Co-op Life Cover with optional Serious Illness Cover
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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 languageContents
1. Welcome to Co-op Life Cover......................................................................4 5. How do I pay for my policy?.........................................................................17
Our agreement with you..............................................................................................4 What happens if I miss a payment or stop paying?................................................17
Ensuring this policy is right for 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
Reducing the length of your life cover.....................................................................18
2. How does my Life Insurance work?............................................................6 Reducing the amount of life cover you have...........................................................19
Types of Life Insurance.................................................................................................6 Changing the Serious Illness Benefit option...........................................................19
Terminal illness..............................................................................................................7 Can I increase my cover?............................................................................................19
What’s not covered.......................................................................................................8 Changes we need to know about.............................................................................19
How we can make changes....................................................................................... 20
3. How does optional Serious Illness Cover work?...................................8
What’s covered?............................................................................................................9 7. How to complain............................................................................................... 21
Serious Illnesses covered by Serious Illness Cover..................................................9 Financial Ombudsman Service contact details...................................................... 21
4. How to make a claim.......................................................................................14 8. Cancelling your policy................................................................................... 22
What happens next?...................................................................................................14 Cancelling within 30 days......................................................................................... 22
Who do we pay the claim to?.....................................................................................15 Cancelling after 30 days............................................................................................ 22
How we pay the claim.................................................................................................16
If this policy has been placed in trust.......................................................................16 9. How is my policy protected?....................................................................... 22
If this policy has been assigned to someone else..................................................16
Will claim payments be taxed?..................................................................................17 10. Royal London’s financial situation.......................................................... 22
2 31. Welcome to This policy will pay out a single cash
sum if you die or are diagnosed with
- The start and end dates of your
Life Cover, which can last for
Please make sure that we
have the right details
Co-op Life Cover a terminal illness before the end of
the policy term.
between 5 and 50 years.
- Your monthly premiums. You must take care to make sure
Co-op Life Cover from Co-op - Other important information. that any information you give us
Insurance Services is a contract The optional Serious Illness Benefit is correct and accurate to the
between you and The Royal London will pay out a single cash sum if you Your policy schedule is provided, best of your knowledge and belief.
Mutual Insurance Society Limited, are diagnosed with one of the 6 when you take out a policy and if You need to check your policy
the provider of this product. defined serious illnesses during the your policy is changed. schedule when you receive it.
Co-op Insurance Services have policy term. If you spot any errors, or have
introduced you to Royal London Full information on making changes any questions about your policy,
and will a receive single commission Wherever we say ‘you’ or ‘your’ in can be found on page 18. please call us on 0345 268 6081
payment at the start of this policy. The this booklet, we mean the person as soon as you can.
amount of commission that Co-op whose life is covered. This person is • The terms and conditions (including
Insurance Services receive is a fixed also known as the ‘policyholder’. any changes – these set out the We use the details you give us to
percentage of the total payments terms of your contract with us work out if we can give you cover.
you make to Royal London in one year. Wherever we say ‘we’, ‘us’ or ‘our’, and explain how your policy works. If you carelessly gave us wrong or
we mean The Royal London Mutual inaccurate information, this can
These terms and conditions contain Insurance Society Limited. But we • Royal London is a mutual affect the cover we offer you. So we
the details of your Co-op Life Cover, will just say Royal London. insurance company, which may have to make changes to your
and outline your relationship with means it is owned by some of its policy. This could mean you have a
Royal London. Please keep this Your legal agreement with Royal customers. These people are our lower payout amount. Or we may
booklet in a safe place as you may London is made up of: members. Purchasing Co-op Life cancel your policy or the Serious
need it in the future. • The information you gave in your Cover Illness Benefit. If we cancel either
application: its important to check does not make you a member the life cover or the Serious Illness
Our agreement with you the answers you gave us are of Royal London. Benefit, we wouldn’t pay any claims,
correct. These answers have been but we would refund any monthly
When we talk about your ‘Life Cover’ used to calculate your payments. Whenever we communicate with payments you’d made for the
in this booklet, we mean your Royal • Your policy schedule: it will show you, it will always be in English. cancelled cover.
