LEVEL TERM ASSURANCE KEY FEATURES

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1 CELEBRATING seeing retirement differently YEARS sin ce

2 The Financial Conduct Authority is a financial service regulator. It requires us, Partnership, to give you this important information to help you to decide whether our Level Term Assurance policy is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. Level Term Assurance is a life insurance policy that is designed to protect you, your family, an interest-only mortgage or loan, or a business. This Key Features document has been written on the basis that the policyholder and the life assured are the same person. However, it may be possible for the policyholder to take out cover on another person. We do not provide or offer financial, legal or tax advice. You should seek your own financial, legal or tax advice from a financial adviser or another suitably qualified professional.

3 CONTENTS 04 ITS AIMS 04 YOUR COMMITMENT 04 RISKS 05 QUESTIONS AND ANSWERS 09 OTHER INFORMATION

4 ITS AIMS To provide you with level term life cover that pays a cash lump sum if you die during the term of the policy. Alternatively, the policy will pay out if you are diagnosed as suffering from a terminal illness more than 18 months before the policy expiry date, with a life expectancy of less than 12 months. The policy ends if we pay out the cash lump sum on death or terminal illness. This policy has no cash-in value at any time. To provide life cover for the period of time that you choose, subject to your age and health. At the end of the term the policy will end and you will get nothing back. YOUR COMMITMENT To have a financial adviser appointed during the application process. To ensure you answer all the questions on your application fully, truthfully and accurately to the best of your knowledge. Failure to do so may invalidate any future claim you may make. To give us all the information we ask for when you apply for a policy. Please do not assume we will contact your doctor for any medical information. To tell us if any of the medical or other information you give us changes in the time between when you signed the application and the start of your policy. Failure to do so may result in the cover you receive being inappropriate for your revised needs and may invalidate any future claim you may make. To pay regular monthly or yearly premiums over the policy s term. If you stop paying your premium, your cover will end after 30 days from the date your last premium was due. You should regularly review your circumstances to ensure that your policy is still adequate for your needs. As your needs change, the level of cover you require may also change. RISKS If you do not pay your premiums, your policy and cover will end 30 days after the payment was due. If a policy is cancelled, you will not be able to reinstate it and your cover will cease. If you do not provide any information we ask for when making a claim, we will not pay out under the policy. We will not pay out if your terminal illness doesn t meet our definition. We will not pay out if you reach the end of your policy term without making a valid claim. Terminal illness cover can t be claimed after your death or within the 18 months immediately before the end of your policy. Inflation may erode the value of the life cover during the term of your policy. Tax treatment depends on your individual circumstances and the rules may change in the future. If your circumstances change you may have too little cover for your needs, or you may be paying too much for the cover that you already have. Failure to mention something could result in your policy being inappropriate for your protection needs and may invalidate any claim you may make later. 04 LEVEL TERM ASSURANCE

5 QUESTIONS AND ANSWERS What is a Level Term Assurance policy? It is an insurance policy that provides you with a set level of life cover for guaranteed regular premiums being paid. Alternatively, the policy will pay out if you are diagnosed as suffering from a terminal illness more than 18 months before the policy expiry date, with a life expectancy of less than 12 months. You can take out the policy on your own or with someone else. The cash lump sum is payable on the first claim only. The policy will end after we have paid out either the life cover cash lump sum or the terminal illness cash lump sum. The policy is available for a term of your choice, subject to your age, health and any age restrictions of the policy. At the end of the term the policy will end and you will get nothing back. What is a terminal illness? A terminal illness is a definite diagnosis by your consultant that meets the following requirements: The illness has no known cure, or has progressed to a point where it is unable to be cured; In the opinion of your consultant, the illness is expected to lead to death within 12 months; and Our chief medical officer agrees with the diagnosis. After we have paid a cash lump sum, in the event you suffer a terminal illness the policy will end. How flexible is the policy? The policy is not designed to be flexible. You can t alter the policy once it has started. If a higher cash lump sum is required at a later date, you will need to apply for an additional policy with us, or another life insurance provider. If the policy is no longer required you can stop paying the premiums and cancel the policy. Please note if you cancel the policy you will not be able to reinstate it, and you will not receive any refund of premiums or any cash lump sum payment. Who can the policy cover? The policy can cover one person or two people jointly. If the policy covers two people, we will only pay out the policy s sum assured as a cash lump sum when the first person suffers a terminal illness or dies. You must be resident in the United Kingdom, the Isle of Man or the Channel Islands to take out a policy. If the policy covers two people jointly, this applies to each life assured. A life assured must be 21 or over and under 85 when the policy starts. If a policy covers two people, these age restrictions apply to both of you. The minimum sum assured is 25,000. How long can the policy last? The shortest policy term is two years. The longest policy term is 50 years. The policy must come to an end before your 90th birthday. If we have not paid out the cash lump sum, the policy will finish at the end of the term. LEVEL TERM ASSURANCE 05

