Pulse Independent Insurance and Financial Advisers is a trading name of -
R J Hurst & Partners Ltd, authorised and regulated by the Financial Services Authority
Registered in England (No: 492768) at 131.133 New London Road, Chelmsford, Essex.
CM2 0QZ.
Directors: G.M. BERNCASTEL | J.T. BUGDEN | R. MCEWEN | S.A. SMITH
Pulse
Pulse Independent Insurance & Financial Advisers
Specialist Independent Advisers to the Medical Profession
Lifetime cover
If you require life cover, then here you will find a range of policies that meet
the needs of today's busy GP. In most cases you can obtain an immediate quote online
and arrange for the proposal form to be sent out to you. Before proceeding we ask
that you read the following:-
Whole of Life (Lifetime): Provides cover for the whole of your life with the lump
sum benefit being payable upon death at any time. An initial benefit level is chosen
at outset, but it will depend on which basis the Plan is arranged as to whether this
remains at this level, and indeed whether an Indexation Option is included. Cover
can be taken out on either a Guaranteed or Unit-
Guaranteed: Both the benefit level and premium are fixed throughout the lifetime of the Policy, unless an Indexation option is included. The benefit level then becomes payable upon death at any time.
Unit Linked: The benefit level is taken out at the required level at outset. Premiums are used to purchase units in an underlying fund which are then encashed to cover the cost of providing the life cover. The premiums would be reviewed during the lifetime of the Policy, whether or not an Indexation option is included, and you may find that either your premium will need to increase or your benefit level reduce, dependent on which basis you proceed with at inception.
Maximum Sum Assured: The premium is set at a level that will maintain the chosen benefit level for the first 10 years of the Policy. At the 10 year point the Plan will be reviewed and either premiums will need to increase, sometimes substantially, to maintain the benefit level, or the benefit level would be reduced to a level that the premium would still be able to sustain. This provides the maximum level of cover for the minimum cost during the initial 10 year period. The Plan will then be reviewed at regular intervals thereafter and further alterations may be needed to maintain the chosen benefit level, although any increases should not be to the same extent as the initial 10 year review.
Standard/Balanced Sum Assured: The Insurance Company calculate the premium they believe will maintain the life cover chosen throughout the lifetime of the Policy, assuming that an underlying growth rate is achieved. They will review the Plan at year 10 and should the assumed growth rate not have been achieved, your premium will need to increase. Alternatively, you can opt to reduce your benefit level to be appropriate to the premium being paid. The initial premium under this basis is higher than that for the Maximum Sum Assured, and so any amendments should not be as great. The Plan will then be reviewed at regular intervals to ensure that the premium being paid is still appropriate to the level of benefit held.
Specified Sum Assured: Under this basis, benefit and premiums are set at a level somewhere between that for the Maximum and Standard Basis. In this way, at the initial 10 year review, any amendments should not be as great as under the Maximum Sum Assured basis, whilst your premiums are lower than they would be under the Standard/Balanced basis. The plan is then reviewed on a regular basis to ensure that the premium being paid remains appropriate to the benefit level held.
NOTES / OPTIONS:
Premiums:
Guaranteed premiums will not change throughout the time you hold your policy, unless you have index linked benefits.
Reviewable premiums will start out lower, but are reviewed regularly and are likely to
increase over time with no guarantees as to by how much.
Waiver of Premium: This option can be chosen at outset and means that, for an additional premium, in the event that you are unable to work due to accident or illness, and subject to the individual Insurance Company’s Terms and Conditions, your premium would be paid for you until such time as you are able to return to work and recommence payment yourself.
Indexation of benefits : Although you can opt for level benefits, choosing to include indexation will help to offset the effects of inflation as benefit levels will rise each year by the level specified by the individual Company. Frequently this will be in line with RPI, subject to a maximum level. Premiums will also increase.
Critical Illness Cover: Payment in the event of diagnosis of one of a number of specified Critical Conditions can also be included for the majority of the aforementioned Plans. This can either be on a First Event Basis i.e. payment made upon the first to occur, with cover then ceasing; or on a Both Events Basis i.e. if you are diagnosed with a critical illness payment a lump sum benefit is made, and then a further payment is made upon death – subject to the Individual Policy chosen at outset and the terms that apply. For full details see our Critical Illness page.
Guaranteed Insurability Option: This option allows you to increase cover free from the provision of further medical evidence in certain circumstances e.g. moving house, having a child. Certain conditions apply and you should read the Individual Company literature closely.
Trusts: You may wish to place your Plan in trust so that benefits become payable to a nominated beneficiary in the event of a claim. Please see our Trust pages for further information.
Other options may be available and depend upon which Company you proceed with. Please ensure that you read the supporting Company Literature closely.