London Life Insurance. you the details of your policy. It will
include the following information. Who can take out this policy? If you deliberately or recklessly give
Ensuring this policy -Y our name, policy number, date us wrong or inaccurate information,
To take out a Life Cover policy,
is right for you of birth, email address and we may cancel your policy.
you must be a UK resident aged
smoker status. We may do this if:
We can only give you facts, not between 18 and 70.
- The type of Life Cover you have. - We offered you a policy
personalised advice. You need to
-T he amount of Life Cover you you were not eligible for, or;
use this information to decide if
have. - The wrong or inaccurate
this policy is suitable for you.
- If you have the optional Serious information affected the cover
Illness Benefit and the amount. we offered you.
4 5By ‘recklessly’, we mean that you Important information: be aware Your monthly payments to the The Consultant must specialise in
gave us information without caring that your Life Payout will not policy will remain the same a field relating to the illness being
about whether it was correct or not. increase over time. It may also be throughout the term. claimed for. And they must either
If we cancel your policy for any of affected by inflation – so the price be employed at a hospital in the UK,
these reasons, we would not pay of things you buy may be more Please note: - The Life Insurance or have comparable qualifications
any claims, and we would not refund expensive as time goes on. This Payout may not be enough to pay off outside the UK.
any monthly payments. means your Life Payout may not be all of a repayment mortgage.
worth as much. This could happen if the mortgage Our Chief Medical Officer must
2. How does my Types of Life Insurance
rate rises above 7% or if your
mortgage length or amount changes.
accept the medical opinion of
the Consultant before we will pay
Life Insurance We offer two types of Life Cover: It’s important that you review your
a claim. We refer to this as the
‘terminal illness definition’.
work? Level cover and Decreasing cover.
These are explained below.
cover regularly to make sure it is still If you have Level Life Cover, we’ll
suitable for you. Your policy schedule pay your Life Payout when you meet
Your Life Cover pays out an amount Your policy schedule will show you shows how much your Life Payout is our definition of terminal illness.
of money. It will payout if either of which type of cover you have. worth at each policy anniversary.
the following happens: The length of your policy can If you have Decreasing Life Cover,
- If you die. Level cover
only be in whole years. You can’t, we’ll calculate what to pay you for
- If you are diagnosed with a If you have Level cover, your Life for example, have a policy which a terminal illness claim using the
terminal illness, as long as the Payout will stay the same. You can is 10 years and 6 months long. date you met our definition.
policy is in place and we accept a find out the value of your Life Payout Not the date we pay the claim.
claim on this policy. by checking your policy schedule.
Terminal illness
Once we have paid or are paying
We call this the Life Payout. You Decreasing cover We will pay out on your life insurance a claim for a terminal illness,
choose the Life Payout amount If you have Decreasing Cover, your cover if you’re diagnosed with a your policy will end. Your Serious
when you take out a Life Cover Life Payout will decrease each month. terminal illness. We will pay out as Illness Cover will also end.
policy. The maximum Life Payout long as that terminal illness meets our
you can have is £500,000. It can be used for any purpose and definition (see below) and your policy
tends to be used to cover a debt that is in place. When we say ‘terminal
For more information on terminal reduces over time. illness’, we mean an illness which has
illness please see page 7. Once we Decreasing cover is designed with no known cure, or has progressed to
have paid a claim for Life Cover or capital and interest repayment the point where it cannot be cured.
terminal illness, your policy will end. mortgages in mind. But it is not The Consultant (a specific type of
This means we’ll stop collecting directly linked to your mortgage. medical specialist) treating you for
payments. If your mortgage interest rate is your terminal illness must hold the
higher than 7%, the policy may not medical opinion that you have 12
fully repay your mortgage. months or less to live.
A decreasing term policy typically
costs less than a level term policy as
the amount reduces over time.
