ABBEY LIFE INSURANCE
Abbey Life Assurance Company Limited was founded in 1961 & its head office is in Bournemouth. Rapid growth in the 1980's when a merger was agreed whereby Lloyds Bank became the major shareholder. In 1996 the company became a wholly owned subsidiary of Lloyds TSB Group. Abbey Life Insurance had previously purchased various companies & now administers policies for - Target Life, London & Edinburgh Life, Ambassador Life & Hill Samuel Life.
Abbey Life was never been fully integrated into Lloyds TSB own life assurance company, Scottish Widows but operated largely as a stand-alone business entity.
Previously, Abbey Life operated in all sectors- Investment, Pensions, Insurance & Protection via either brokers or their own direct salesforce. However, in year 2000 Lloyds Abbey Life closed to new business & their direct salesforce was sold to Allied Dunbar part of the Zurich group.
Abbey Life Assurance Company since 2016 is now part of Phoenix Life Group.
ABBEY LIFE ASSURANCE - OLD PRODUCT REVIEW 2020
Although no longer available for new UK protection business, you maybe able to amend or adjust your existing Abbey life policy by contacting either Phoenix Life customer services or via an Independant Broker in 2021
ABBEY LIFE - WHOLE LIFE COVER
A whole of life insurance policy that will always payout whenever death may occur. Premiums maybe reviewable in the future - Abbey Life Covermaster.
ABBEY LIFE - MORTGAGE PROTECTION
Designed to cover a repayment mortgage on death or optional critical illness as it decreases during the plan term - Abbey Covermaster.
ABBEY LIFE INSURANCE
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Plan can be guaranteed or reviewable premiums - Abbey Covermaster.
ABBEY LIFE CRITICAL ILLNESS
Helps ease financial worries if you are diagnosed with a critical illness as specified by Abbey Life Assurance - Abbey Covermaster.
ABBEY LIFE - INCOME PROTECTION
Providing security by way of an income if you are off sick or have an accident or disability- Abbey Covermaster.
ABBEY LIFE - BUSINESS PROTECTION
Offering company protection for a key person, loan & share protection or an employee dies, is diagnosed with a critical or terminal illness during the term.
ABBEY LIFE - OVER 50'S LIFECOVER
A no medical evidence policy that always payout whenever death may occur but only after an initial period.
ABBEY LIFE ENDOWMENT POLICY
Offering protection if the policy holder dies or is diagnosed with a critical or terminal illness during the plan term; designed to provide a lump sum at the end to be used usually toward repayment of an Endowment interest only mortgage loan - Abbey Covermaster or Abbey Wealthmaster.
ABBEY LIFE INSURANCE - Frequently Asked Broker Questions
Can you make changes to your Abbey life insurance policy ?
In terms of changing your life insurance policy, often you can request some of the following:
The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums. Contact Phoenix Life.
What if my health or lifestyle changes after I have taken the policy out ?
Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's
How do I make a Death Claim ?
Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed.
Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.
Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers.
Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application
If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.
Death Claims, Life Insurance Trusts & Life of Another
Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.
If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another" then it will just be paid to the survivor.
However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.
So should I put my Abbey Life Insurance policy into Trust ?
If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.
Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues
So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.
What is the Best Abbey Life Insurance Policy ?
There were many different types of schemes available ( see products review ). Please get a no obligation quote from our website first to get an idea of both cost & terms available to compare; it is best to speak to one of our Professional Advisers before buying.
How do Life Insurance Companies proove you are a smoker or non-smoker ?
How do Insurance Companies know if you smoke ? On your doctors notes you declared yourself a smoker or non-smoker. So on the life insurance application, there is no point in lying when you apply, as your policy may not payout & you could waste the premiums and leave your family devastated.
If I started smoking after taking out Life Insurance - Do I need to now tell them ?
If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case.
Article on: Abbey Life Assurance ~ for more visit abbeylife.co.uk | phoenix.co.uk *
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