Our life assurance


Our life assurance products are provided by Partnership, who are part of the Just Group, and are available through financial advisers. 

We offer five types of life assurance cover

Term Assurance is a life assurance policy that runs for a specified period of time. Cash lump sums are free from Income and Capital Gains Tax and will only be paid out to the estate or beneficiaries if the life assured dies within the policy term.

1. Level Term Assurance

Life assurance taken out by individuals and business people. Straight forward life cover if you want to leave a cash lump sum to provide for your family or business if you die within the policy term.

2. Decreasing Term Assurance

Usually used when taking out a mortgage for residential use or alongside a commercial loan, this product provides a death benefit that decreases at a predetermined rate over the term of the policy.

Please note: for regular premium policies for Level Term Assurance and Decreasing Term Assurance, cover will cease if you stop paying the premiums.

3. Family Income Benefit

Our Family Income Benefit offers financial peace of mind by allowing you to make provision for your family in the event of your death. The Family Income Benefit is a long term assurance policy which will pay out a regular tax-free income, upon your death, for the remainder of the policy term. Alternatively, your dependants have the option of converting the income payments to a single lump sum.

Please note: for regular premium policies, cover will cease if you stop paying the premiums.

Is there any cover for terminal illness included in these options?

Level Term, Decreasing Term and Family Income Benefit do include Terminal Illness Cover. This will pay out a guaranteed tax-free lump sum to the value of the sum assured (explained above), if you are diagnosed with a medical condition which is expected to cause death within 12 months and where the diagnosis is agreed by our Chief Medical Officer.

The diagnosis must be made while there are more than 18 months before the policy expiry date for the claim to be valid.

4. Whole of Life

We offer a simple guaranteed whole of life plan. Premiums and the level of cover are guaranteed for the rest of your life. The Whole of Life Plan can be used for Inheritance Tax planning covering some or all of the potential tax liability on your death for both healthy and impaired lives.

Premiums are payable until you die, after which your estate or beneficiaries will receive a lump sum payment from the policy.

The sum assured remains the same throughout the policy.

Please note: for regular premium policies, cover will cease if you stop paying the premiums.

Does this plan have an option to include Terminal Illness Cover?

Yes - all policies come with the additional option to include Terminal Illness Cover. This will pay out a guaranteed tax-free lump sum to the value of the sum assured if you are diagnosed with a medical condition which is expected to cause death within 12 months where the diagnosis is agreed by our Chief Medical Officer.

For term policies, the diagnosis must be made whilst there are more than 18 months before the policy expiration date for the claim to be valid.

Please note, the Terminal Illness option incurs an additional 1% charge. This product is suitable for both healthy and impaired lives.

5. Gift Inter Vivos

This is a special type of term assurance, designed specifically to match the Inheritance Tax liability on any gifts you make that HMRC could consider a Potentially Exempt Transfer (PET). The policy has a seven year term and the sum assured decreases in line with the Inheritance Tax liability on the gift(s) you have made. If you die within the policy term, the sum assured will be paid to your beneficiaries as a tax-free lump sum, to cover any remaining Inheritance Tax liability on your gift(s).

The sum assured decreases to mirror the Government's Inheritance Tax regulations and offsets the Inheritance Tax liability on any gifts you have made, paying out a lump-sum if you die during the policy term.

Please note: This product is suitable for both healthy and impaired lives and does not include Terminal Illness cover.

How can I purchase one of your Life Assurance products?

We don’t sell our products directly, but you can purchase them through a financial intermediary. You can find a professional financial adviser at thepfs.org or unbiased.co.uk.