Co-Op Life Cover with Optional Serious Illness Cover Terms and Conditions

Insurance Services

Co-op Life Cover with optional Serious Illness Cover Terms and Conditions

Co-op Life Cover from Co-op Insurance Services is provided, underwritten and administered by The Royal London Mutual Insurance Society Limited.

APPROVED DOCUMENT coop.co.uk/life Clear design Simple language Contents

1. Welcome to Co-op Life Cover...... 4 5. How do I pay for my policy?...... 17 Your demands and needs...... 4 What happens if I miss a payment or stop paying?...... 17 Our agreement with you...... 4 Payment holiday...... 18 Who can take out this policy?...... 5 Please make sure that we have the right details...... 5 6. Making changes...... 18 Changes we need to know about...... 18 2. How does my Life Cover work?...... 6 How we can make changes...... 20 Types of Life Cover...... 6 Terminal illness...... 7 7. How to complain...... 21 What’s not covered...... 8 Financial Ombudsman Service contact details...... 21

3. How does optional Serious Illness Cover work?...... 8 8. Cancelling your policy...... 21 What’s covered?...... 9 Cancelling optional Serious Illness Cover...... 22 Serious Illnesses covered by Serious Illness Cover...... 9 Cancelling within 30 days...... 22 Cancelling after 30 days...... 22 4. How to make a claim...... 14 What happens next?...... 14 9. How is my policy protected?...... 22 Who do we pay the claim to?...... 15 How we pay the claim...... 16 10. Royal London’s financial situation...... 22 If this policy has been placed in trust...... 16 If this policy has been assigned to someone else...... 16 Will claim payments be taxed?...... 17

