Planification patrimoniale
Plan vie flexible
Couverture vie entière en régime révisable, avec une prime initiale plus faible que le plan garanti et une révision formelle de la prime et de la garantie à intervalles fixés.
Glendalough, comté de Wicklow · Superbass, CC BY-SA 4.0
À qui il s'adresse
Clients privilégiant une prime d'entrée plus faible
Ce qu'il fait
- Prime initiale inférieure à celle d'une couverture garantie
- Révisions à la dixième année, puis tous les cinq ans
- La garantie ou la prime peut être ajustée à la révision
- Convertible en conditions garanties lors de la première révision
Le produit en détail
The Flexible Life Plan is whole of life cover priced on a reviewable basis. The initial premium is materially lower than the guaranteed plan because the insurer is not carrying the risk that the cost of cover rises over the decades; instead, that risk is examined at formal reviews — the first at year ten, then every five years.
At a review the plan is tested to see whether the premium being paid still supports the cover. If it does not, one of two things has to change: the premium rises, or the sum assured falls. Neither is a penalty and neither is discretionary — it is the arithmetic of the basis the client chose, and the honest way to present the product is to say at the outset that a review can go against them.
The plan is convertible to guaranteed terms at the first review, which is worth flagging to clients at the point of sale rather than in year ten. A client who takes reviewable cover to get started and converts at the first review has used the product as designed; one who assumed the premium was fixed has been mis-sold, whatever the paperwork said.
Documentation
La documentation produit est remise aux intermédiaires accrédités. Demandez-la à votre souscripteur, ou demandez-la via le formulaire de demande.
- Document sur les caractéristiques essentiellesSur demande
- Base de la révision expliquéeSur demande
Comment cela fonctionne
Ce qui se passe, dans l'ordre
De la première demande jusqu'à la mise en place de la garantie, du contrat ou de la ligne.
Cover is set up on a reviewable basis
Minimum sum assured £50,000, with an initial premium below the guaranteed equivalent.
Cover runs untouched to year ten
No review in the first decade.
The first review, at year ten
The plan is tested. The premium may need to rise, or the sum assured to fall — and the plan can be converted to guaranteed terms here.
Reviews every five years thereafter
On the same basis, for the life of the plan.
Les chiffres
Un exemple chiffré
Des calculs donnés à titre indicatif, pour que la structure du produit se voie plutôt qu'elle se décrive. Rien ici n'est une offre ni une projection.
The same £250,000 of cover, two bases
A life aged 55, on illustrative terms, showing what the reviewable basis saves at outset and what it may cost at the first review.
- Sum assured
- £250,000
- Guaranteed basis, monthly premiumAnd it never changes
- £310
- Reviewable basis, monthly premium at outset
- £196
- Saved in the first ten years
- £13,680
- Illustrative premium after the first reviewOr the sum assured falls instead
- £268
- Convertible to guaranteed terms
- At the first review
- Reviews thereafter
- Every 5 years
Illustrative and not a quotation. The reviewed premium depends on the plan’s position at the review and on the cost of cover at the time — it is not known at outset, and a client who needs it to be known should be looking at the guaranteed plan.
Premium over time, reviewable against guaranteed
The illustrative £250,000 of cover above, over twenty-five years.
Voir ces chiffres sous forme de tableau
| Guaranteed premium | Reviewable premium, illustrative path | |
|---|---|---|
| Année 1 | £310 | £196 |
| Année 10 | £310 | £196 |
| Année 15 | £310 | £268 |
| Année 20 | £310 | £268 |
| Année 25 | £310 | £340 |
Adéquation
Où Plan vie flexible trouve sa place
Les cas auxquels il répond, ceux auxquels il ne répond pas, et ce qu'un souscripteur demande avant de tarifer.
C'est la bonne réponse lorsque
- A client who needs cover now and cannot fund the guaranteed premium.
- Someone who intends to convert to guaranteed terms at the first review.
- Cover requirements from £50,000.
Il faut regarder ailleurs lorsque
- A client who needs to know the cost for life — that is the Whole of Life Plan.
- A client on a fixed income for whom a premium increase at year ten would be unaffordable.
Ce qu'il nous faut pour tarifer
- 1.The lives assured, dates of birth and completed applications.
- 2.Medical underwriting.
- 3.Acknowledgement that the basis is reviewable and that a review can increase the premium or reduce the cover.
Questions
Ce que les courtiers nous demandent sur ce produit
What actually happens at a review?
The plan is tested to see whether the current premium still supports the cover. If it does not, the premium rises or the sum assured falls. The client chooses which, within the terms of the plan.
Can the plan be converted to guaranteed terms?
Yes, at the first review. It is worth telling the client this when the plan is sold, not when the review letter arrives.
Is the reviewable basis cheaper overall?
Not necessarily. It is cheaper for the first ten years by construction. Over a full lifetime it may cost more, and the chart above is drawn to make that possibility visible rather than to hide it.
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Le formulaire parvient à un souscripteur à Dublin. Si vous êtes intermédiaire, dites-le et nous l'orienterons vers le bureau courtiers.