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
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.
Life Cover: Payment in the event of death can also be included with 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.
Cover Buyback: Should you make a Critical Illness Cover claim, it is usually very difficult to then get further cover. If you choose this option at outset; however, for an additional premium, you have the knowledge that should you make a claim, you will be able to take out further Critical Illness Cover, subject to Company Specific limitations.
Total Permanent Disability: This option is available for an additional premium and will make payment of the chosen benefit level in the event that you become disabled and totally and permanently unable to work again. Some Companies will make payment under this option should you be unable to carry out your own occupation, whilst some will have a broader definition in that you must be unable to carry out any occupation to which you are suited. In some cases, Activities of Daily Work/Living (ADL’s or ADW’s) will apply. This means that you would be assessed as to whether you are able to carry out a number of specified tasks, such as washing, walking, bending or communicating. Please ensure you read Individual Company literature closely so that you are aware of which will apply to yourself should you proceed.
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: Whereas under a Policy that provides Life Cover only you may wish to place your Plan in trust so that benefits become payable to a nominated beneficiary in the event of a claim, under a Critical Illness Cover Plan you would want the benefits payable to yourself and it would not necessarily be appropriate to place your Plan in Trust. If you have an element of Life Cover; however, you can have a split Trust that will ensure that any Critical Illness benefits are payable to yourself, whilst the Life Cover benefit would be payable to your nominated beneficiary. 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.