Questions and answers
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The Nationwide Over 55's Life Cover plan provided by AXA Sun Life plc, is an easy way to leave something behind for your loved ones - a cash sum for grandchildren perhaps. Or if you're concerned about the cost of funerals, you could leave a cash sum to help towards your funeral costs.
The Over 55's Life Cover plan is what's known as a 'whole of life policy' - you choose a fixed premium at the outset and provided you maintain payment of your premiums when due and the plan has been in place for at least two years, a fixed cash sum would then be paid to your estate when you die.
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No. Provided you're aged 55 to 75, you can take out this plan without you having to face a medical examination, see a doctor or answer any questions about your health.
As your acceptance is guaranteed, the full fixed cash sum is not payable during the first two years of your plan. However, if you die within this time, one and a half times the premiums paid in will be paid out.
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You decide on a monthly premium you feel comfortable with that provides you with the fixed cash lump sum to meet your needs. You can choose from a range of premiums anywhere between £6 per month and £74 per month (subject to the maximum life cover being no greater than £20,000) and this remains fixed until age 90, when you no longer need to pay premiums. You will need to pay your monthly premium by Direct Debit.
When choosing the amount of life cover you need, you should bear in mind that inflation will, over time, reduce the value of the cash sum payable on your death.
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Your premiums are guaranteed never to increase regardless of how long you live or if your health deteriorates. Your cover will last for your whole life but you only need to pay premiums until you're 90. Depending on how long you live, the total premiums paid in may be more than the amount payable on death.
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No. This plan has no cash-in value so if you cancel your plan or stop paying your premiums, before age 90, your life cover will end and you'll get nothing back. You need to feel comfortable that you will be able to keep up the premiums you choose when you take out the plan.
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Your plan starts as soon as your application has been accepted. Provided premiums are maintained, two years after your plan has started, AXA Sun Life will pay the full fixed cash sum on your death.
If you die within the first 2 years, AXA Sun Life will pay out one and a half times the premiums paid in.
At any time after your plan has started, if you are killed while travelling, either in the car, or as a fare-paying passenger by road, rail, sea or air, anywhere in the world, AXA Sun Life plc will pay four times the fixed cash sum. This even applies if you die up to three months later, as a result of injuries sustained in the accident.
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Yes. The fact is that on average women tend to live longer than men, so it seems only fair to reflect this in the cover offered. That's why, if you're a woman, you get up to 25% (depending on your age) more cover than a man of your age, for the same premium.
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The fund in which your premiums are invested is subject to tax on investment income and capital gains and this tax is already deducted from the fund by AXA Sun Life. Any money paid as a result of a claim on the policy will currently not be subject to capital gains tax nor income tax. The amount paid out on your death will normally form part of your estate, so may be subject to inheritance tax, unless you write your plan in an appropriate trust.
Tax information is based on our understanding of current law and HM Revenue and Customs practice. Tax legislation may change in the future.
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You should make sure that you understand this product before taking out a plan. For added peace of mind from the day you receive your policy documents, you will have 30 days in which you can cancel your plan. AXA Sun Life will refund any premiums paid should you cancel for any reason during the 30-day period.
After the initial 30 days you may cancel your plan at any time by notifying AXA Sun Life in writing. But remember, if you do cancel your life cover will end and you'll get nothing back. As long as you continue to pay your monthly premiums, your plan cannot be cancelled by AXA Sun Life for any reason.
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Take out a plan and you will have access to Careline, providing a professional health information line between 7am and 11pm, 365 days a year. This confidential service provided by AXA PPP healthcare includes care and counselling, guidance about men's and women's health and healthy living, and is staffed by highly experienced healthcare professionals and counsellors.
Full details of all Careline services will be sent to you with your policy documents.
The service may be reviewed from time to time and the right is reserved to withdraw it without any advance warning.
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We at Nationwide hope that we have given you enough information to decide whether this plan meets your needs. The information on this website does not contain advice so you need to be satisfied that this type of policy meets your needs.
If you have any questions, call: 0800 904 7644 Monday to Friday 8am - 6pm quoting reference 11319. If you need advice, please contact an independent financial adviser on 0800 085 3250.
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Nationwide has chosen AXA Sun Life to provide and administer the Over 55's Life Cover plan. AXA Sun Life is one of the UK's leading life insurance providers for a plan of this type* with over half a million policy holders (AXA Sun Life Customer Database as at 10th April 2008). AXA Sun Life's previous company performance is not a guide to future performance.
*Whole of life plans sold directly to the public. Source: ABI statistic, January – March 2008.
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Your plan will be with AXA Sun Life plc.