REFUGE LIFE ASSURANCE Review
Refuge Life Assurance was founded in 1835 & operated from famous old Refuge Assurance building in Manchester. Once a major force in the protection market place with their own large salesforce. Due to economic circumstances however, they slowly disappeared as a brand concurrently as the mortgage market moved from endowment to repayment mortgages.
In 1996 Refuge Assurance & United Friendly merged to create the United Assurance Group. In 2000 Royal London Insurance took over this old company.
The Royal London Group head office is currently based in Wilmslow, Cheshire. Royal London Plus was initially set up as the part of the Royal London Group to specifically look after old policies taken out via the Refuge, United Friendly, Phoenix Life, Royal Liver & Abbey Santander.
You can no longer buy Refuge Life Insurance products but you maybe be able to make certain amendments to them via conrtacting Royal London or Financial Adviser.
Looking in 2020 to compare old Refuge Life Insurance or Royal London Group products
REFUGE INSURANCE - OLD PRODUCT OVERVIEW 2020
REFUGE - MORTGAGE PROTECTION
Designed to cover a repayment mortgage on death as it decreases during the plan term.
REFUGE - WHOLE LIFECOVER
A whole of life policy that will always payout whenever death may occur. Premiums maybe reviewable in the future.
REFUGE - LIFE INSURANCE
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term.
REFUGE - CRITICAL ILLNESS COVER
Helps ease financial worries if you or your children are diagnosed with a critical illness as specified by Refuge Assurance.
REFUGE - INCOME PROTECTION -
Providing security by way of an income if you are off sick or have an accident or disability.
REFUGE - OVER 50'S LIFECOVER
A no medical evidence policy that always payout whenever death may occur but only after an initial period.
REFUGE -BUSINESS PROTECTION
Offering company protection for a key person, loan cover, share protection, an employee dies or is diagnosed with a critical illness.
REFUGE - INSURANCE ENDOWMENT
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 interest only mortgage loan.
REFUGE INSURANCE - Frequently Asked Broker Questions
Can you make changes to your Refuge life insurance policy ?
In terms of changing your life insurance policy, often you can request some of the following via Royal London
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 Refuge 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 Refuge Life Assurance 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 Refuge 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: Refuge Life Insurance ~ for more information visit www.royal-london.com *
( * 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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