2 3 If chosen, the optional Serious Your policy schedule contains the Please make sure that we 1. Welcome to Illness Cover meets your demands details of your cover. It will show you have the right details and needs if you want cover for a the type of Life Cover you hold, and Co-op Life Cover serious illness. You want to receive whether you have Serious Illness Cover. You must take care to make sure Co-op Life Cover from Co-op a single amount of money, if you are that any information you give us Insurance Services is a contract diagnosed with one of six defined Your policy has no cash value, is correct and accurate to the between you and The Royal London serious illnesses during the length meaning that you can’t trade it in best of your knowledge and belief. Mutual Insurance Society Limited, of your policy. for money at any time. Your policy You need to check your policy the provider of this product. will only pay out if a valid claim is schedule when you receive it. Co-op Insurance Services have Our agreement with you made while you are covered by If you spot any errors, or have introduced you to Royal London the policy. any questions about your policy, When we talk about your and will a receive single commission please call us on 0345 268 6081 ‘Life Cover’ in this booklet, payment at the start of this policy. The It will show the amount you pay us as soon as you can. we mean your Co-op Life Cover. amount of commission that Co-op each month and what we’ll pay for Insurance Services receive is a fixed claims. It will also show you the start We use the details you give us to You may also be able to take percentage of the total payments and end dates of your policy, which work out if we can provide you out Serious Illness Cover when you you make to Royal London in one year. can last for between 5 and 50 years. cover. If you carelessly give us take out Life Cover. This provides wrong or inaccurate information, you with cover for the six medical These terms and conditions contain Royal London is a mutual insurance and this affects the cover we offer conditions listed on page 10. the details of your Co-op Life Cover, company, which means it is you, we may make changes to your and outline your relationship with owned by some of its customers. policy. This could mean we reduce Wherever we say ‘you’ or ‘your’ in Royal London. Please keep this These people are our members. the payout amount. We may also this booklet, we mean the person booklet in a safe place as you may Purchasing Co-op Life Cover cancel either the policy or Serious who is covered by this policy, who need it in the future. does not make you a member Illness Cover if you have it. If we is also known as the ‘policyholder’. of Royal London. cancel either of these, we wouldn’t Your demands and needs pay any claims, but we’d refund any Wherever we say ‘we’, ‘us’ or ‘our’, Whenever we communicate with monthly payments you’d made for We can only give you facts, not we mean The Royal London Mutual you, it will always be in English. the cancelled cover. If you weren’t personalised advice. You need to Insurance Society Limited, which eligible for a policy, but we let you use this information to decide if we’ll refer to just as Royal London. Who can take out this policy? take one out because you carelessly this policy is suitable for you. gave us the wrong information we To take out a Life Cover policy, Your policy schedule, the may cancel the policy. We wouldn’t you must be between 18 and This policy meets your demands information that you provided in pay any claims, but we’d refund 70 years old (inclusive) and a UK and needs if you want cover if you your application and these terms any monthly payments you’d made. die or are diagnosed with a terminal and conditions (including any resident. You cannot be a member illness during the length of your changes) make up your legal of the Armed Forces, Territorial policy. You want to make sure agreement with Royal London. Army or Reservists when you that a single amount of money Your policy schedule is sent to take out a policy. But we wouldn’t is paid out. you when you take out a policy cancel a policy if you later become and if your policy is amended. a member of any of these. Full information on making changes can be found on page 18. 4 5 If you deliberately or recklessly give We will also make your Life Decreasing cover Terminal illness us wrong or inaccurate information, Payout if you are diagnosed with If you have Decreasing Cover, your If you’re diagnosed with a terminal and this means we offered you a a terminal illness that meets our Life Payout will decrease each month. illness that meets our definition (see policy you weren’t eligible for, we definition while your Life Cover below) while your policy is in place, may cancel your policy. We may also is in place. See page 7 for more Decreasing cover is designed to we’ll make your Life Payout. When cancel your policy if it affected the details on what we mean by provide a Life Payout which matches we say ‘terminal illness’, we mean an cover we offered you. If we cancel a ‘terminal illness’. the reducing amount owed on a illness which has no known cure, or your policy for any of these reasons, repayment mortgage with a fixed has progressed to the point where we wouldn’t pay any claims, and Once we have paid a claim for Life interest rate of 7%. Your policy it cannot be cured. The Consultant we’d keep all monthly payments. Cover, including a claim for terminal schedule shows how much your (a specific type of medical specialist) By ‘recklessly’, we mean that you illness, your policy will end and we’ll Life Payout is worth at each treating you for your terminal illness gave us information without caring stop collecting payments. policy anniversary. about whether it was correct or not. must hold the medical opinion that you have 12 months or less to live. Types of Life Cover Please note that if a repayment 2. How does my We offer two types of Life Cover: mortgage rate rises above 7% The Consultant must specialise in level cover and decreasing cover. the Life Payout may not be enough a field relating to the illness being Life Cover work? These are explained below. to pay off the entire mortgage. claimed for. And they must either The Life Payout may also not be employed at a hospital in the UK, Your Life Cover pays out an amount Your policy schedule will show you be enough to pay off the entire or have comparable qualifications of money if you die while the policy which type of cover you have. mortgage if your mortgage outside the UK. is in place and we accept a claim length or amount changes. This on this policy. We call this the Life Level cover cover is not directly linked to your Our Chief Medical Officer must Payout. You choose the Life Payout If you have level cover, your Life mortgage. It’s important that you accept the medical opinion of amount when you take out a Life Payout will stay the same. You can review your cover regularly to the Consultant before we will pay Cover policy. The maximum Life find out the value of your Life Payout make sure it still meets your needs. a claim. We refer to this as the Payout you can have is £500,000. by checking your policy schedule. ‘terminal illness definition’. If you have level Life Cover, we’ll It’s important to be aware that The length of your policy can only be in whole years. You can’t, pay your Life Payout when you meet your Life Payout doesn’t increase our definition of terminal illness. over time – and may be affected for example, have a policy which is 10 years and 6 months long. by inflation. This means that If you have decreasing Life Cover, the price of things you buy may we’ll calculate what to pay you for become more expensive as time a terminal illness claim using the goes on, and your Life Payout date you met our definition. may be worth less. Not the date we pay the claim.

Once we have paid or are paying a claim for a terminal illness, your policy will end. Your Serious Illness Cover will also end.