6 When does the policy pay out? We will pay out a cash lump sum if you: die during the policy term; or are diagnosed as suffering from a terminal illness more than 18 months before the policy expiry date and you are not likely to live more than 12 months. When will the policy not pay out? We will not pay any benefit: If you do not give us all the information we ask for when you apply for your policy. Please do not assume we will contact your doctor for any medical information. If you do not tell us about any change in your personal health, family medical history, occupation, alcohol consumption and smoking habits between making your application and when your policy starts. If we have not issued you with acceptance terms and advised you the contract is concluded and we have not received your first premium or an acceptable method of collecting them. If you do not give us all the documents and evidence we request to support your claim. If the date of birth of any person covered by the policy has been incorrectly stated and we would not have offered cover had we known the correct date of birth at the time of your application. We might not pay any benefit: If you did not tell us about an illness or condition at the application stage, which is considered to have had an effect on the underwriting decision that we made at the start of your policy. We will not pay out the life insurance amount: If a claim for terminal illness benefits has already been accepted under the policy. If you have not made all the premium payments that were due. We will not pay the terminal illness benefit: If you are expected to live longer than 12 months or if you are diagnosed with a terminal illness within 18 months of the policy expiry date. What will my premiums be? Your illustration gives an indication of the premium you ll need to pay for your chosen amount of life cover. This amount may change following completion of the underwriting process. Assuming we can accept you on risk, we will issue a binding quotation which will show you the premium you will actually pay. Your premiums are based on the amount of cover you choose, how long you want the cover to last and your personal circumstances, for example, your age, health, occupation and whether you smoke. The minimum monthly premium we will accept is Your policy operates on a guaranteed payments basis, which means your payments will stay the same during the term of the policy. These are set at the outset of the policy and are in the Policy Schedule. Your premiums can be paid monthly or annually by direct debit or annually by cheque. 06 LEVEL TERM ASSURANCE

7 What are the charges? We make a charge for managing your policy. Our charges cover your life cover and terminal illness benefit. We include these charges in the premiums you pay to us. Your financial adviser is entitled to be paid by us if you set up a policy with us. We make this payment to your financial adviser from the charges which we take from the premiums you pay to us. The amount your financial adviser will receive depends on the size of your premium and the length of the policy term. Your financial adviser will give you details of the amount they will receive as a result of any policy you successfully apply for. What if I stop paying? Your policy and cover will end after 30 days from the date the last premium was due. You will not get back any premiums you ve already paid. What if I die? A cash lump sum becomes payable at the date of death. The policy will cease at this point and no further premiums will be due. Once the cash lump sum is paid, no further claim or cash lump sum is payable. Please see How to make a claim on page 8 for details on how to contact us and claim. What about tax? The cash lump sum paid on death or terminal illness is currently free from income and capital gains tax. Death and terminal illness benefits may be subject to inheritance tax unless you put your policy in trust. Please ask us for details about our range of trusts. Your financial adviser can give you more details about your tax position. This information is based on our understanding of current UK law and HM Revenue & Customs practice. Future changes in law and tax practice or your personal circumstances could affect taxation. How do I apply? You should speak to your financial adviser for help in completing an application. This application includes a detailed medical questionnaire which must be fully and accurately completed. With your permission, we may contact your doctor for a General Practitioner s Report to check the information provided on your application form. We will not always request this report, so it is essential that you provide us with full details about your health so we can fully understand your condition and provide you with an accurate quotation. There may be certain instances when we will require you to undergo a medical examination, if, for example, our chief medical officer needs more information on a particular aspect of your application. If at any time your answers, including the description of your health, are found to be inaccurate, we will either cancel or amend the terms of your policy, or we may invalidate any future claim. Please see the Policy Conditions for details. LEVEL TERM ASSURANCE 07

