ALLIANCE LEICESTER LIFE INSURANCE
Alliance & Leicester was formed in 1985 through a merger of the Alliance Building Society & the Leicester Building Society and became a bank in 1997 when floated on the Stock Exchange. Alliance & Leicester was acquired by the Spanish banking firm Banco Santander Group in 2008.
Alliance Leicester Life Assurance was set up to help provide life insurance for their customers via their branch network in 1980's & 90's. They were tied to Scottish Amicable for Alliance & Leicester endowment sales between 1989 & 1996 before it stopped selling them; This happended as the mortgage market slowly moved from endowment to repayment mortgages.
Alliance & Leicester for Life Assurance purposes then sold protection products provided via Legal & General, Royal London Bright Grey & Pinnacle Insurance.
ALLIANCE & LEICESTER LIFE INSURANCE - PRODUCT REVIEW 2020
Although some plans maybe no longer available for new protection business, you maybe able to amend or adjust your old Alliance & Leicester life policy in 2021 by contacting either Santander Customers Services or an Independant Broker.
ALLIANCE & LEICESTER - MORTGAGE PROTECTION
Designed to cover a repayment mortgage on death or optional critical illness as it decreases during the plan term.
ALLIANCE & LEICESTER 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.
ALLIANCE & LEICESTER - CRITICAL ILLNESS INSURANCE
Helps ease financial worries if you are diagnosed with a critical illness as now specified by Santander via Aviva Insurance
ALLIANCE & LEICESTER - INCOME SICKPAY PROTECTION
Providing security by way of an income if you are off sick or have an accident or disability.
ALLIANCE & LEICESTER - OVER 50'S LIFECOVER
A no medical evidence policy that always payout whenever death may occur but only after an initial period.
ALLIANCE & LEICESTER ENDOWMENT POLICY
Offering protection if the policy holder dies or is diagnosed with a critical or terminal illness during the mortgage plan term; designed to provide a lump sum at the end to be used usually toward repayment of an Endowment interest only mortgage loan.
ALLIANCE & LEICESTER LIFE INSURANCE - Frequently Asked Broker Questions
Can you make changes to your Alliance & Leicester life insurance policy ?
In terms of changing your life insurance policy, often you can request some of the following via AIG:
The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.
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.
Should I put my Alliance & Leicester 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 was the Best Life Insurance Policy ?
There are 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; it is best to speak to one of our Professional Advisers before buying.
If I started smoking after taking out Life Insurance - Do I need to now tell Alliance & Leicester Life ?
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: Alliance & Leicester Life Insurance ~ for more visit www.santander.co.uk *
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FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A RANGE OF PROVIDERS
Alliance & Leicester
This website is intended for UK consumers & any information contained therein is for Generic Guidance only and is not to be construed as advice.
By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.
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