6 7 What’s not covered Age Serious Illness Payout up to Our full definitions contain some 3. How does 18 – 44 £350,000 medical terms. If you’re unsure Suicide in the first year whether you meet our definition, 45 – 49 £275,000 During the first year of your policy, optional Serious you may want to take this booklet which begins on the start date Illness Cover work? 50 – 70 £125,000 to your doctor, or call us on shown on your policy schedule, we 0345 268 6081. won’t pay a claim for suicide. We also Serious Illness Cover is an optional Serious Illness Cover will remain in place until the end date shown on wouldn’t pay a claim if your death is a cover. You’ll pay an additional Serious Illnesses covered result of your own intentional actions. premium for Serious Illness Cover your policy schedule, unless we pay This would include if you attempt and this will be included in your a Life Cover claim before this date. by Serious Illness Cover suicide and survive, but later die monthly payment. Your policy If we make your Serious Illness There are six types of serious from complications relating to your schedule will show you if you have Payout, your Serious Illness Cover illnesses covered: attempt. This would also apply in the this cover. will end – but your Life Cover will • CANCER – but not early first year of your policy were you to continue, and you must carry on stage cases suffer a terminal illness as a result With Serious Illness Cover, you’re making monthly payments. • HEART ATTACK – where your of your own intentional actions. covered if you develop one of the heart becomes less efficient illnesses described in this section, However, your monthly payments as a pump We will, using our reasonable and meet the relevant medical will reduce if we make your Serious • STROKE – which causes opinion, decide the most likely definition while your policy is in Illness Payout, as you’ll no longer permanent damage to your cause of death or terminal illness place. To be eligible to claim, you be paying for Serious Illness Cover. nervous system and decide whether to pay a claim. must survive for 30 days from the We’ll tell you at the time how much • MULTIPLE SCLEROSIS – with We won’t necessarily rely on what date you meet the relevant medical you’ll pay from that point. persisting symptoms is shown on a death certificate or definition. You can find our medical • BENIGN BRAIN TUMOUR – coroner’s report – or an equivalent definitions in this section. Your Serious Illness Payout won’t requiring treatment or causing of these. change over time, and will be paid permanent damage to your If you have Serious Illness Cover, as a single payout. nervous system If we reasonably believed you’d you also automatically have • DEMENTIA – resulting in died or suffered a terminal illness Children’s Cover – see page 13. What’s covered? permanent symptoms as a result of your own intentional There are six types of serious If you choose Serious Illness Cover, actions, we would cancel the policy illness which are covered, and these Having one of these conditions you’ll also choose the amount of and not pay any claim. We also are explained in the section on doesn’t mean we’ll automatically cover you have when you take out wouldn’t refund any payments page 10. To be clear, we won’t pay pay a claim. As we’ve explained on a policy. We call this the Serious you had made to us. all claims if you’re diagnosed with page 9, your condition will need to Illness Payout. Your policy schedule one of these conditions. You need meet one of our medical definitions will show your Serious Illness Payout. to meet our medical criteria while while the policy is in place before Your Serious Illness Payout can’t be the policy is in place – these are we’ll pay a claim. less than £1,000, and the maximum explained in the section on page 10. amount of cover you can have You must survive for 30 days from depends on your age. the point your condition meets the relevant medical definition before we’ll pay a claim.