8 Can I change my mind? You can cancel your policy at any time. When you first take out your policy we will send you a cancellation notice. If you cancel within 30 days of the day you receive the cancellation notice, we will give you your money back. If you cancel your policy at a later stage, you will not get any money back. You should send your instruction to cancel your policy to: Partnership Customer Services Ryan Direct Group Quay Point Lakeside Boulevard Doncaster DN4 5PL How to contact us For general enquiries, you can contact us by phone, or by writing to us at: Partnership Regent House 1-3 Queensway Redhill Surrey RH1 1QT Telephone: * info@partnership.co.uk Website: How to make a claim A claim can be made by contacting us for a claim form on * or in writing at the address below: Partnership Customer Services Ryan Direct Group Quay Point Lakeside Boulevard Doncaster DN4 5PL Please contact us immediately in the event that a claim needs to be made. 08 LEVEL TERM ASSURANCE

9 OTHER INFORMATION Complaints If your complaint is in relation to the financial advice you received then you should contact your adviser in the first instance. If your complaint is in relation to any aspect of our products or services please contact: Complaints Team Partnership 1-3 Queensway Redhill Surrey RH1 1QT Telephone: If you are not satisfied with the way your complaint is handled, you can contact: Financial Ombudsman Service Exchange Tower London E14 9SR Telephone: (for fixed line telephones) (for mobile telephones) Website: Making a complaint does not affect your right to take legal action. Full written details of our complaints procedure can be found at: Policy Conditions This Key Features document only gives you a summary of the Level Term Assurance policy. You should also read the full Policy Conditions. You can ask your financial adviser for a copy, or contact us directly for a copy using our How to contact us details. You can also obtain a copy from our website. We will send you the Policy Conditions with your Policy Schedule and information about your right to cancel once we have set up your policy. We can make changes to the Policy Conditions. Please refer to the Policy Conditions for details. Law The policy is governed by the law of England and Wales. Only a court in England and Wales, Scotland and Northern Ireland may consider any legal claim. Communicating with you Our Policy Conditions and all other policy documents are in English. We will always write and speak to you in English. Our regulator We are authorised and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. We are entered on the Financial Services register under number This is on the website You can phone the FCA free from a landline on LEVEL TERM ASSURANCE 09

10 Conflicts of Interest There are occasions where Partnership or its appointed officers will have some form of interest in the business being transacted. If this happens, we will take all reasonable steps to manage that conflict of interest, in whatever manner is appropriate in the circumstances. This will be done in a way which ensures that all customers are treated fairly and in accordance with proper standards of business. Client classification The Financial Conduct Authority has defined three categories of customer. You have been classed as a retail client, which means that you will be provided with the highest level of protection provided by the Financial Conduct Authority rules and guidance. Compensation The Financial Services Compensation Scheme covers your policy. If Partnership becomes insolvent and we are unable to meet our obligations under this policy, the scheme may cover you for 100% of the total amount of your claim. For further information, see or telephone or or write to the Financial Services Compensation Scheme at: Financial Services Compensation Scheme 10th Floor Beaufort House 15 St Botolph Street London EC3A 7QU 10 LEVEL TERM ASSURANCE

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12 Regent House, 1-3 Queensway, Redhill, Surrey RH1 1QT * *Telephone calls may be recorded for training and monitoring purposes. Local call rates apply. If you require this document in an alternative format please contact us. Partnership is a trading style of the Partnership group of Companies, which includes; Partnership Life Assurance Company Limited (registered in England and Wales No ), and Partnership Home Loans Limited (registered in England and Wales No ). Partnership Life Assurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Partnership Home Loans Limited is authorised and regulated by the Financial Conduct Authority. The registered office for both companies is 5th Floor, 110 Bishopsgate, London EC2N 4AY. PRO