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