Funeral Director will not provide your Funeral Plan Services and you will not get anything back.

6 8) What about tax? On your death, if any amount is paid to your Estate instead of to Golden Charter, it may be subject to inheritance tax. Circumstances when an amount would be paid to your Estate include: If for any reason Golden Charter does not arrange your Funeral Plan Services. For example, if your Personal Representatives are unaware of your Funeral Plan and make alternative funeral arrangements. If you decide not to use this Policy to provide your Funeral Plan Services, but continue to pay the premiums, for example to leave the proceeds as a gift. Tax information is based on our interpretation of current law and HM Revenue & Customs practice. How taxation could affect you will depend upon your individual circumstances. Tax legislation may change in the future. 9) What happens if Golden Charter go out of business or the agreement with SunLife Limited is terminated? SunLife Limited have an agreement with Golden Charter to arrange your chosen Funeral Plan Services. If there is a termination of the contract between SunLife Limited and Golden Charter in the future, Golden Charter will still arrange the Funeral Plan Services. If Golden Charter go out of business and cannot arrange the Funeral Plan Services, SunLife Limited would seek an alternative provider. If they were unable to do so the Policy proceeds would be paid to your Estate on death, which may mean the Policy proceeds are subject to inheritance tax. The Policy proceeds may not, however, cover the cost of any alternative funeral arrangements. 10) How to make a claim In the event of death, to claim the Funeral Plan Services: The person making the claim will need to contact Golden Charter on (open Mon to Fri 9am to 5pm). Outside of these times they can call the Funeral Director. Contact details for the Funeral Director are provided in the Golden Charter Membership Pack. They will need to provide: The full name and address of the policyholder. The Golden Charter Funeral Plan number. The original death certificate or coroner s report. There is no need to contact SunLife. Note that if death is during the first two years of the Policy and Accidental Death Benefit does not apply, then the Policy will provide only a contribution towards the cost of your Funeral Plan Services, as stated in Section 3. In the event of death, to claim the Policy proceeds paid to your Estate: The proceeds of the Policy could be paid to your Estate, rather than to Golden Charter for the provision of your Funeral Plan Services. In this case the Funeral Director would not provide the Funeral Plan Services. Please bear in mind that the Policy proceeds may not cover the full cost of alternative funeral arrangements. If the payment is made to the Estate we will add interest to the Policy proceeds paid out from the date of death to when the payment is made. The rate of interest used to calculate this amount will typically be around 0.5% per annum lower than the Bank of England Base Rate. In the event of death, your Personal Representatives can call SunLife on or write to us at

7 Phoenix Life Limited, PO Box 1395, Peterborough PE2 2TR. We will need: The Policy Schedule and Endorsements to be returned. The name of the person making the claim and evidence of their entitlement to the Policy proceeds. The name and date of birth of the policyholder. The original death certificate or coroner s report. A copy of the policyholder s Will if there is one. It is important that you keep the Policy documents safe and let your Personal Representatives know where to find them. If these documents are not available, the person making the claim should contact our policy helpline on ) What if I have a complaint about my Life Insurance Policy? If you would like further information or you have a complaint about our service, then please contact our Customer Care Team, SunLife, PO Box 1395, Peterborough PE2 2TR. Tel: If you are not satisfied with any aspect of the service that you have received from Phoenix Life Limited, then we have a written complaints handling procedure, a copy of which is available on request. You can refer complaints that we cannot settle to the Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: or (calls to this number are charged at the same rates as 01 or 02 numbers from a mobile). Lines are open 8am to 8pm Monday to Friday and 9am to 1pm Saturday. complaint.info@financial-ombudsman.org.uk Website: Making a complaint will not affect your right to take legal action. Please note that the Financial Ombudsman Service will deal only with complaints about your Life Insurance Policy and not your Funeral Plan Services. The European Commission has established an online dispute resolution platform known as ODR. You can register a complaint via the ODR platform here: Please see Part 2, Section 7.4 in relation to how to complain about your Funeral Plan Services. 12) Financial Services Compensation Scheme (FSCS) We are a member of the Financial Services Compensation Scheme (FSCS). This scheme is designed to protect you if we re unable to pay claims. FSCS may assist by transferring policies to another insurer or paying compensation. If policies are transferred, FSCS will ensure you receive 100% of your benefits under your new policy. If we cannot pay the Cash Sum due when you die, your Personal Representatives could claim 100% of the Cash Sum from FSCS. Further information about the scheme is available on the FSCS website: Please note, under these circumstances, your Funeral Plan Services would not be provided. 13) Law Phoenix Life Limited and you have a free choice about the law that can apply to a contract. Phoenix Life Limited proposes to choose the law of England and Wales, and, by entering into this contract, you agree that the law of England and Wales applies. All communications will be in English.