8 9 Serious Illness Cover: Not all cancers are the same. Some heart attacks are The impact of a stroke depends Medical Definitions The TNM classification of cancer more severe than others and on its size and where in the brain We need to be very specific about staging describes the severity will have a longer lasting impact the stroke takes place. For example, what is and isn’t covered by Serious of an individual’s cancer. This is on an individual’s health and someone who has a small stroke Illness Cover, which means that based on the size of the original wellbeing. The ejection fraction may experience only minor effects we use some medical terms in our tumour as well as the extent to is an important measurement such as weakness of an arm or definitions. We have also explained which the cancer has spread in determining how well your leg. But someone who has a more them in plain English to help you through the body. heart is pumping. It can be used severe stroke may be left paralysed understand what is covered. to determine the impact after on one side, lose his or her ability Some cancers are classed as early a heart attack. to speak or, in severe cases, die. This explanatory text is stage or less advanced. They are contained in the boxes below the more easily treatable and less Damage to the muscle of the heart The Modified Rankin Scale is a medical definitions. It does not likely to invade tissue and spread sustained during a heart attack commonly used and internationally change or replace the medical to other areas of the body. These impairs the heart’s ability to pump accepted scale for measuring the definitions that have to be met. are not covered by this policy. blood and therefore reduces the effects of a stroke. It measures how ejection fraction. well a person can carry out daily All medical conditions covered by Cancers that have progressed to activities after suffering neurological this policy will be diagnosed using stage 2 and beyond are typically Normal ejection fraction levels are damage – including from a stroke. the recognised UK standards which larger in size and may have started at 50% and above. This policy will ‘Neurological damage’ means are in place at the time a claim made. to spread to other parts of the pay out if as a result of the heart damage to the nervous system, This means your cover will keep up body. They are likely to have a attack the ejection fraction has which may include the brain. to date with new medical knowledge larger impact on an individual reduced to 45% or less. and practices as these develop. life and are usually treated This policy pays out when the with a combination of surgery, impact of a stroke is deemed CANCER – but not early STROKE – which causes permanent radiotherapy, chemotherapy and to be to at least level 2 which stage cases damage to your nervous system other drug therapies. These are is defined as having a: Cancer that has progressed to at covered by this policy. A stroke diagnosed by an least pathological TNM classification appropriate medical consultant Slight disability – Able to look equivalent of stage 2 as diagnosed which has resulted in lasting after own affairs without assistance, by an oncologist or pathologist. HEART ATTACK – where your heart impairment to the nervous system. but unable to carry out all The term cancer includes leukaemia, becomes less efficient as a pump The lasting impairment is measured previous activities. lymphoma and sarcoma. using the Modified Rankin Scale A heart attack diagnosed by a at least one month after the stroke. consultant cardiologist, which The following will not be paid The Modified Rankin Scale must has resulted in the permanent under this definition: be at level 2 or above. reduction of the heart’s efficiency • Small cancers that are only present as a pump. The reduction in in the organ in which they started; efficiency is measured by ejection • Benign tumours; and fraction at least one month after • All cancer of the skin except the heart attack. The ejection cancerous moles (melanoma) that fraction must be 45% or less. have spread beyond the skin. 10 11 MULTIPLE SCLEROSIS – BENIGN BRAIN TUMOUR – DEMENTIA – resulting in Benign brain tumours don’t with persisting symptoms requiring treatment or causing permanent symptoms invade other tissues or spread permanent damage to your A definite diagnosis of multiple to other areas of the body. But A definite diagnosis of dementia, nervous system sclerosis by a consultant they can be harmful because they which may include Alzheimer’s neurologist which has resulted A non-malignant tumour or cyst increase pressure in the skull. disease, by a consultant neurologist, in clinical impairment of motor originating from the brain, cranial This can cause permanent brain psychiatrist or geriatrician. or sensory function. nerves or meninges within the skull, and nerve damage. There are a The dementia must result in the resulting in any of the following: number of different treatments for permanent clinical loss of the ability Multiple sclerosis is a disease • Invasive surgery or stereotactic benign brain tumours depending to do all of the following: of the central nervous system. radiosurgery to destroy or remove on the position of the tumour and • remember; It causes the body’s immune system all or part of the tumour; or the severity of the symptoms. • reason; and to attack the protective covering • Chemotherapy treatment to • perceive, understand, express (called ‘myelin’) which surrounds destroy tumour cells; or This policy will pay out if you must and give effect to ideas. nerve fibres. When this happens, • Lasting impairment to the nervous undergo at least one of specific system measured using the nerve fibres become less efficient treatments stated on page 12. Dementia is a term used to Modified Rankin Scale at level 2 at sending information from the Or it will pay out if the tumour is describe the clinical effects caused or above. brain to the rest of the body. causing a lasting impairment to by a number of different diseases. the nervous system to at least level All of these diseases affect the The following will not be paid The impact of multiple sclerosis 2 of the Modified Rankin Scale. brain. They cause a progressive under this definition: can be wide-raging, affecting any loss of memory and mental ability. • Tumours of the pituitary gland. part of the body. Each person with The Modified Rankin Scale is a This eventually makes it impossible the condition is affected differently. commonly used and internationally for the affected person to perform Co-ordination, speech, muscle accepted scale for measuring even the simplest everyday tasks power and sensation can be how well a person can carry out without help. affected by multiple sclerosis. daily activities after suffering neurological damage. ‘Neurological damage’ means damage to the Children’s Cover nervous system, which may include If you have Serious Illness Cover, the brain. you automatically also have Children’s Cover. You can’t take out This policy pays out when the Children’s Cover as a standalone neurological impact of the cover. If your Serious Illness Cover tumour is deemed to be to at ends, so does Children’s Cover. least level 2 which is defined as having a: Children’s Cover will pay out if any of your children develop a condition Slight disability – Able to look covered by Serious Illness Cover. after own affairs without assistance, But we will only pay one claim per but unable to carry out all child for each policy with Serious previous activities. Illness Cover that you have in place.

