50 + Life Cover - Important Information
At Foresters Friendly Society, we explain to you exactly WHAT a product is, precisely WHY the product may suit your requirements and in simple to understand language, HOW you can apply.
It is also important for you to be aware of the following factors:
- The sum payable on death will depend upon the bonuses added during the term of the policy with a minimum payment guaranteed when you die.
- Please bear in mind that if you should die during the first 2 years of the policy, payouts are limited to the return of premiums - other than in the case of accidental death.
- Although we aim to add bonuses to the value of your payment, the addition of bonuses is not guaranteed and therefore it is possible that the 50+ Life Cover policy might not receive any annual and/or final bonus.
- This policy is not a savings plan. If you stop paying premiums within the first 2 years the life cover will cease immediately. It also has no cash in value for the first 2 years. If the policy is cashed in at any time, it is probable that you will get back less than you have contributed. If the policy is made "paid-up" (i.e. if you stop paying premiums but do not cash in your policy) or it is surrendered during the first 10 years, tax may be payable on the benefits.
- Your circumstances may force you to stop paying premiums for example, after you retire you may not be able to afford the premiums. If this happens the life cover will end or be greatly reduced and you may not get back as much as you have paid in.
- You should also be aware that inflation will reduce what can be bought in the future with the sum assured.
- The 50+ Life Cover policy is not a funeral plan; there is no guarantee that the amount received would cover the costs of a funeral. It is a life assurance contract.
- Depending on how long you live, the total premiums paid may be greater than the amount payable on death. You must continue to pay the premiums to maintain the cover.
- The amount payable on death will form part of your estate unless written in trust. Inheritance Tax might be payable. Tax benefits may vary as a result of statutory change and their value will depend on individual circumstances.
You must read the enclosed Over 50 Life Cover Key Features Document before you decide to invest.
