lifeprotect FAQs
Retrieve a quote- Why is Life insurance important?
- Which insurance company provides lifeprotect Life Cover?
- What benefits does the plan provide?
- What is the difference between level cover and decreasing cover?
- What is the difference between critical illness and terminal illness cover?
- Are there any age limits?
- What is waiver benefit?
- Can it cover my partner as well?
- How much life insurance cover do I need?
- Can I cover my mortgage?
- How much will the cover cost me?
- When I apply, how much personal information will I need to provide?
- How long will the application take?
- What happens when I decide to accept the cover offered?
- What if I change my mind?
- Can I change my cover during the term?
- Are there any times when a claim may not be paid?
- Is the cash sum liable to tax?
- What about inheritance tax?
- How do I make a claim?
- Can I cancel the policy at any time?
- Do I get any money back at the end of my policy?
- How do I pay my policy premiums?
- Will the amount I pay for my policy change?
- How can I contact you about my policy?
- How do I make a complaint?
Why is Life insurance important?
lifeprotect is designed to help protect your loved ones financially if you die. If there are people who depend on you financially, you'll probably need to consider life cover. Whether you're the sole financial provider or your income is needed when it comes to paying the mortgage and your monthly bills, it makes sense for your family to be protected.
Which insurance company provides lifeprotect Life Cover?
lifeprotect Life Cover is brought to you by webmoney, and the cover is provided by Friends Provident, who are responsible for assessing your application, and administering your plan once it is set up.
What benefits does the plan provide?
The plan will pay a cash sum on death during the cover term or on diagnosis of a terminal illness at least 18 months before the end of the cover term. If the cash sum is paid, the plan will end. A terminal illness is an advanced or rapidly progressing incurable illness where an attending consultant and Friends Provident's Chief Medical Officer believe life expectancy to be no greater than 12 months. You can choose level cover or decreasing cover. You may be able to include waiver benefit.
What is the difference between level cover and decreasing cover?
With level cover, the amount of money that will be paid out stays the same throughout the cover term (which can be from 5 to 40 years). With decreasing cover, the amount of money that will be paid out decreases over the cover term (which can be from 10 to 40 years) normally in line with the outstanding amount of your mortgage.
What is the difference between critical illness and terminal illness cover?
With critical illness the policy will pay out on diagnosis of a specified medical condition listed by the insurer. With terminal illness cover the policy will pay out if you are diagnosed as having 12 months or less to live, although some providers will not pay out if the policy has less than 18 months to run.
Terminal Illness is included automatically in lifeprotect policies. We do not provide Critical Illness cover.
Are there any age limits?
You must be aged 18 or over when you start the plan and your cover must end before you reach the age of 85. You must be under 55 to include waiver benefit.
What is waiver benefit?
This is an optional benefit available at extra cost. You can include it from the start if you're aged under 55, in good health and not in a higher-risk occupation. It keeps your payments going for you if illness or accidental injury stops you from working for more than six months. If you're not in full-time employment, it depends on your ability to do certain basic tasks instead.
Can it cover my partner as well?
You can apply to set up your plan jointly with your partner so the cash sum is payable on the first death or the first diagnosis of a terminal illness during the cover term. If the cash sum is paid, the plan will end. You can include waiver benefit on one or both lives.
How much life insurance cover do I need?
You choose how much life insurance you buy. People often want their policy to pay out a multiple of their salary or the value of their mortgage.
You'll need to consider the financial security of your dependants and the value of any loans you have outstanding. If you are unsure about the amount of cover you need speak to an Independent Financial Adviser. An adviser will be able to help you decide on the appropriate level of life insurance cover for your personal circumstances.
Can I cover my mortgage?
Yes, we have level and reducing (mortgage protection) plans that can be arranged to cover different types of mortgage on death, but if you're unsure about which policy is best for your circumstances, you should seek independent financial advice.
How much will the cover cost me?
This will depend on:
- the cover amount you need
- how long you need it for
- whether you include waiver benefit or not
- whether you smoke or not
- your age and sex
- your medical history, occupation and pastimes.
When I apply, how much personal information will I need to provide?
During the application process, you will be asked about your personal and family medical history, your occupation and your pastimes. Your answers will be used in assessing your application, and you will need to disclose any information that may affect the decision to insure you. If you're uncertain about whether any particular information would influence that decision, you should include it. If you don't, Friends Provident will be legally entitled to refuse to pay a claim and to cancel your policy.
How long will the application take?
It depends on how much information is needed. Normally cover can be offered within 15-20 minutes provided no further information, such as a doctor's report or a medical examination, is needed.
What happens when I decide to accept the cover offered?
If you start your cover, you will receive a confirmation schedule in the post. For your cover to continue, you must check the information in the schedule is accurate and complete.
What if I change my mind?
You will have 30 days from the time the plan is set up to change your mind. If you decide to cancel, you must return the 'cancellation form' you receive within the 30 days.
Can I change my cover during the term?
Yes. The plan allows you to increase or reduce the cover level and the cover term. Increases may be subject to your age, health, occupation and pastimes at the time. Changes are also subject to the plan terms and conditions at the time. If you're under the age of 50 and in good health at the start, your plan may include options to increase your cover or extend the cover term without further evidence of health, occupation or pastimes. For more details, please see the key facts or policy conditions.
Are there any times when a claim may not be paid?
Friends Provident won't pay a claim unless you tell them about it within one month of disablement for a waiver claim and within three months of disablement for a terminal illness claim. They won't pay a waiver claim if it is due in any way to HIV/AIDS or war. Friends Provident will not pay a claim if they specifically exclude it by applying special terms to your plan or if you fail to disclose any information on application that may affect their decision to insure you.
Is the cash sum liable to tax?
Under current tax rules, you're not liable for income tax or capital gains tax on your plan unless you sell it to another person.
What about inheritance tax?
If you die during the cover term, the money paid out on your plan will form part of your estate for inheritance tax purposes. Once you've started your plan, you may therefore want to get professional advice about placing it in trust to help with inheritance tax planning.
How do I make a claim?
Please contact Friends Provident directly. Their contact details will be included in your policy booklet.
Can I cancel the policy at any time?
Yes, but of course your life insurance cover will then stop also. There is no cash in value for any policy.
Do I get any money back at the end of my policy?
No, there's no cash in value for lifeprotect.
How do I pay my policy premiums?
Payments are made monthly by Direct Debit.
Will the amount I pay for my policy change?
No, we offer guaranteed premiums, which means that your premium will never change during the policy term, provided it is paid on time and in full.
How can I contact you about my policy?
If you need any help or want to contact us, you can call us on 0845 371 1616.
Lines are open Monday to Friday 9am to 7pm.
How do I make a complaint?
If you have a complaint, we really want to hear from you. We welcome your comments, as they give us the opportunity to put things right and improve our service. Please call us on 0870 607 1352 or send us a message.