12 13 Their condition must meet the What’s not covered under Documents we may need The UK, Australia, Austria, Belgium, relevant medical definition while the Children’s Cover to see include: Bulgaria, Canada, Channel Islands, policy is in place. See page 10 for our Conditions your child had before • Proof of the policyholder’s Cyprus, Czech Republic, Denmark, medical definitions. Your child must they were covered death such as the original Estonia, Finland, France, Germany, survive for 30 days from the date their death certificate; Gibraltar, Greece, Hong Kong, We won’t pay claims for Children’s condition meets the relevant medical • The original birth certificate Hungary, Iceland, Ireland, Isle of Man, Cover if the symptoms of a covered definition before we’ll pay a claim. of the policyholder; Italy, Japan, Latvia, Liechtenstein, condition were apparent, or the • Evidence of a change of name – Lithuania, Luxembourg, Malta, condition was diagnosed, before All of your natural, step and legally for example, a marriage or civil The Netherlands, New Zealand, you take out a policy. adopted children who are between partnership certificate; Norway, Poland, Portugal, Slovakia, 30 days and 18 years old are We also won’t pay claims if the • Medical evidence, which may Slovenia, South Africa, Spain, covered automatically by Children’s symptoms of a covered condition include full medical records. Sweden, Switzerland, USA. Cover. All other children between were apparent, or the condition 30 days and 18 years old who live was diagnosed, before the Depending on the claim, we may Who do we pay the claim to? with you now or in the future, and need to see other documents. child was covered by this policy. We’ll pay the claim to the people are financially dependent on you, But we’ll only ask for things that who are legally entitled to receive it. are also covered. we reasonably need to approve the claim, such as the policyholder’s 4. How to For a Life Cover claim, this is If any of your children are in, or start, will or other legal documents. often the policyholder’s personal full-time education (for example, make a claim representatives. In the case of a university), they will be covered Serious Illness Cover and If the policyholder has died, claim for terminal illness, we’ll pay until they turn 21. Children’s Cover claims please call us on 0345 268 6082 the policyholder directly. And if For Serious Illness Cover claims, to register a claim. we accept a claim on Serious Illness The amount we’ll pay out for an we may need to see any of the Cover or Children’s Cover, we’ll accepted Children’s Cover claim will documents mentioned above, You should also call this number if pay the policyholder. always be 25% of your Serious Illness you have Serious Illness Cover and as well as reasonable proof that Payout, up to a maximum of £25,000. your medical condition meets our have developed a covered condition. A ‘personal representative’ definition. For example, this might is a person in charge of the be a medical certificate provided For example, if you had £80,000 We’ll then send out a claim form, policyholders’ estate. ‘Estate’ by a specialist in the relevant area of Serious Illness Cover, you’d which needs to be filled in and is the term used to describe a of medicine, who works in one of have £20,000 of Children’s Cover. returned to us. person’s collective belongings the locations listed on this page. If you had £120,000 of Serious and debts after their death. Illness Cover, you’d have £25,000 What happens next? If you are living or working outside of Children’s Cover. We may need to see the original Death and terminal illness the UK, we may need you to return grant of representation (or grant Once we’ve received the claim to one of these locations before of confirmation in Scotland) before If we pay a Children’s Cover claim, form, we may ask for more we can pay the claim: we pay the claim. This is a document your Serious Illness Cover and Life information. We won’t be able issued by a court, which proves Cover will continue. You must keep to pay a claim until we’ve received who the personal representatives making your monthly payments. all the information we need. of the estate are.

