Partnership Life Assurance

 

PARTNERSHIP INSURANCE

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History

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.

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Partnership Life Assurance

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:

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • remove a life assured from a joint policy
  • joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

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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.

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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. 

Why are you comparing ~ Partnership Life Assurance Company ?
 

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.)

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Partnership Life Insurance

 

Partnership Life Assurance Company Review 2020 

 

Partnership Life Assurance - Broker advice



 

 

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This website is intended for UK consumers & any information contained therein is for Generic Guidance only and is not to be construed as advice. 
For protection we offer products based on a fair and personal analysis

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.

 For products with an investment element we will introduce you to an authorised adviser. We act as introducers for Accident, Sickness and Unemployment and Mortgage Payment Protection Insurance plans. We may also introduce you to other selected professional partners for other protection or legal products as deemed appropriate. Online Dispute Resolution (ODR) - https://webgate.ec.europa.eu/odr/main/index.cfm?event=main.home.chooseLanguage. Financial Ombudsman. https://www.financial-ombudsman.org.uk We nominate to fundraise for Great Ormond Street Hospital Charity.

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