6 7What’s not covered
3. How does Age
18 – 44
Serious Illness Payout up to
£350,000
Our full definitions contain some
medical terms. You might be
optional Serious
Suicide in the first year unsure whether you meet any of our
During the first year of your policy, 45 – 49 £275,000
definitions. If you are you may want
which begins on the start date
shown on your policy schedule, we
Illness Cover work? 50 – 70 £125,000 to take this booklet to your doctor,
Your policy schedule will show your or call us on 0345 268 6081.
won’t pay a claim for suicide. We also Serious Illness Cover is an optional Serious Illness Payout.
wouldn’t pay a claim if your death is a cover. You’ll pay extra each month
Serious Illnesses covered
result of your own intentional actions. for Serious Illness Cover and this Serious Illness Cover will remain in
This would include if you attempt will be included in your monthly place until the end date shown on
by Serious Illness Cover
suicide and survive, but later die payment. Your policy schedule will your policy schedule, unless we There are six types of serious
from complications relating to your show you if you have this cover. pay a Terminal Illness or Life Cover illnesses covered:
attempt. This would also apply in the claim before this date. Once we have • CANCER – but not early
first year of your policy were you to Serious Illness Benefit covers you: paid your Serious Illness Payout, your stage cases
suffer a terminal illness as a result - If you develop one of the illnesses Serious Illness Cover will end. • HEART ATTACK – where your
of your own intentional actions. described in this section. Your Life Cover will continue so heart becomes less efficient
- You meet the relevant medical you must keep making monthly as a pump
We will, using our reasonable definition and your policy is in payments for your Life Cover. • STROKE – which causes
opinion, decide the most likely place. To be eligible to claim, permanent damage to your
cause of death or terminal illness. you must survive for 30 days from Your monthly payments will be less nervous system
Based on that we will decide the date you meet the relevant because you’ll no longer be paying • MULTIPLE SCLEROSIS – with
whether to pay a claim. We won’t medical definition. You can find for Serious Illness Benefit. persisting symptoms
necessarily rely on what is shown our medical definitions in this • BENIGN BRAIN TUMOUR –
on a death certificate or coroner’s section. We’ll tell you at the time how much requiring treatment or causing
report – or an equivalent of these. you’ll pay from that point. permanent damage to your
If you have Serious Illness Benefit, nervous system
If we reasonably believed you’d you also automatically have Your Serious Illness Payout is fixed • DEMENTIA – resulting in
died or suffered a terminal illness as Children’s Cover – see page 13. and will be paid as a single payout. permanent symptoms
a result of your intentional actions,
we would cancel the policy and not If you choose Serious Illness Cover, What’s covered? Having one of these conditions
pay any claim. We also wouldn’t you’ll also choose the amount of doesn’t mean we’ll automatically
refund any payments cover you have when you take out a There are six types of serious illness
pay a claim. Before we pay a claim:
you had made to us. policy. We call this the Serious Illness which are covered, and these are
- Your condition needs to meet one
Payout, and it cannot be less than explained in the section below.
of our medical definitions and the
£1,000. To be clear, we won’t pay all claims
policy has to be in place.
The maximum amount of cover you if you’re diagnosed with one of
- You must survive for 30 days from
can have depends on your age. these conditions. You need to
when your condition meets the
meet our medical definitions while
relevant medical definition.
the policy is in place. These are
Our medical definitions are on
explained in full in the ‘Serious
page 10.
Illness Benefit: Medical Definitions’
section on page 10.
8 9Serious Illness Cover: • Benign tumours. efficiency is measured by ejection
The impact of a stroke depends
Medical Definitions • All cancer of the skin except fraction at least one month after
on its size and where in the brain
We need to be very specific about cancerous moles (melanoma) that the heart attack. The ejection
the stroke takes place. For example,
what is and isn’t covered by Serious have spread beyond the skin. fraction must be 45% or less.
someone who has a small stroke
Illness Cover. This means that we may experience only minor effects
use some medical terms in our Not all cancers are the same. Some heart attacks are such as weakness of an arm or
definitions. We have also explained The TNM classification of cancer more severe than others and leg. But someone who has a more
them in plain English to help you staging describes the severity will have a longer lasting impact severe stroke may be left paralysed
understand what is covered. of an individual’s cancer. This is on an individual’s health and on one side, lose his or her ability
This explanatory text can be found based on the size of the original wellbeing. The ejection fraction to speak or, in severe cases, die.