14 15 How we pay the claim If you choose to place your policy in We’ll need to see the original deed of What happens if I miss a trust, you must send a copy of the assignment before paying the claim. Once we’ve approved a claim, we’ll payment or stop paying? trust deed to: Customer Services, normally pay the money into a UK PO Box 697, Royal London House, If you miss a payment, you’ll have bank account within 10 working days. Will claim payments be taxed? Macclesfield SK10 9AL. 60 days starting from the date of the You can also ask us to send a cheque. Your Life Payout and Serious Illness missed payment to pay it. If you pay If your policy is placed in a trust, Payout will be free from UK income the full amount within this period If we’ve received any payments we’ll take instructions from, and pay tax and capital gains tax. your policy won’t be affected. since the death of the policyholder, claims for death to the trustees. But we’ll also refund these when we pay we’ll pay claims to the policyholder However, Life Payouts may form If you miss a payment and it is not the claim. If we accept a claim for when a claim is accepted for part of your estate when you die – so paid back within these 60 days, then a terminal illness or Serious Illness terminal illness, Serious Illness inheritance tax may have to be paid. we’ll cancel your policy immediately Cover, we’d refund any payments Cover or Children’s Cover. Please bear in mind that tax rules after the end of the 60th day. You you’d made for your cover while may change in the future, which won’t get a refund, you’ll no longer we were assessing the claim. The trustees would then follow could affect the taxes you pay. be covered and you won’t be able the trust’s instructions to distribute to restart the policy. And if the payment of the claim, the money from a death claim to the If you’re unsure of your tax position or the return of any additional people who will benefit from the trust. you should seek professional advice. If we accepted a claim during this payments, is delayed by more than We’ll need to see the original trust 60-day period, it would be reduced by two months, we’ll add interest to deed – which is a document that lays the amount of any unmade payment. the amount we pay. out the rules of the trust – before 5. How do I pay paying the claim. We’ll also need to The rate we use is the Bank of for my policy? For example, if the value of your see any documents which change Life Payout was £100,000 and you England base rate minus 0.5% per the trust deed. You must pay for your policy by annum, with a minimum rate of 0.5% monthly Direct Debit. It is your died during the 60-day period after missing two £30 payments per annum. Interest is calculated If this policy has been responsibility to ensure that all on a daily basis. payments are made. (£60 in total), we’d pay £99,940. assigned to someone else If this policy has been If this policy has been assigned, Your monthly payments won’t If you’re struggling to make placed in trust we’ll pay the claim to the person or change, unless you choose to payments, please get in touch. organisation which this policy has reduce your Life Cover, remove You can ask us to reduce your A trust is a legal arrangement been assigned to. This can only be any Serious Illness Cover you have, monthly payments or shorten the which allows a policy to be held done with a deed of assignment. or if we accept a Serious Illness duration of your policy, but this by someone else – the ‘trustees’. To assign a policy, you must send Cover claim. Unless we’ve agreed means we’ll reduce your cover The trustees are chosen by a notification of the assignment to: otherwise, we’ll collect payments in line with this change. the policyholder. Customer Services, PO Box 697, each month in advance. We’ll collect Royal London House, these until the end date shown on Please see the section about Macclesfield SK10 9AL. your policy schedule, or until we making changes on page 18 pay a claim for death – or terminal for more information. illness if that is earlier. We’ll also stop taking payments if your policy is cancelled. 16 17 Payment holiday You cannot take out another You can choose to reduce the Can I increase my cover? Co-op Life Cover policy or make duration of this policy. You can’t increase your Life Cover If you’d like to take a break from any changes to your current policy You can reduce the duration of your or Serious Illness Cover. But you making your monthly payments, during a payment holiday. policy more than once, but your may be able to take out further please call us on 0345 268 6081 monthly payment can’t fall below Co-op Life Cover policies. and we can talk to you about your £7 per month. You can’t increase options. At any time after the first 6. Making changes the duration of this policy. Any additional Life Cover policy year of your policy, you can ask us taken out will be subject to the terms for a payment holiday. If you want to reduce the length of your policy or reduce your monthly Reducing the amount of Life Cover and conditions applicable to that you hold policy at the time it was taken out. Taking a payment holiday means payments, you can only do this after A copy of the relevant terms and you can have a break of up to six the first month of your policy. This is You can choose to reduce your conditions will be provided to you. months from making your monthly measured from the start date shown Life Cover Payout, which will also payments and your policy will still on your policy schedule. Please call reduce your monthly payments. How much cover can I have? continue. However, you will have to us on 0345 268 6081. If you make If you reduce your Life Cover make up all the missed payments changes, we’ll send you an updated Payout, this won’t affect any The most Life Cover you can have at the end of the payment holiday. policy schedule to confirm these. Serious Illness Cover you hold. across all Co-op Life Cover policies Or you could choose to reduce your is £500,000 