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LEGACY
FORMER SCOTTISH AMICABLE PRODUCTS
MORTGAGE & SAVINGS CONTRACTS (GENERALLY CLOSED TO NEW BUSINESS)
Homepurchaser 3rd Series
Version 1 ( Rules Reference R257/02/95)
The key benefits offered under the first version were:-
Basic Life Cover
Additional Life Cover
Basic Critical Illness
Critical Illness Top Up
Waiver of Premium Benefit (on one life)
The allocation factors reduced during the initial commission period (allocation factors remained the same throughout for increments on low start).
Rebate Period (Policy charge and annual management charge).
An early discontinuance charge if the policy was surrendered in the first 5 years.
Premiums could be invested in With Profits and Investment linked funds
Options available to policyholders were:-
Twin Plan Option
Conversion of additional life cover
Deferred Low Start
MAO (Life and Critical Illness)
Version 1 - Alliance & Leicester
This version was only offered to clients of the Alliance and Leicester and differed from the standard version one in not offering:-
Investment Linked fund choice
Waiver of Premium Benefit
Twin Plan Option
4.1.2 VERSION 2 (R544/08/96)
A new Critical Illness definition was introduced (HIV contracted as a result of a blood transfusion).
Level Critical Illness Top-Up could now be selected. Previously top up Critical Illness as only available on a decreasing basis.
Children's Critical Illness benefit was introduced (where a benefit is paid on the diagnosis of a critical illness suffered by a policyholder's child)
The basis on which a Waiver of Premium claim would be paid was changed to an own occupation definition (with special definitions for certain professions).
Waiver of Premium became available for both lives on a plan or a nominated life. It could be rateable and exclusions could be made on a client's policy.
Mortgage Interest Benefit (Basic and Top-Up) was introduced. This benefit could be rateable and exclusions could be made on a client's policy. If a special definition applied to Waiver of Premium this would also be applied to Mortgage Interest Benefit.
Changes to the contract charging structure meant that allocation factors were reduced, the rebate period for policy charge restricted and mortality and Critical Illness rates changed.
The Deferred Low Start Option was renamed the Career Break Option.
The Mortgage Alteration Option extended to cover Waiver Benefit and Mortgage Interest Benefit.
Total and Permanent Disability exclusions were made if appropriate for each life.
Version 3(R544/07/97)
Critical Illness definitions were extended to include the diagnosis of CJD and Loss of Limbs. Occupational Therapist and Physiotherapist were added to the list of occupations which would be considered for HIV transmission as a result of professional hazards.
Choice of deferred periods for Waiver Benefit and Mortgage Interest Benefit were introduced
Mortgage Interest Benefit could be taken on a selected life (however clients could not have Mortgage Interest Benefit on both lives of a Joint Life policy but have Waiver of Premium on one life).
The formula for calculating Mortgage Interest Benefit maximum benefit was altered.
Version 4
Changes in charging structure meant that allocation factors were reduced, the rebate period was extended and mortality rates were improved
Version 5A (R544/12/99)
Changes in charging structure meant that the initial allocation period was shortened, the rebate period lengthened, various minima/maxima increased, some commission options were withdrawn and low start allocation factors were improved.
Mortgage Interest Benefit maximum benefit was improved for those on low earnings through a revision of the definition of 'Eligible Pre-Disability Earnings'
Version 5B (R544/07/00)
Surrender penalties were removed.
Mortgage Products
Legacy
Disclaimer
Pension Products
Contact
Protection Products
Investment Products
General
FORMER SCOTTISH AMICABLE PRODUCTS MORTGAGE & SAVINGS CONTRACTS (GENERALLY CLOSED TO NEW BUSINESS)
Version 1 ( Rules Reference R257/02/95)
The key benefits offered under the first version were:-
Basic Life Cover
Additional Life Cover
Basic Critical Illness
Critical Illness Top Up
Waiver of Premium Benefit (on one life)
The allocation factors reduced during the initial commission period (allocation factors remained the same throughout for increments on low start).
Rebate Period (Policy charge and annual management charge).
An early discontinuance charge if the policy was surrendered in the first 5 years.
Premiums could be invested in With Profits and Investment linked funds
Options available to policyholders were:-
Twin Plan Option
Conversion of additional life cover
Deferred Low Start
MAO (Life and Critical Illness)
Version 1 - Alliance & Leicester
This version was only offered to clients of the Alliance and Leicester and differed from the standard version one in not offering:-
Investment Linked fund choice
Waiver of Premium Benefit
Twin Plan Option
4.1.2 VERSION 2 (R544/08/96)
A new Critical Illness definition was introduced (HIV contracted as a result of a blood transfusion).
Level Critical Illness Top-Up could now be selected. Previously top up Critical Illness as only available on a decreasing basis.
Children's Critical Illness benefit was introduced (where a benefit is paid on the diagnosis of a critical illness suffered by a policyholder's child)
The basis on which a Waiver of Premium claim would be paid was changed to an own occupation definition (with special definitions for certain professions).
Waiver of Premium became available for both lives on a plan or a nominated life. It could be rateable and exclusions could be made on a client's policy.
Mortgage Interest Benefit (Basic and Top-Up) was introduced. This benefit could be rateable and exclusions could be made on a client's policy. If a special definition applied to Waiver of Premium this would also be applied to Mortgage Interest Benefit.
Changes to the contract charging structure meant that allocation factors were reduced, the rebate period for policy charge restricted and mortality and Critical Illness rates changed.
The Deferred Low Start Option was renamed the Career Break Option.
The Mortgage Alteration Option extended to cover Waiver Benefit and Mortgage Interest Benefit.
Total and Permanent Disability exclusions were made if appropriate for each life.
Version 3(R544/07/97)
Critical Illness definitions were extended to include the diagnosis of CJD and Loss of Limbs. Occupational Therapist and Physiotherapist were added to the list of occupations which would be considered for HIV transmission as a result of professional hazards.
Choice of deferred periods for Waiver Benefit and Mortgage Interest Benefit were introduced
Mortgage Interest Benefit could be taken on a selected life (however clients could not have Mortgage Interest Benefit on both lives of a Joint Life policy but have Waiver of Premium on one life).
The formula for calculating Mortgage Interest Benefit maximum benefit was altered.
Version 4
Changes in charging structure meant that allocation factors were reduced, the rebate period was extended and mortality rates were improved
Version 5A (R544/12/99)
Changes in charging structure meant that the initial allocation period was shortened, the rebate period lengthened, various minima/maxima increased, some commission options were withdrawn and low start allocation factors were improved.
Mortgage Interest Benefit maximum benefit was improved for those on low earnings through a revision of the definition of 'Eligible Pre-Disability Earnings'
Version 5B (R544/07/00)
Surrender penalties were removed.