in the boxes below the medical tumour as well as the extent to is an important measurement
definitions. It does not change or which the cancer has spread in determining how well your The Modified Rankin Scale is a
replace the medical definitions that through the body. heart is pumping. It can be used commonly used and internationally
have to be met. to determine the impact after accepted scale for measuring the
Some cancers are classed as early a heart attack. effects of a stroke. It measures how
All medical conditions covered by stage or less advanced. They are well a person can carry out daily
this policy will be diagnosed using more easily treatable and less Damage to the muscle of the heart activities after suffering neurological
the recognised UK standards. We’ll likely to invade tissue and spread sustained during a heart attack damage – including from a stroke.
use the standards which are in place to other areas of the body. These impairs the heart’s ability to pump ‘Neurological damage’ means
at the time a claim is made. This are not covered by this policy. blood and therefore reduces the damage to the nervous system,
means your cover will keep up to ejection fraction. which may include the brain.
date with new medical knowledge Cancers that have progressed to
and practices as these develop. stage 2 and beyond are typically Normal ejection fraction levels are This policy pays out when the
larger in size and may have started at 50% and above. This policy will impact of a stroke is deemed
If you’re unsure whether your illness is to spread to other parts of the pay out if as a result of the heart to be to at least level 2 which
covered, please show these medical body. They are likely to have a attack the ejection fraction has
definitions to your doctor who will be
is defined as having a:
larger impact on an individual reduced to 45% or less.
able to help.
life and are usually treated Slight disability – Able to look
CANCER – but not early stage cases with a combination of surgery, after own affairs without assistance,
STROKE – which causes permanent
radiotherapy, chemotherapy and but unable to carry out all
Cancer that has progressed to at damage to your nervous system
other drug therapies. These are previous activities.
least pathological TNM classification covered by this policy. A stroke diagnosed by an
equivalent of stage 2 as diagnosed appropriate medical consultant
by an oncologist or pathologist. which has resulted in lasting MULTIPLE SCLEROSIS –
The term cancer includes leukaemia, HEART ATTACK – where your heart
impairment to the nervous system. with persisting symptoms
lymphoma and sarcoma. becomes less efficient as a pump
The lasting impairment is measured
A definite diagnosis of multiple
A heart attack diagnosed by a using the Modified Rankin Scale
The following will not be paid sclerosis by a consultant
consultant cardiologist, which at least one month after the stroke.
under this definition: neurologist which has resulted
has resulted in the permanent The Modified Rankin Scale must
• Small cancers that are only present in clinical impairment of motor
reduction of the heart’s efficiency be at level 2 or above.
in the organ in which they started. or sensory function.
as a pump. The reduction in
10 11DEMENTIA – resulting in - We will only pay one claim per
Multiple sclerosis is a disease Benign brain tumours don’t
permanent symptoms child for each policy with Serious
of the central nervous system. invade other tissues or spread
Illness Benefit that you have in place.
It causes the body’s immune system to other areas of the body. But A definite diagnosis of dementia,
- Their condition must meet the
to attack the protective covering they can be harmful because they which may include Alzheimer’s
relevant medical definition while
(called ‘myelin’) which surrounds increase pressure in the skull. disease, by a consultant neurologist,
the policy is in place.
nerve fibres. When this happens, This can cause permanent brain psychiatrist or geriatrician.
- Your child must survive for 30
nerve fibres become less efficient and nerve damage. There are a The dementia must result in the
days from the date their condition
at sending information from the number of different treatments for permanent clinical loss of the ability
meets the relevant medical
brain to the rest of the body. benign brain tumours depending to do all of the following:
definition before we’ll pay a claim.
on the position of the tumour and • remember;
The impact of multiple sclerosis See above for our medical definitions.
the severity of the symptoms. • reason; and
can be wide-raging, affecting any
• perceive, understand, express
part of the body. Each person with This policy will pay out if you must All of your natural, step and legally
and give effect to ideas.
the condition is affected differently. undergo at least one of specific adopted children who are between
Co-ordination, speech, muscle treatments stated on page 12. 30 days and 18 years old are
power and sensation can be Dementia is a term used to covered automatically by Children’s
Or it will pay out if the tumour is
affected by multiple sclerosis. describe the clinical effects caused Cover. All other children between
causing a lasting impairment to
by a number of different diseases. 30 days and 18 years old who live
the nervous system to at least level
All of these diseases affect the with you now or in the future, and
2 of the Modified Rankin Scale.