8 General Information Information about the company providing the Life Insurance Policy Phoenix Life Limited is the provider of your policy and trades as SunLife. Phoenix Life Limited s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no ). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no ). Information about the company distributing the Life Insurance Policy SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no ). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no ). You can check the details of both of these companies on the Financial Services Register by visiting or by phoning How to contact SunLife If you d like to talk to SunLife about any aspect of your Life Insurance Policy, please call our helpline on We are open Monday to Friday from 8am to 8pm. Call charges vary.

9 PART 2: Terms and Conditions for the Funeral Plan Services arranged by Golden Charter Section 1: Golden Charter s Role 1.1 Golden Charter will select a Funeral Director from their network to provide your Funeral Plan Services. 1.2 Golden Charter will send you a Membership Pack which will include the contact details for the appointed Funeral Director and a summary of your Funeral Plan Services. 1.3 All funeral services are arranged by Golden Charter and will be provided by the Funeral Director selected by Golden Charter. Golden Charter Limited are a limited company with their registered office at One Fleet Place, London EC4M 7WS (registered in England No: ). Golden Charter are a registered provider with the Funeral Planning Authority. This means that you will benefit from any applicable protections available through the Funeral Planning Authority s regulations. Section 2: Your Funeral Plan Services 2.1 Golden Charter will appoint the Funeral Director to provide your Funeral Plan Services and will, subject to Sections 2, 4 and 5, have the Funeral Director provide the Guarantee. In the event of cancellation of your Policy or your Funeral Plan Services the Guarantee will lapse. Golden Charter will use reasonable efforts to ensure that the highest quality of service is provided by the Funeral Director. 2.2 In the event of failure by the Funeral Director, an alternative Funeral Director will be chosen by Golden Charter to carry out the Funeral Plan Services in the same manner (subject to Sections 2, 4 and 5). 2.3 Golden Charter will arrange provision for your chosen Funeral Plan Services only. They will have no responsibility for any additional services, items or costs unless they agreed to be responsible for organising or providing those items or services. Section 3: What is covered by your Funeral Plan? 3.1 Subject to the exceptions set out in Sections 2 and 4, your Funeral Plan will include: the Funeral Plan Services as detailed in the Golden Charter Membership Pack (subject to Sections 2, 4 and 5); all the Funeral Director s Costs except for additional transportation costs as referred to in Sections and and other additional costs as referred to in Sections and 4.1.7; and an allowance for Third Party Costs. You can find information about the allowance in your Golden Charter Membership Pack. Section 4: What is not covered by your Funeral Plan? 4.1 In the following circumstances your Personal Representatives will need to pay for the following additional costs: where there has been a change to your Funeral Plan Services and Section 5.1 applies, the amount required under that Section; any difference between the allowance for Third Party Costs and the actual amount (if greater) of Third Party Costs incurred by Golden Charter or the Funeral Director at the time of your funeral; any Value Added Tax due under Section 7.2; any arrears of premium payments under Part 1: Section 5;

