LifePlan term benefits increase to age 80

Term benefits are now available until the age of 80, an increase from the previous limit of 65. This allows the policyholder greater flexibility. 

Long-term care is now a standard feature of LifePlan and will be added to all existing policies – this will increase the level of cover given at no added cost. For example, if a client’s health deteriorates and they become in need of assistance in day to day care on a long-term basis, they will be able to claim the critical illness portion of their life cover and receive a lump sum to help cover any associated costs or loss of income. 

New servicing improvements have also been added to help you, which include: 

• Production of a new Critical Illness Guide
• New and comprehensive Underwriting Guidelines
• An updated range of sales aids and case studies demonstrating LifePlan’s practical application – Added Extras, Critical Illness Cover and the Children’s Plan Case Study
• More details about the medical tests we require during the application stage
• Provision of practice notes on obesity and diabetes
• An introduction to our Underwriting Team, and how they will be able to help you

LifePlan aims to pay a cash sum on the death of the life assured, or upon diagnosis of a terminal illness. Its core benefit is Primary Life Cover, which is available up to the value of USD 7,500,000 (or currency equivalent). It is available in four currencies – sterling, dollars, euros or Japanese yen. 

In addition to this and the two new benefits which have been added, it contains a comprehensive list of features which make it one of the most competitive protection products on the market. These include: 

• Accidental death benefit (doubles the amount of life cover – primary life and term – in force up to an initial maximum of USD500,000)
• Critical illness cover (this advances a portion of the sum assured if the life assured is diagnosed with a covered critical illness or undergoes a covered medical procedure)
• Term critical illness cover (allows the policy owner the option to purchase critical illness cover as long as term life cover has already been purchased)
• Term life cover (the policy owner can buy additional coverage on a term basis to cover any short-term needs)
• Waiver of premium benefit (if the life assured is injured or taken ill and unable to work in their own or another suitable occupation for more than six months, this will ensure premiums are paid automatically and thus cover continues)

12 further ‘added extras’ are included in LifePlan policies at no extra cost such as children’s critical illness cover, total and permanent disability and terminal illness benefit. 

Natalie Dutton, Head of Marketing at RL360, commented: “LifePlan already included an impressive range of key features as standard on any policy, so the addition of long-term care for both existing and new clients, plus the extension of term benefits to age 80 years old, adds even greater flexibility. 

“LifePlan is a particularly significant product for us being it was the first one developed under the RL360 brand. Although we’ve brought other new products to market during the last year, enhancing LifePlan just one year from its launch demonstrates our ongoing commitment to delivering class-leading and innovative products for our clients and their advisers.”