BENIGN BRAIN TUMOUR – brain. They cause a progressive are financially dependent on you,
requiring treatment or causing The Modified Rankin Scale is a loss of memory and mental ability. are also covered.
permanent damage to your commonly used and internationally This eventually makes it impossible
nervous system accepted scale for measuring for the affected person to perform If any of your children are in, or start,
A non-malignant tumour or cyst how well a person can carry out even the simplest everyday tasks full-time education (for example,
originating from the brain, cranial daily activities after suffering without help. university), they will be covered
nerves or meninges within the skull, neurological damage. ‘Neurological until they turn 21.
resulting in any of the following: damage’ means damage to the
Children’s Cover
• Invasive surgery or stereotactic nervous system, which may include The amount we’ll pay out for an
the brain. If you have Serious Illness Cover, accepted Children’s Cover claim will
radiosurgery to destroy or remove
you automatically also have always be 25% of your Serious Illness
all or part of the tumour.
This policy pays out when the Children’s Cover.
• Chemotherapy treatment to Payout, up to a maximum of £25,000.
neurological impact of the tumour - You can’t take out Children’s
destroy tumour cells.
is deemed to be to at least level 2 Cover as a standalone cover.
• Lasting impairment to the nervous For example, if you had £80,000
which is defined - If your Serious Illness Benefit ends,
system measured using the of Serious Illness Cover, you’d
as having a: so does Children’s Cover.
Modified Rankin Scale at level 2 have £20,000 of Children’s Cover.
- Children’s Cover will pay out
or above. Slight disability – Able to look If you had £120,000 of Serious
if any of your children develop
after own affairs without assistance, Illness Cover, you’d have £25,000
a condition covered by Serious
The following will not be paid but unable to carry out all previous of Children’s Cover.
Illness Benefit.
under this definition: activities.
• Tumours of the pituitary gland.
12 13If we pay a Children’s Cover claim, What happens next? Serious Illness Cover and Who do we pay the claim to?
your Serious Illness Cover and Children’s Cover claims
Life Cover will continue as long Death and terminal illness We’ll pay the claim to the people
For Serious Illness Cover claims,
as you keep making your monthly Once we’ve received the claim who have a legal right to receive it.
we may need to see any of the
payments. form, we may ask for more documents mentioned above.
information. We won’t be able For a Life Cover claim, this is
We’ll also need reasonable proof that
What’s not covered under to pay a claim until we’ve received often the policyholder’s personal
your medical condition meets our
Children’s Cover all the information we need. representatives. In the case of a
definition. For example, this might be
Conditions your child had before Documents we may need claim for terminal illness, we’ll pay
a medical certificate. This must be
they were covered to see include: the policyholder directly. And if
from a specialist in the relevant area of
• Proof of the policyholder’s we accept a claim on Serious Illness
We won’t pay claims for Children’s medicine. And they must work in one
death such as the original Cover or Children’s Cover, we’ll
Cover if the symptoms of a covered of the locations listed on this page.
death certificate; pay the policyholder.
condition were apparent, or the
condition was diagnosed, before • The original birth certificate Australia Latvia
of the policyholder; A ‘personal representative’
you take out a policy. Austria Liechtenstein
• Proof of a change of name – for is a person in charge of the
Belgium Lithuania
example, a marriage or civil policyholders’ estate. ‘Estate’
We also won’t pay claims if the Bulgaria Luxembourg
partnership certificate; is the term used to describe a
symptoms of a covered condition Canada Malta
• Medical evidence, which may person’s collective belongings
were apparent, or the condition Channel Islands The Netherlands
include full medical records. and debts after their death.
