Key Features

Key Features for Cignpost Term Life & Cignpost Critical Illness

Plan Summary

This document provides the important information you need about our products, Cignpost Term Life and Cignpost Critical Illness.

The Plan Summary does not contain the full terms of the plan. These can be found in the Terms Conditions. A copy is available online at cignpostlife.co.uk.

Choosing your cover

When choosing the cover that you require you will need to decide:

Who to cover?
SINGLE LIFE: This cover is available for you to take out on your life alone.
JOINT LIFE: You can apply for the plan to cover you and another person.

If you have chosen Joint Life, the plan pays out when the first person claims under either Cignpost Term Life or Cignpost Critical Illness and the plan ends

Type of cover and cover amount
You need to decide the amount of cover that will be paid under the products you choose.

There are three types of cover available:

  • Level Cover – the cover amount won’t change over the term of the plan and the premiums you pay won’t change, unless you make changes to your plan.
  • Increasing Cover – the cover amount increases each year by 3% and your premiums increase by 3.75% each year to pay for the increased cover and age.
  • Decreasing Cover – the cover amount decreases each year to pay off an outstanding mortgage or loan by the end of the term based on an interest rate of 8%. This is because your debt should be decreasing as you repay it over time. If you claim, the cover amount should pay off your outstanding repayment mortgage (or loan), provided that:
  • the cover amount at the start of the plan is at least the amount of your repayment mortgage or loan.
  • you keep your mortgage (or loan) payments up to date.
  • your mortgage (or loan) interest rate does not go above 8% a year. If interest rates are less than 8%, the cover amount could be more than required to settle your mortgage (or loan).

Your premiums
Premiums must be paid monthly by direct debit when due throughout the life of your plan. The minimum premium you can pay is £5 per month for Cignpost Term Life cover and £5 per month for Cignpost Critical Illness cover.

There are two premium types available depending on the type of cover amount you have chosen:

  • Level premiums – If you want your premiums to remain the same each year, you can choose Level premiums. They are guaranteed not to go up throughout the life of the plan. Level premiums apply for Level and Decreasing Cover options.
  • Increasing premiums – If you have selected Increasing Cover your premiums will increase by 3.75% each year.

Important information you need to know

Here are some important things you need to know about your plan:

  • You need to provide honest and accurate information when you set up your plan, otherwise a claim may not be paid or your cover amount may be reduced.
  • You’re not covered if you die by suicide in the first year of your plan. If this happens, the plan will terminate and any premiums paid will not be returned.
  • You can cancel your plan for any reason within the first 30 days from the date that you receive your documents and get a full refund for any premiums you’ve paid. However, if you cancel your plan after the 30 days “cooling off” period, you won’t get any money back.
  • Premiums must be paid on time and continue throughout the life of the plan, otherwise the plan will be cancelled and you won’t get any money back.
  • If you’ve selected Cignpost Critical Illness Cover, you’re not covered if the claim is caused in any way because of alcohol or drug abuse or self-inflicted injury.
  • If you’ve selected Cignpost Critical Illness Cover you must survive for at least 28 days after your diagnosis.
  • If you’ve selected Cignpost Critical Illness Cover, you may not be covered if you’re unable to provide evidence of a valid claim from a qualified doctor or consultant from one of the following countries: any of the countries of the United Kingdom, European Union, Switzerland, Iceland, Norway, USA, Canada, Australia, New Zealand, the Isle of Man or the Channel Islands. We’ll act reasonably if evidence is presented from other countries.
  • If you choose Increasing Cover, your premiums will become more expensive each year. You should consider carefully what is affordable for you now and in the future.
  • In the future, your cover amount may not be enough as inflation will reduce its value.
  • The Decreasing Cover amount for a mortgage or loan may not be enough to pay off the whole of the outstanding mortgage or loan – see the “Choosing your cover” section.
  • We recommend that you review and update your overall cover amount from time to time to ensure it remains adequate for your needs. Once you take out a plan all you have to do is keep premium payments up to date, and tell us if any of your details change, such as your name, address or bank account.

Demands and needs statement

Our Term Life Cover is designed to meet the demands and needs of individuals who wish to provide a cash sum to their dependents if they die during the term of the
policy.

Our Critical Illness Cover will meet the demands and needs of individuals who wish to receive a cash sum if they are diagnosed with a specified critical illness
during the term of the policy. You may need to review and update your cover from time to time to ensure that it remains adequate for your needs.

What is Cignpost Term Life Cover?

Cignpost Term Life Cover pays out a cash lump sum if you die or are diagnosed with a terminal illness before the plan ends.

Who can apply?

You can apply if you are permanently living in the UK (not including the Isle of Man or Channel Islands) and aged 18 to 54.You can choose a term between 5 and 40 years. The minimum expiry age is 23 and the maximum expiry age is 64.

How does Cignpost Term Life Cover work?

When you take out Cignpost Term Life Cover, you decide how much cover you’d like. This amount is called the ‘cover amount’.

