Partnership Assurance ("Partnership") was formed in 2005, following the demutualisation & management buy out of the Pension Annuity Friendly Society (PAFS).
PAFS was established in 1995 and was the UK's first writer of impaired or enhanced annuities. The acquisition by Partnership marked the first ever demutualisation of a UK friendly society.
Since this acquisition, Partnership Assurance business grew substantially.
They became recognised as one of the UK leading providers of financial products for specialist health conditions, underwriting people with various medical issues.
In 2016 they merged with Just Retirement to be a part of JRP Group and then mainly withdrew from the protection market.
Partnership old plans covered currently 4 main areas - pension retirement annuities, care fees plans, protection and equity release through their sister company Partnership Home Loans.
Distribution was mainly via independant brokers & intermediaries as well as the web.
PARTNERSHIP LIFE INSURANCE - OLD PRODUCT REVIEW 2020
PARTNERSHIP - MORTGAGE PROTECTION
Designed to cover a repayment mortgage on death or terminal illness as it decreases during the plan term.
PARTNERSHIP - WHOLE OF LIFE INSURANCE COVER
A whole of life policy that will always payout whenever death may occur. Premiums maybe reviewable in the future.
PARTNERSHIP - LIFE INSURANCE
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term.
PARTNERSHIP - FAMILY INCOME BENEFIT
Offering income rather than a lump sum if the policy holder dies or is diagnosed with a terminal illness during the term.
INHERITANCE TAX LIFE INSURANCE COVER
Protecting your Estate using various tax planning tools including Gift Inter Vivos Insurance.
PARTNERSHIP LIFE INSURANCE - Frequently Asked Broker Questions
Can you make changes to your Partnership life insurance policy ?
In terms of changing your life insurance policy, often you can request some of the following via Just Group:
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, Partnership 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 Partnership 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.
If I started smoking after taking out my Partnership 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: Partnership Assurance ~ for more information visit partnership.co.uk * or justgroupplc.co.uk
( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)
FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A RANGE OF PROVIDERS