was diagnosed, before the Cyprus New Zealand
child was covered by this policy. Czech Republic Norway
Depending on the claim, we may We may need to see the original
Denmark Estonia Poland
need to see other documents. grant of representation (or grant
4. How to But we’ll only ask for things that
Finland
France Germany
Portugal
Slovakia
of confirmation in Scotland) before
make a claim we reasonably need to approve we pay the claim. This is a document
Gibraltar Greece Slovenia
the claim. For example the issued by a court, which proves
Hong Kong South Africa
policyholder’s will or other legal who the personal representatives
Please call us on 0345 266 5400 Hungary Spain
documents. of the estate are.
to make a claim. You should call Iceland Ireland Sweden
this number: Isle of Man Switzerland
- If you have Serious Illness Benefit Italy United Kingdom
and have developed a condition Japan USA.
which is covered by our Serious
Illness Benefit. Living or working outside the UK?
- If you have terminal illness We may need you to return to one
- If the policyholder has died. of these locations before we can
pay the claim.
We’ll then send out a claim form,
which needs to be filled in and
returned to us.
14 15How we pay the claim Royal London House Will claim payments be taxed? What happens if I miss a
Alderley Park
Once we’ve approved a claim, we’ll Your Terminal Illness, Life Payout payment or stop paying?
Congleton Road
normally pay the money into a UK Nether Alderley and Serious Illness Payout will be If you miss a payment, you’ll have
bank account within 10 working days. Macclesfield SK10 4EL free from UK income tax and capital 60 days starting from the date of the
You can also ask us to send a cheque. gains tax. missed payment to pay it. If you pay
If your policy is placed in a trust, the full amount within this period
If we’ve received any payments we’ll take directions from, and pay However, Life Payouts may form your policy won’t be affected.
since the death of the policyholder, claims for death to the trustees. part of your estate when you die
we’ll also refund these when we pay But for accepted terminal illness, – so inheritance tax may have to If you miss a payment and it is not
the claim. If we accept a claim for Serious Illness Benefit or Childrens be paid. Please bear in mind that paid back within these 60 days, then
a terminal illness or Serious Illness Cover claims we’ll pay the tax rules may change in the future, we’ll cancel your policy immediately
Cover, we’d refund any payments policyholder. which could affect the taxes you pay. after the end of the 60th day. You
you’d made for your cover while won’t get a refund, you’ll no longer
we were assessing the claim. The trustees would then follow If you’re unsure of your tax position be covered and you won’t be able
the trust’s instructions to distribute you should seek professional advice. to restart the policy.
If a payment is delayed by more the money from a death claim to the
than two months we’ll add interest.
These payments could be relating
people who will benefit from the trust.
We’ll need to see the original trust
5. How do I pay If we accepted a claim during this
60-day period, we would take off the
to a Serious Illness, Terminal Illness
or Life Payout, or a return of any
deed before paying the claim. for my policy? amount of any unmade payment.
This is a document that lays out
extra payments. the rules of the trust. You must pay for your policy by
monthly Direct Debit. It is your For example, your Life Payout
The rate we use is the Bank of responsibility to ensure that all might be £100,000. If you died
If this policy has been during the 60-day period after
England base rate minus 0.5% per payments are made.
annum, with a minimum rate of 0.5% assigned to someone else missing two £30 payments (£60
per annum. Interest is calculated Your monthly payments won’t in total), we’d pay £99,940.
If this policy has been assigned,
on a daily basis. we’ll pay the claim to the person change, unless:
or organisation which this policy - You choose to reduce your If you’re struggling to make
If this policy has been has been assigned to. This can only Life Cover. payments, please get in touch.
be done with a deed of assignment. - Remove any Serious Illness
placed in trust You can ask us to cut your monthly
To assign a policy, you must send Benefit you have, or payments down shorten the length
A trust is a legal arrangement a notification of the assignment to: - If we accept a Serious Illness of your policy, but this means we’ll
which allows a policy to be held Benefit claim. cut your cover down in line with this
by someone else – these are known Royal London House
change.
as the ‘trustees’. The trustees are Alderley Park We’ll collect payments each month
chosen by the policyholder. Congleton Road in advance. We will pay these until Please see the section about
If you choose to place your policy in Nether Alderley the end date shown on your policy making changes on page 18
trust, you must send a copy of the Macclesfield SK10 4EL schedule. Or until we pay a claim for more information.
trust deed to: for death, or terminal illness if that
We’ll need to see the original deed of is earlier. We’ll also stop taking
assignment before paying the claim. payments if your policy is cancelled.