in total. payout amount. If you do this we’ll Changes we need to You can reduce your cover more than work out how much to reduce your know about once, but your monthly payments If you have decreasing Life Cover, payout amount by. This will depend can’t fall below £7 per month. we’ll use the cover you had on the You need to let us know if you on how many monthly payments start date of the policy to calculate change your name, address or bank have been missed. We will let How you can make changes to this limit. So if you take out £300,000 account. If you leave the UK to live you know how much we’ll reduce optional Serious Illness Cover of decreasing Life Cover, you could in another country permanently, it by before making the change to You can remove Serious Illness only apply for up to £200,000 of it could mean that you can’t make your payout amount and we’ll send Cover from your policy, if you have further Life Cover while the first changes to this policy. you an updated policy schedule. it, and this will reduce your monthly policy is in place. You must restart your monthly payments. But your monthly How you can make changes to payments for your policy to continue payment can’t fall below £7 per The most we’d ever cover you Life Cover after your payment holiday. month. And you can’t reduce your for across all optional Serious Illness Reducing the duration of your Serious Illness Payout once your Cover you hold depends on your You can have a maximum of two Life Cover policy is in place. age. Please see the limits on page 9 payment holidays during the length for more information. of your policy but only one payment For example, if you take out a policy You can’t add optional Serious holiday can be taken within any which lasts for 25 years, you might Illness Cover to a policy which We’ll reduce your monthly payments, twelve month period. later decide to reduce this to 20 you’ve already applied for, or a or if necessary, cancel policies if your years. You can’t reduce its length to policy which has already been taken cover would exceed these limits. If we accept a claim during a less than 5 years. If you reduce the out. However, you may apply for We’d start by reducing or cancelling payment holiday the payout amount duration of your policy, both Life a Life Cover policy with optional the most recent policy you had taken will be reduced by the amount of Cover and Serious Illness Cover will Serious Illness Cover. out. If we do this, we’ll write to you to any unmade monthly payments. end on the new end date shown on let you know. your revised policy schedule. 18 19 How we can make changes Wherever possible, we’ll do our best Post: Our aim is never to make changes to to give you advance notice before 7. How to complain The Financial Ombudsman Service, your policy. However, we may have we make a change. If any change is We hope that you never have a Exchange Tower, London E14 9SR to do so for the following reasons: to your disadvantage, we’ll aim to reason to complain about your Email: • In circumstances beyond our tell you in writing 30 days before policy. If you do, we’d like to put complaint.info@financial- control – such as changes in we make it. If that’s not possible, things right. Please contact us ombudsman.org.uk we may have to give you less notice law, taxation or regulation or using the details below. Website: but we will let you know as soon as where we need to comply with www.financial-ombudsman.org.uk legal or regulatory decisions or we reasonably can. If you write to complain, please recommendations. supply your policy number. Using the Financial Ombudsman We may send you a letter that sets • To correct an error where it is Service doesn’t affect your legal rights. out the changes to your policy reasonable to do so. For example, Phone: terms, which will also form part if something is missing from your 0345 268 6083 If you, or your personal of your legal agreement with policy terms which mean that representatives, are not happy us. You may hear us call this an Email: there is an inconsistency with with the Ombudsman’s decision, ‘endorsement letter’. [email protected] your policy schedule or the you may still be able to take legal Post: policy summary document. action against Royal London. • To allow for changes in the way we If we make a change to your policy PO Box 697, Royal London House, that you are not happy with, you Macclesfield SK10 9AL administer life insurance policies The law of England and Wales where we consider it necessary may cancel your policy. We’ll do our best to resolve your applies to this policy. Any legal to do so. For example, where it claims relating to this policy will This section doesn’t affect our complaint within eight weeks. If we becomes impractical or impossible be heard in the courts of England ability to make changes to how we don’t, or if you aren’t satisfied with for us to provide your policy as is; and Wales. or if it could result in our customers handle your personal information. our final response to the complaint, For full details explaining how your you can then contact the Financial being treated unfairly. Only Royal London and you or personal information will be used Ombudsman Service. • Where we want to make a new your personal representatives see the Co-op Insurance Services service or feature available to you, have the right to enforce any and Royal London Privacy Notices. This is an impartial service. or make a reasonable change that part of this contract. won’t be unfavourable to you. It can examine your complaint and make a legally binding decision on what we should do. 8. Cancelling Financial Ombudsman your policy Service contact details You can cancel your policy at any Phone: time by calling 0345 268 6081. 0800 023 4567 (calls to this number If you cancel your policy, all cover, are free on mobile phones and including any Serious Illness Cover landlines) or 0300 123 9123 and Children’s Cover will end. (calls to this number cost no more than calls to 01 and 02 numbers)

