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Protecting you and your Spouse/Partner

How Cover Continuation and Cover Re-instatement options can help ensure your clients can continue with their existing benefits, should they be unfortunate to have to claim on their policy.

If your clients have a Protect joint life first event plan, and one of them is unfortunate enough to need to claim from either their life or critical Illness benefit, it’s really important the non-claimant can continue their valuable protection benefit for the remainder of the original term without the need to start again. After all, who knows how their health may have changed since the original application and whether they’d actually be able to take out a new plan in the future.

By exercising the Cover Continuation Option that’s included at no additional cost with every Protect joint life first event plan, the non-claimant can exercise the option to continue their existing benefits with no further medical evidence and irrespective of their state of heath at the time.

Old Mutual Wealth writes to every policyholder following a claim, offering the non-claimant the option to continue their existing cover as well as giving them an indication of the premium they will be required to pay should they wish to exercise this option.

Full details about the Protect Cover Continuation Option can also be found in About Protect.

Protecting Yourself

There are two important times in your client’s life when they need a critical illness plan. The first, perhaps obviously, is when they don’t have one; and the second, more importantly, is once they’ve actually made a successful critical illness claim.

However, having successfully made a claim and received their Protect payment, your client now no longer has their critical illness plan in place. They will also be unlikely to be able to buy a new one to replace it.

With a Protect policy your clients have the option to include, at a small additional cost from outset the Cover Re-instatement Option. By selecting this option, your clients have the comfort that, should they claim from their Protect Critical Illness plan, after 12 months they’ll be able to re-instate cover for 18 critical illnesses, and if their illness is one of the 18 they will be covered for a second, separate instance of this illness. The Cover Reinstatement Option is also available on life cover policies where total permanent disability is selected.

It’s also important to remember that, if your clients have a joint life first death Protect plan the non-claimant also loses their critical illness on the first claim. However, they too can also continue their critical illness cover on the same basis as before by exercising the Cover Continuation Option.

Old Mutual Wealth writes to every policyholder after a claim offering the claimant the option to re-instate their critical illness cover as well as giving them an indication of the premium they will  be required to pay should they wish to exercise the option.

Full details about the Protect Cover Re-instatement Option can also be found in About Protect.

For financial advisers only. Not to be relied on by consumers.

This article is for information purposes only. The views expressed in this document are those of our sister company, Quilter Cheviot and not of Old Mutual Isle of Man or Old Mutual International Ireland, and are subject to change without notice.

You should be aware that investments, unit prices and income from units may fall as well as rise and you may not get back the amount you invested. Past performance is not a guide to future performance. Where a fund invests in securities designated in a different currency to the currency of the Old Mutual International product or where an underlying fund is denominated in a different currency, investments may rise and fall purely as a result of exchange rate fluctuations. Old Mutual International nor our sister company Quilter Cheviot do not provide investment advice. This document is provided for information purposes only and should not be relied or acted on by the recipient. It is not a recommendation to buy, sell or hold a particular investment. The views expressed in this document are those of Quilter Cheviot and not of Old Mutual International Isle of Man or Old Mutual International Ireland, and are subject to change without notice.

For information about your Old Mutual International policy and your investment choices, please contact your financial adviser.


 

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