10 4.1.5 if requested by Golden Charter, any additional costs incurred by them or the Funeral Director in relation to transportation to and/or from the place(s) (1) at which your funeral occurs and/ or (2) from which the body is collected, if such place(s) are more than 15 miles from the Funeral Director s premises closest to your home address; any additional costs (including for time) incurred by the Funeral Director if you or your Personal Representatives choose a crematorium or cemetery which is more than 15 miles from the Funeral Director s premises; an appropriate sum to reflect the additional time and resources used by the Funeral Director if the duration of your funeral service is (at your own or your Personal Representative s request) significantly longer than average; and any transportation costs incurred, if you die outside of the UK, in repatriating you back to an airport or port in mainland UK. For residents of Northern Ireland, additional costs for transportation to a port or airport in Northern Ireland from outside of the UK or from mainland UK apply. 4.2 Your Personal Representatives must, to enable Golden Charter to arrange for the Funeral Director to carry out the Funeral Plan Services, pay to Golden Charter the additional sums referred to in this Section 4. Golden Charter, Phoenix Life Limited or the Funeral Director will not be responsible for those sums. Section 5: Changes to your Funeral Plan 5.1 Any change to your Funeral Plan (including your address or funeral requirements) which is likely to have a significant cost impact may require (1) additional sums to be paid to Golden Charter or the existing Funeral Director at the time of your funeral to accommodate your wishes in line with your Funeral Plan or (2) a change of Funeral Director. If so, the Guarantee given by the original Funeral Director will lapse. A new Funeral Director will be allocated by Golden Charter and while reasonable efforts will be made by Golden Charter to obtain a Guarantee from the new Funeral Director, the new Funeral Director may require additional sums at the time of your funeral to accommodate your wishes in line with your Funeral Plan. You will be advised in writing of an estimate any such additional costs as at the date of the transfer to the new Funeral Director. If there are any such additional costs, the new Funeral Director will treat the proceeds available from the Policy as a contribution towards the costs of your Funeral Plan Services. Your monthly premiums will not change in any way and your Personal Representatives must make a separate payment for any additional costs and/or Third Party Costs to the new Funeral Director at the time of your funeral. 5.2 Except as stated in Section 5.1 you will be unable to modify or amend any of your Funeral Plan Services before your funeral. Any proposed changes or additions made to such arrangements at the time of your funeral must be agreed separately with Golden Charter with additional payment for any amended or additional services or items made direct to Golden Charter or to the Funeral Director. Section 6: Cancellation 6.1 Part 1: Section 7 deals with the cancellation of your Policy. 6.2 If you no longer want your Funeral Plan Services but wish to continue with your Policy, please refer to Part 1: Section 6.

11 Section 7: General Provisions relating to your Funeral Plan Services 7.1 Acceptance Within 30 days of receipt of your completed application Golden Charter will notify you of their acceptance or rejection of the application. An application will be rejected where Golden Charter s requirements for applications have not been complied with or it is not completed correctly. No contract exists between you and Golden Charter until Golden Charter have notified you of their acceptance. 7.2 VAT and Tax On the basis of current legislation, no Value Added Tax has been added to any of the sums payable under your Funeral Plan. If VAT legislation or HM Revenue & Customs practice or interpretation of VAT legislation changes, Golden Charter may add Value Added Tax to any relevant sum which shall then be payable by you or your Personal Representatives. Tax legislation may change in the future and how taxation affects you or your Estate depends on your individual circumstances. 7.3 Law English law applies to your Funeral Plan unless you live in Scotland where Scots law will apply instead or if you live in Northern Ireland, where the law of Northern Ireland will apply instead. 7.4 Complaints Funeral Plan Services If you are not satisfied with any aspect of your Funeral Plan Services or the arrangements for them you should in the first instance contact Golden Charter. You can: Call their Customer Resolution Team on: Or write to Golden Charter s Head Office: Customer Resolution Manager Canniesburn Gate 10 Canniesburn Drive Bearsden Glasgow G61 1BF Or customer.resolution@goldencharter.co.uk Golden Charter will acknowledge your complaint within 7 working days of receipt and aim to resolve it within no more than 20 working days of receipt. If Golden Charter cannot resolve your complaint to your entire satisfaction then you should contact: The Funeral Planning Authority Limited Tel: info@funeralplanningauthority.co.uk The European Commission has established an online dispute resolution platform known as ODR. You can register a complaint via the ODR platform here: Please see Part 1, Section 11 in relation to how to complain about your Life Insurance Policy. S-W0005TAC0449OWEBFP