You can choose a cover amount up to £250,000 across all Cignpost Term Life products you hold. You can increase or reduce your cover amount up to the maximum limits at a later date, although increases will depend on you still being in good health.

The cash sum is paid out (and the cover ends) if you die or are diagnosed with a terminal illness that is expected to lead to death within 12 months of diagnosis while
covered under Cignpost Term Life Cover. The cover also ends after the fixed number of years that you choose or if it is cancelled by you or by us.

Cignpost Critical Illness Cover

If you’ve chosen to add Cignpost Critical Illness Cover, the Critical Illness cover amount is paid out if you’re diagnosed with either one of the listed critical illness and meet the definition or with a terminal illness before the plan ends.

We will not pay out if the critical illness claim was caused by alcohol or drug abuse or self-inflicted injury. You must survive for at least 28 days after your diagnosis.

Who can apply?

All UK residents, excluding the Isle of Man and Channel Islands, aged 18 to 49 can add Cignpost Critical Illness cover to their plan.

You can choose a term between 5 and 40 years, although the minimum expiry age is 23 and the maximum expiry age is 59. The cover ends after the fixed number of years that you choose or after we’ve paid out the Critical Illness cover amount, or if it is cancelled by you or by us.

How does Cignpost Critical Illness Cover work?

You can choose a cover amount of up to £100,000 for Cignpost Critical Illness Cover across all Cignpost Critical Illness Cover policies that you hold. You can increase or reduce your level of cover amount up to the maximum limits at a later date, although increases depend on you still being in good health.

Your Cignpost Critical Illness cover amount doesn’t have to be the same as your Cignpost Term Life cover amount.

The people covered, type of cover and premium type will be the same between Term Life and Critical Illness.

A smaller additional lump sum may also be payable on diagnosis of certain critical illnesses or for other events which aren’t covered by the main list of critical illnesses.

This is called Cignpost Life Additional Critical Illness Cover.

List of Critical Illness covered

You can find the full definitions of the critical illnesses covered and the circumstances in which you can claim in the Terms & Conditions for Cignpost Term Life and Cignpost Critical Illness Cover.

Aorta graft – surgery or disease
Aplastic anaemia – resulting in permanent symptoms
Bacterial meningitis – resulting in permanent symptoms
Benign brain tumour – resulting in permanent symptoms
Benign spinal cord tumour
Blindness – permanent and irreversible
Cancer – excluding less advanced cases
Cardiac arrest – with insertion of a defibrillator
Cardiomyopathy – of specified severity
Coma – with associated permanent symptoms
Coronary artery bypass grafts
Deafness – permanent and irreversible
Dementia including Alzheimer’ disease – resulting in permanent symptoms
Devic’s disease (Neuromyelitis Optica) – with persisting symptoms
Heart attack – of specified severity
Heart replacement repair
HIV infection – caught from a blood transfusion, by physical assault or at work
Kidney failure – requiring permanent dialysis
Liver failure – of advanced stage
Loss of a hand or foot – permanent physical severance
Loss of speech – total permanent and irreversible
Loss of the physical ability to look after yourself
Major organ transplant – from another donor
Motor neurone disease – resulting in permanent symptoms
Multiple sclerosis – with persisting symptoms
Open (structural) heart surgery – with surgery to divide the breastbone
Paralysis of a limb – total and irreversible
Parkinson’s disease – resulting in permanent symptoms
Respiratory failure – of advanced stage
Stroke – resulting in permanent symptoms
Third degree burns – of specified severity
Traumatic brain injury – resulting in permanent symptoms

Other Benefit Details

Below you will find details of other benefits that are offered in either the Cignpost Term Life or Cignpost Critical Illness products.

Terminal Illness – where death is expected within 12 months

This is automatically included when you buy Cignpost Term Life Cover
and/or Cignpost Critical Illness Cover.

If you’re diagnosed as being terminally ill, we’ll pay the cover amount. A terminal illness is a definite diagnosis by a consultant of an illness for which both:

  • the illness either has no known cure or has progressed to the point where it cannot be cured; and
  • in the opinion of your consultant and our medical officer, the illness is expected to lead to death within 12 months.

Additional Critical Illness Cover

If you have taken out the Cignpost Critical Illness Cover and if you’re diagnosed with one of the additional critical illnesses listed below and survive that diagnosis by 28 days, we’ll pay a cash sum. Additional Critical Illness payments will only be paid once per person covered.

Payment for an Additional Critical Illness doesn’t reduce the Cignpost Critical Illness cover amount.

You can find the full definitions of the illnesses covered and the circumstances in which you can claim in the
Terms & Conditions for Cignpost Term Life Cover and Cignpost Critical Illness.

Low-grade prostate cancer
The additional cash sum payable will be the lower of 25% of the Cignpost Critical Illness cover amount or £25,000.

Carcinoma in Situ of the breast – with surgery to remove the tumour
The additional cash sum payable will be the lower of 25% of the Cignpost Critical Illness cover amount or £25,000.
If you’ve chosen Increasing Cover, the maximum amount we’ll advance under this benefit (£25,000) will also increase.

