Key Features of the Life Cover Plan Life Cover The Financial Services Authority is the independent financial services regulator. It requires us, Police Mutual, to give you this important information to help you decide whether our Life Cover is right for you. You should carefully read this document so that you are comfortable you understand what you are buying, and then keep it safe for future reference. This is a Police Mutual product. We do not offer Life Cover from any other insurer. Who is it for? This product is for anyone who wants to protect the financial security of their family if they die. • To provide a lump sum on death during the term of the plan • Its aims Your commitment To maintain regular payments for a term between one and forty years • If you do not make payments for three months your plan and your cover will end. You will get nothing back Risk factors • Warning – this plan has no cash-in value at any time Call us on: 0845 88 22 999† (Monday–Friday, 8.30am–5.30pm) Visit our website: www.pmas.co.uk Write to us at: PMAS Alexandra House Queen Street Lichfield Staffordshire WS13 6QS Fax us on: 01543 305 349 1 Questions and Answers What is a Life Cover plan? What will my payments be? • A Life Cover plan pays out a lump sum if you die during the term • This can be explained by using an example: Age next birthday: 35 Sex: Male Smoker: No Life cover: £100,000 Term: 10 years Monthly payment: £7.45 • You can choose how you set up your plan and how we pay the life insurance: – Single life: we only pay the lump sum if you die during the term of the plan – Life of another: we only pay the lump sum – Joint life: we only pay the lump sum if you if your husband/wife/partner dies during the term of the plan or your husband/wife/partner dies during the term of the plan (we pay on the first death only) • Your payments will depend on your circumstances, or those of the life to be covered, including: Whichever option is chosen, the person who takes out the plan owns it. Plans cannot be jointly owned. All benefits are paid to the plan owner or their estate – The age of the lives to be covered, when you take out the plan • • You can apply if you are aged 16–78. The plan If we pay a lump sum the plan ends must end on or before your 80th birthday How flexible is it? • If your circumstances change you can change who the plan covers, provided it has at least five years left to run. This is subject to appropriate medical evidence and a revised payment • There are no significant or unusual exclusions on this plan. Each application is assessed on individual circumstances. Please refer to the back of the application form for further information – The plan’s term – The sex of the lives to be covered – The health of the lives to be covered – Whether the lives to be covered smoke When does the plan pay out? • The plan pays out if you die during the term. If the person(s) covered dies we need to be advised. We can be contacted on 01543 305 362 (Monday-Friday, 8.30am-5.30pm). We will send a form which details the information required • Payments can be deducted from salary or pension (in most forces) or paid by Direct Debit • The payments remain constant for the full term of the plan. They will not change if your circumstances change • Because the plan has no cash-in value and no payout at the end of the term, your payments are kept to a minimum What other benefits can I choose? • The plan offers no other benefits • For a personal quotation please contact us on 0845 88 22 999† (Monday–Friday, 8.30am–5.30pm) 2 What are the charges? Can I change my mind? • We charge for managing your plan • In the example on the previous page the charge would be £2.95, which would be taken from the monthly payment of £7.45. This charge varies according to the term of your plan • It is your legal right to change your mind within 30 days. We will give you your money back if you sign and return the cancellation notice, or confirm your wishes in writing to the address on the next page (see ‘How to contact us’) within 30 days of receiving your plan documentation. You can cancel your plan at any other time, but your payments will not be refunded How much will the advice cost? • You can discuss the general features of the product with us, but we will not assess your personal and financial circumstances. We will also be unable to advise you whether the product is suitable for you. If you are in any doubt about the suitability of the product you should contact a financial adviser. Police Mutual do not employ financial advisers and will not pay commission to intermediaries in respect of this product What if I stop paying? • If you do not make payments for three consecutive months your plan and your cover will cease. We will not refund what you have already paid in as you will already have benefited from the life cover during the unpaid period What about tax? • Any lump sum paid out on death is currently free from income and capital gains tax • If the value of your estate when you die exceeds your individual allowance there may be inheritance tax to pay. You may be able to avoid this if you put your plan in trust. To do this you should consult a professional tax adviser • This represents the current position, but taxation legislation may change • Different tax regulations apply in the Channel Islands and the Isle of Man 3 How to contact us • If you have any questions at any time, you can Terms and conditions contact us in a number of ways. To enable us to help you, please quote ‘INSURE’ when you get in touch: Call us on: • This Key Features document and the application form you sign contain the legally binding terms and conditions governing the PMAS Life Cover plan 0845 88 22 999† (Monday–Friday, 8.30am–5.30pm) Visit our website: • These terms and conditions may change as a result of new legislation or regulation • We also have the right to change the terms and conditions. If we exercise this right we will write to you to explain what the changes are www.pmas.co.uk Write to us at: PMAS Alexandra House Queen Street Lichfield Staffordshire WS13 6QS Fax us on: Law • In any legal disputes, we will apply the law of England and Wales Language • For the duration of your plan, all communication will be in English 01543 305 349 Compensation • Other information How to complain • If you wish to complain about any aspect of the service you receive please contact us on the details above We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. There are various levels of compensation available, which depend on the type of business and the circumstances of the claim. The one which applies to you is: • A copy of our complaint handling procedure is available on request – Long term insurance – 100% of the first • £2,000 plus 90% of the rest of the claim • If you are still not satisfied you can complain to: Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR Further information is available from the Financial Services Authority or the Financial Services Compensation Scheme • Complaining to the Ombudsman will not affect your legal rights 4 Registered Office: Alexandra House, Queen Street, Lichfield, Staffordshire, WS13 6QS Call: 0845 88 22 999† (Monday–Friday, 8.30am–5.30pm) For your security, all telephone calls are recorded and may be monitored. Police Mutual Assurance Society Limited is an incorporated friendly society authorised and regulated by the Financial Services Authority (FSA register number 110050). This can be checked on the FSA register by visiting the FSA’s website http:/www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234†. April 2008 ABKT0500KFDL www.pmas.co.uk †Calls provided by BT will be charged at up to 4 pence per minute at all times. A call set-up fee of 3 pence per call applies to calls from residential lines. Mobile and other providers’ charges may vary.