Whole of Life Plan

Yes, as long as the total combined premiums do not exceed £50 per month (or individual total cover of £50,000), you can take out additional Whole of Life Plans at any time before your 70th birthday.

As this is a whole of life plan, there’s no maximum term. The minimum term you can pay premiums for is ten years, but to maintain the full guaranteed final amount you’ll need to maintain premiums throughout your lifetime, or at least until your 90th birthday.

If you’re an existing premium paying member of the Society, or if you take out one of the Society’s with-profits savings policies at the same time as the Whole of Life Plan, the Society will waive your first three months’ premiums (on the Whole of Life Plan).

This is called the ‘sum assured’ (guaranteed amount) and is dependent on the monthly premiums you choose to pay and your age, health and lifestyle when applying. Providing you pay all premiums due until your 90th birthday or until your death, if earlier, the agreed lump sum is guaranteed to be paid when you die. The maximum sum assured for the Whole of Life Plan is £50,000.

Yes. For up to the first £5,000 cover, the nomination form (sent out with your application) will give you the option to make a nomination in accordance with your wishes (immediate family including your spouse, civil partner, parent, child, grandchild, sibling, niece or nephew. Any nomination will be invalidated by a subsequent marriage or the death of the nominee.)  You can also stipulate whether you would like the Society to make a payment towards your funeral expenses before paying out any balance of the claim and, unlike some other insurance plans, you’re free to choose the funeral director. You may amend the nomination at any time by writing to the Society. If you decide not to make a specific nomination, the sum assured will normally be paid to the executors or administrators of your estate, and your family may have to wait significantly longer to receive the policy proceeds.

We’ll ask the claimant for the original or a registrar’s copy of your death certificate, together with a completed claim form and the original policy document. Providing a valid nomination has been made, we’ll aim to ensure that your family member receives the lump sum within seven days of the claim. If a nomination is not made, we may need to see probate or letters of administration.

Please note: Payments above £5,000 will require sight of a will, probate or letter of administration as applicable and production of the original policy document.

We won’t pay a claim in the unfortunate event of your death before the first anniversary, unless you die as a result of a fatal accident. Where the first three premiums are waived by the Society (see ‘Do I qualify for any special incentives?’ above) your policy will still need to have been running for at least twelve months for a non-accidental death claim to be paid.

Any lump sum we pay out will be free of personal income tax or capital gains tax. If the cash sum forms part of your estate, it may not be free from inheritance tax.

Tax treatment depends on individual circumstances and may be subject to change in the future.

When you open a policy with us, you will automatically become a member of the Society (adult policyholders only). As well as being able to have your say on how the Society is run each year, you will also have access to various discretionary member benefits when available, such as optical and dental grants, as well as exclusive access to a range of discounts and offers.

Need some further assistance? Our knowledgeable team would be happy to provide you with factual information about our products and services, so you can make your own decision about how to proceed. However, we are unable to give any advice or recommendations on the suitability of our products. If you are unsure, you should seek advice from a qualified financial adviser, which may incur a fee.

To comply with regulations, the Society will require confirmation of your identification and address. We’ll aim to do this using an electronic verification system, but reserve the right to ask for appropriate documentation from you, if this is not possible.