Children’s Critical Illness Cover

If you have taken out Cignpost Critical Illness Cover, it also covers any of your children, from 30 days old until their 18th birthday, or 21st birthday if they are in full time education. This includes natural, legally adopted or step children or if you are the legal guardian of a child.

If, during the term of your Cignpost Critical Illness Cover, a child undergoes an operation or is diagnosed with a condition either of which is one of the critical illnesses listed above, we’ll pay the lower of £25,000 or 50% of the Cignpost Critical Illness cover amount.

Payment for Children’s Critical Illness doesn’t reduce the Cignpost Critical Illness cover amount. If you’ve chosen Increasing Cover, the maximum amount we’ll advance under this benefit (£25,000) will also increase.

We’ll only pay out once for each eligible child regardless of how many policies you have. Also, the benefit can only be claimed for a maximum of three children.

We won’t pay a claim under this benefit if:

  • the child’s condition was present at birth;
  • the symptoms first arose before the child was covered under the plan; or
  • if the child dies within 14 days of being diagnosed with the critical illness or undergoing the specified operation.You have 30 days from the date you receive your documents to make sure you’re happy with your cover and decide whether you want to keep it. If you
    cancel during these 30 days, you will get a full refund of any premiums you have paid. If you cancel your plan more than 30 days after receiving your documents, you won’t be entitled to any refund of premiums.

To cancel your plan call us on 0330 123 3747 or write to us at: freepost Cignpost Life Customer Service.

Making a claim

To make a claim, call us on 0330 123 3747 and one of our claims specialists will talk through everything that’s needed.

Tax implications

The claim amount is currently free from income and capital gains tax. This amount forms part of your estate if you don’t put it under trust, so it may be subject to inheritance tax. Tax information is based on our interpretation of current law and practice. Both tax law and HM Revenue & Customs practice may change in the future.

How do I make a complaint?

If you wish to register a complaint, please contact us:

  • by phone: 0330 123 3747, Monday to Friday, 8am – 6pm (except UK public holidays), Saturday 9am – 1pm
  • by email: customerservices@cignpostlife.co.uk
  • in writing: freepost Cignpost Life Customer Service
  • online: cignpostlife.co.uk

If we can’t sort it out immediately, we’ll acknowledge your complaint in writing within five days. We’ll keep you informed about what we’re doing and will aim to put it right within eight weeks. If you’re not satisfied with the outcome of your complaint, you can then refer it to:

The Financial Ombudsman Service
Exchange Tower
Harbour Exchange Square London E14 9SR.
Phone: 0800 023 4567
Email: complaint.info@financial-ombudsman.org.uk
Website: financial-ombudsman.org.uk

Law

The law of England and Wales applies to this plan but if there was to be a legal dispute and you were living in Scotland or Northern Ireland at the
time, the courts there would have jurisdiction.

Need to get in touch?

If you have any questions you can contact us:

Financial Services Compensation Scheme

The Financial Services Compensation Scheme (FSCS) covers your plan. If iptiQ Life S.A. is unable to meet its liabilities,
the FSCS may assist in transferring your plan to another insurer, providing you with a new plan or arranging compensation for you. Compensation can cover up to 100% of the value of a claim. You can find out more about the FSCS (including amounts and eligibility to claim) by visiting its website http://www.fscs.org.uk or calling 0800 678 1100.

About our insurance services

Your Cignpost Life Plan is arranged by Albany Park Limited, trading as Cignpost Life, Inchora House, Building X92, Cody Technology Park, Farnborough, Hampshire GU14 0LX. Albany Park Limited is authorised and regulated by the Financial Conduct Authority (FCA) to act as an insurance intermediary. The FCA is the UK financial services regulator. Our Financial Services Register number is 304130.You can check this on the Financial Services Register by visiting the FCA’s website fca.org.uk/register or by contacting the FCA on 0800 111 6768.

We can offer only Term Life and Critical Illness products which are underwritten and administered by iptiQ Life S.A. UK Branch. In providing these products, Cignpost Life act on behalf of the insurer.

You will not receive advice or a recommendation from us regarding the suitability of these insurance product to your personal circumstances. You’ll need to make your own choice and decide if our services are right for you. We do not charge any fees for arranging this insurance. Cignpost Life will receive a commission from iptiQ Life S.A., which is a percentage of the monthly premium paid.

Your insurer

Your plan is issued, underwritten and administered by iptiQ Life S.A. UK Branch registered in England and Wales. Registration No: BR017015. Registered Office: 30 St Mary Axe, London EC3A 8EP. iptiQ Life S.A. is a public limited company (societé anonyme) incorporated and registered in Luxembourg.

Registered Office:
2, rue Edward Steichen,
L-2540 Luxembourg,
Grand-Duchy of Luxembourg.
R.C.S. Luxembourg
184281.
http://www.iptiQ.com

Authorised and regulated by Le Commissariat aux Assurances. Deemed authorised by the Prudential Regulation Authority.
Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.

UK/TL/KF/0002/0321