16 17Payment holiday During a payment holiday you Reducing the amount of Life Cover London Life Insurance policies is
cannot: you have £500,000 in total.
If you’d like to take a break from - take out another Co-op Life If you have Decreasing Life Cover,
- You can choose to reduce your Life
making your monthly payments, Insurance policy, or; we’ll use the cover you had on the
Cover Payout amount, which also
please call us on 0345 268 6081 - make any changes to your start date of the policy to work out
means your monthly payments will
and we can talk to you about your current policy. this limit. For example, you may
be less.
options. At any time after the first have £300,000 of Decreasing Life
- If you reduce your Life Cover
year of your policy, you can ask us
for a payment holiday. 6. Making changes Payout amount, this will not affect
any Serious Illness Benefit you have.
Cover. So you could apply for up to
£200,000 of further Life Cover, while
- You can reduce your cover more the first policy is in place.
Taking a payment holiday means You can make changes to your We will reduce your monthly
than once, but your monthly
you can have a break of up to six Life Cover in several ways: payments can’t fall below £7 payments, or if necessary, cancel
months from making your monthly policies if your cover exceeds these
Reducing the length of your per month.
payments. Your policy will still limits. We would start by reducing
Life Cover
continue. However, you will have to or cancelling the most recent policy
- You can choose to reduce the Changing the Serious Illness
make up all the missed payments you had taken out. If we do this,
length of this policy. For example, Benefit option
at the end of the payment holiday. we will write to you to let you know.
Or you could choose to reduce your you may want to reduce your 25 - You can remove Serious Illness
Any additional Life Cover policies
Life Payout amount. If you do this year policy down to 20 years. Benefit from your policy if you
taken out will be subject to the
we’ll work out how much to reduce - You can’t reduce its length down have it. This will reduce your
terms and conditions applicable to
your Life Payout amount by. This to less than 5 years. monthly payments, but it’s
that policy at the time. A copy of the
will depend on how many monthly - If you reduce the length of your important to remember that
relevant terms and conditions will
payments have been missed. We will policy, it will affect both your Life your minimum monthly payment
be given to you.
let you know how much we’ll reduce Cover and Serious Illness Benefit must be £7 per month.
Please call us on 0345 600 7788 if
it by before making the change to – both will end on the new end date - You can’t reduce your Serious
you want to discuss making changes
your Life Payout amount. We will shown on your revised policy Illness Benefit Payout once your
to your policy. If you make any
then send you an updated policy schedule. policy is in place.
changes to your policy, we will send
schedule. You must restart your - You can reduce the length of your - You can’t add the Serious Illness
you an updated policy schedule to
monthly payments for your policy to policy down more than once, but Benefit option to a policy that has
confirm these.
continue after your payment holiday. your monthly payment can’t fall already been taken out.
below £7 per month. - But you may apply for a new Life
You can have a maximum of two - You can’t increase the length of Cover policy with the Serious Changes we need to know
payment holidays during the length this policy. Illness Benefit option. about
of your policy but only one payment You need to let us know if you:
holiday can be taken within any Can I increase my cover? • Change your name
twelve month period. You can’t increase your Life Cover or • Change your address
Serious Illness Benefit at any time. • Change your bank account
We can accept a claim during a However you may be able to take If you leave the UK to live in another
payment holiday. But the Life Payout out further Life Cover policies with country permanently,
amount will be reduced by the amount Royal London. it could mean that you can’t make
of any unmade monthly payments. The maximum amount of Life changes to this policy.