20 21 Alternatively, you can write to us at: you should be able to claim from Notes Customer Services, PO Box 697, the FSCS. You can find out more Royal London House, by visiting www.fscs.org.uk or by Macclesfield SK10 9AL. contacting the scheme directly using the details below. Cancelling optional Serious Illness Cover Post: Financial Services Compensation If you have optional Serious Illness Scheme, PO Box 300, Mitcheldean Cover, you may cancel this without GL17 1DY cancelling your Life Cover. But you Phone: may not cancel Life Cover and keep 0800 678 1100 or 0207 741 4100 your Serious Illness Cover by itself.

Please use the contact details 10. Royal London’s shown above if you want to cancel your Serious Illness Cover. financial situation We want to provide you with Cancelling within 30 days clear information about Royal If you cancel within 30 days of the London’s financial position, date you receive your welcome so we have created a Solvency pack, we’ll refund any payments and Financial Condition Report. you’ve made. In it, you’ll find more details about Royal London’s business Cancelling after 30 days and company performance. If you cancel after 30 days from The report is produced annually the date you receive your welcome and you can access it at pack, you won’t get any refund. royallondon.com/solvency 9. How is my policy protected? Your policy is covered by the Financial Services Compensation Scheme (FSCS).

In the unlikely event that Royal London was unable to pay claims because it had stopped trading,

22 23 If you would like this information in large print, in braille or on a CD, please call 0345 268 6081.

Co-op Insurance Services acts as an Introducer for Co-op Life Cover. Co-op Insurance Services is a trading name of Co-op Insurance Services Limited; registered in England and Wales with registration number 4390. Registered office: 1 Angel Square, Manchester, M60 0AG. Co-op Insurance Services Limited is authorised and regulated by the Financial Conduct Authority under register number 779364. Co-op Life Cover is provided, underwritten and administered by The Royal London Mutual Insurance Society Limited. The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL. Co-op Insurance Services Limited is not part of The Royal London Group.

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