Established in 1988 & based in Preston Lancs, Countrywide Assured is a Uk life company providing it's customers with long term financial protection for their family and home. Countrywide Assured's parent company is Chesnara plc who also owns Irish Life Group Uk closed life business book & Premium Life. Their with profits business was underwritten by Guardian Assurance.
In 2005, Chesnara purchased City of Westminster Assurance Ltd (CWA) life assurance business from Irish Life and Permanent plc & transferred their policies into Countrywide Assured. In 2011, Chesnara finalised the purchase of Save & Prosper from JPMorgan Asset Management Marketing Limited, and the Save & Prosper policies were also transferred into Countrywide Assured.
In 2014, Chesnara finalised the purchase of Direct Line Life Insurance Company Limited. The company was renamed as Protection Life & they administer old Direct Line Life Policies & Tesco Life Cover.
COUNTRYWIDE INSURANCE - OLD PRODUCT REVIEW 2020
Although some products maybe no longer available for new protection business, you maybe able to amend or adjust your existing Countrywide Assured policy by contacting either their customer services or Independant Broker.
COUNTRYWIDE ASSURED - MORTGAGE PROTECTION
Designed to cover a repayment mortgage on death as it decreases during the plan term.
COUNTRYWIDE ASSURED - LIFE INSURANCE
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Premiums maybe reviewable
COUNTRYWIDE ASSURED WHOLE OF LIFE INSURANCE COVER
A whole of life policy ensures that will always payout whenever death may occur. Premiums maybe investment reviewable, meaning that the sum assured is based on both age mortality risk and investment returns as specified by Countrywide Assured.
COUNTRYWIDE ASSURED - CRITICAL ILLNESS COVER
Helps ease financial worries if you or your children are diagnosed with a critical illness as specified by Countrywide Assured.
COUNTRYWIDE ASSURED - 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 also provide a lump sum at the plan end to be used usually toward repayment of an endowment interest mortgage loan. Premiums are investment backed, meaning that the sum assured is based on both investment returns & age mortality risks as specified by Countrywide Assured.
COUNTRYWIDE ASSURED LIFE INSURANCE - Frequently Asked Broker Questions
Can you make changes to your Countrywide Assured life insurance policy ?
In terms of changing your life insurance policy, often you can request some of the following via their Countrywide customer services.
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 Countrywide Assured 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 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; 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 Countrywide Assured ?
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.
Review on: Countrywide Assured ~ for more information visit www.countrywideassured.co.uk *
FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A RANGE OF PROVIDERS