Cover you can have across all Royal
18 19How we can make changes
Our aim is never to make changes to
Wherever possible, we’ll do our best
to give you advance notice before 7. How to complain Financial Ombudsman
Service contact details
your policy. However, we may have we make a change. If any change is We hope that you never have a
to do so for the following reasons: to your disadvantage, we’ll aim to Phone:
reason to complain about your
• In circumstances beyond our tell you in writing 30 days before 0800 023 4567 (calls to this number
policy. If you do, we’d like to put
control – such as changes in law, we make it. If that’s not possible, are free on mobile phones and
things right. Please contact us
taxation or regulation or where we may have to give you less notice landlines) or 0300 123 9123
using the details below.
we need to comply with legal or but we will let you know as soon as (calls to this number cost no more
regulatory decisions or guidelines. we reasonably can. than calls to 01 and 02 numbers)
Please have your policy number
• To correct an error where it is to hand. Post:
reasonable to do so. For example, We may send you a letter that sets The Financial Ombudsman Service,
if something is missing from your out the changes to your policy Phone: Exchange Tower, London E14 9SR
policy terms which mean that terms, which will also form part 0345 268 6083 Email:
there is an inconsistency with of your legal agreement with complaint.info@financial-
us. You may hear us call this an Email:
your policy schedule or the ombudsman.org.uk
‘endorsement letter’. customer.relations@royallondon.com
policy summary document. Website:
• To allow for changes in the way we Post:
Royal London House www.financial-ombudsman.org.uk
administer life insurance policies If we make a change to your policy
where we consider it necessary that you are not happy with, you Alderley Park
Congleton Road Using the Financial Ombudsman
to do so. For example, where it may cancel your policy.
Nether Alderley Service doesn’t affect your legal rights.
becomes impractical or impossible
for us to provide your policy as is; This section doesn’t affect our Macclesfield SK10 4EL
If you, or your personal
or if it could result in our customers ability to make changes to how we
We’ll do our best to resolve your representatives, are not happy
being treated unfairly. handle your personal information.
complaint within eight weeks. If we with the Ombudsman’s decision,
• Where we want to make a new For details explaining how your
don’t, or if you aren’t satisfied with you may still be able to take legal
service or feature available to you, personal information will be used
our final response to the complaint, action against Royal London.
or make a reasonable change that see Co-op Insurance Services and
won’t be unfavourable to you. Royal London Privacy Notices you can then contact the Financial
Ombudsman Service. The law of England and Wales
applies to this policy. Any legal
This is an impartial service. claims relating to this policy will
It can examine your complaint be heard in the courts of England
and make a legally binding and Wales.
decision on what we should do.
Only Royal London and you or
your personal representatives
have the right to enforce any
part of this contract.
20 218. Cancelling 9. How is my policy Notes
your policy protected?
You can cancel your policy at any Your policy is covered by the
time by calling 0345 268 6081. Financial Services Compensation
If you cancel your Life Insurance Scheme (FSCS).
policy, all cover, including any
Serious Illness Cover and Children’s In the unlikely event that Royal
Cover will end. London was unable to pay claims
You may not cancel your Life Cover because it had stopped trading,
and keep your Serious Illness you should be able to claim from
Benefit by itself. But you can cancel the FSCS. You can find out more
your Serious Illness Benefit without by visiting www.fscs.org.uk or by
cancelling your Life Cover contacting the scheme directly
using the details below.
Alternatively, you can write to us
to cancel at: Post:
Royal London House Financial Services Compensation
Alderley Park Scheme, PO Box 300, Mitcheldean
Congleton Road GL17 1DY
Nether Alderley Phone:
Macclesfield SK10 4EL 0800 678 1100 or 0207 741 4100
Cancelling within 30 days
If you cancel within 30 days of the
10. Royal London’s
date you receive your welcome financial situation
pack, we’ll refund any payments
We want to provide you with
you’ve made.
clear information about Royal
London’s financial position,
Cancelling after 30 days so we have created a Solvency
If you cancel after 30 days from and Financial Condition Report.
the date you receive your welcome In it, you’ll find more details
pack, you won’t get any refund. about Royal London’s business
and company performance.
The report is produced annually
and you can access it at
royallondon.com/solvency
22 23If 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.
The Royal London Group consists of The Royal London Mutual Insurance Society Limited and its subsidiaries.
Co-op Insurance Services Limited is not part of The Royal London Group.
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