Golden Rock Solutions help families and or business owners with free independent advice around Life insurance, critical illness cover, income protection, whole of life insurance and inheritance tax proofing solutions.
Working with business owners providing business Insurance protection including Relevant life insurance, Key man insurance, Executive Income Protection. This also includes Group Insurance where the company at large can be protected with Group Life insurance, Critical illness and Income protections available with EAP (Employment Assistance Programmes – helping employee’s getting back to work!
Be mindful this doesn’t explain the key features & benefits of the different Life Insurance & protections providers. But not the cost (or premium) or application process but hints the Life Insurance companies are all different!
We help Free advice to get more out of Life Insurance for you, your family your business and the important things So for more info please get in touch with the Golden Rock Solutions team.
This blog discusses the benefits from”Legal & General”
- Accident Hospitalisation Benefit (AHB) – We will pay £5,000 if your client is admitted to hospital with physical injuries for a minimum of 28 consecutive days immediately following an accident. Physical injury must have resulted solely and directly from unforeseen, external, violent and visible means and must be independent from any other cause. This benefit is only available on policies with Critical Illness Cover.
We will only pay one claim in respect of the person covered. This benefit is not payable if a valid claim has been made for a terminal illness or a critical illness.
- Accidental Death Benefit (ADB) – Accidental Death Benefit is included automatically on all protection applications (excluding IPB) at no extra charge, and will pay out if your client dies as a result of an accident while their application is being underwritten.
- Is provided for up to 90 days.
- Comes into force automatically once a completed application is electronically submitted for an underwriting decision or a paper application is received.
- Applies only if the sole cause of death is due to an accident.
- For paper applications we’ll stop providing cover if we don’t receive the application within 5 working days of the life insured signing.
In the event of a claim: We’ll pay out the amount of cover applied for, or £300,000, whichever is the lower. In the case of joint life applications, payment will only be on the first life.
In the event of a claim: We’ll only pay out on one of the following, Accidental Death Benefit, Free Life Cover, Immediate Cover or the policy applied for, not on all three.
- Free Life Cover – Free Life Cover is provided automatically at no extra charge on all our mortgage related plans, and provides cover between exchange of contracts and completion (or conclusion of missives in Scotland).
Free Life Cover provides vital protection for your client’s dependants if the person covered dies before completion on a property purchase and before their mortgage protection plan starts.
Once exchange of contracts has taken place the person covered has a legal responsibility to complete the purchase. If the life assured died before completion the lender could withdraw the mortgage offer, leaving the dependants without the funds to purchase the property. This free life cover facility aims to help protect the dependants from such a situation.
Provided the person covered is accepted on standard terms for one of our mortgage protection plans, and we’ve received all the requirements to put the policy on risk, we’ll provide Free Life Cover between exchange and completion (or conclusion of missives in Scotland).
The amount we’ll pay out will be the amount of cover applied for, the amount of the loan or £300,000 whichever is lower.
Free Life Cover is provided for up to 90 days between exchange and completion (or between conclusion of missives and date of entry in Scotland). The following conditions apply:
•The person covered should be under 55 when the mortgage is taken out (older life on joint plans).
•No other plans covering the same mortgage can be in force or applied for.
•The duty of disclosure still applies until completion (or date of entry for Scotland).
For critical illness policies or life insurance policies where critical illness is added as a rider, this cover will be for death only.
Once a claim for Free Life Cover has been paid, no further benefit will be payable. All claims will be investigated. In the event of a claim we’ll only pay out on one of the following, Accidental Death Benefit, Free Life Cover, Immediate Cover or the policy applied for, not on all three.
- SmoothMove – SmoothMove is included at no extra charge, if your client moves home in the next six months.
SmoothMove is underwritten by Inter Partner Assistance (IPA), one of the largest international emergency assistance groups. The policy provides your client with a 24 hour rescue service, to help protect them and their immediate family on moving day. Inter Partner Assistance can continue to support your client for up to three months following their move.
To qualify for SmoothMove your client must have completed on the purchase of a property, have a valid mortgage related protection policy and be paying their premium. The cover will start on the day of their move. Benefits on moving day includes:
Car recovery
- Depending on the problem, IPA will arrange for roadside repairs (labour only) or for the vehicle to be towed to a safe place; either your client’s new home or a reputable garage.
- If necessary, IPA will then reimburse payment for the hire of a similar vehicle so they can reach their new home and a standard class rail ticket so that the car can be retrieved, when it has been repaired.
Removal van hasn’t arrived/Household goods lost en route
- If the removal van fails to arrive, IPA will contact the removal company to solve the problem.
- If, by the end of moving day, their household goods have not arrived at the new home, IPA will reimburse payment for the emergency purchase of such essentials as toiletries and personal necessities.
- IPA will reimburse payment for up to three night’s hotel accommodation while they wait for their goods to be delivered or replaced. In addition, IPA will reimburse payment for the family pet(s) to be kennelled up to three nights.
Vendor hasn’t moved out
- If the vendor hasn’t moved out on completion, IPA will reimburse payment for up to three night’s hotel accommodation.
- Temporary storage will be arrange for their household goods while they wait for vacant possession.
- IPA will reimburse payment for their pet(s) kennelling
The total maximum amount payable for any one of the above that occur on the day of the move is £750 (including VAT).
After the move for up to three months, IPA will:
- Reimburse payment for an approved contractor to carry out immediate repairs for a domestic emergency; such as, a burst pipe or damaged roof.
- Reimburse any additional costs in rendering your client’s home safe to live in, by securing their home and contents against further damage.
- Provide access to 24-hour legal advice helpline, for any matters in connection with the property move.
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- Second Medical Opinion Service – Second Medical Opinion service, which could give your clients added peace of mind from seeing an expert in the relevant field, should they need to make a claim on a condition covered under their policy.
- Access to a database of Consultant Specialists throughout the UK.
- A face-to-face consultation (telephone consultations will be considered if necessary)
- A supporting report which is sent to your client and their GP.
- A contribution of up to £300 for the cost of the consultation (average consultation cost is £250).
- Immediate Cover (IC) – Immediate Cover applies when we assume risk before the life insured has been fully underwritten and while the necessary evidence is being obtained. It may be suitable for when protection is required urgently.
- Life Cover – £3,000,0000, or
- Critical Illness Cover for business or personal loan/mortgage – £1,500,000
- Suicide, intentional and serious self-injury or, an event where, in our reasonable opinion, the life insured took their own life.
- Hazardous activities
- Whilst they are outside the UK
- Income Guarantee – The monthly benefit at claim is calculated based on your client’s earnings immediately before they are incapacitated, not their earnings at the start of the policy. This could mean that if their earnings go down, they may not receive what they originally asked for. To help protect your clients chosen monthly benefit that is selected at the start of the policy, we have introduced an Income Guarantee, included in the policy at no extra cost.
- Nurse Support Services – This is available for free on CIC plans.
- Serious illness, disability or bereavement support: Nurse Adviser can offer explanation around treatments, as well as advice on coping during this time. They can also source equipment that may be needed and of help to the customer.
- Second medical opinion: If any concerns about diagnosis or course of treatment and wish to get a second medical opinion the personal nurse adviser can arrange a face-to-face appointment with a UK-based consultant.
- Mental Health support: Offering long-term support and guidance for mental health conditions. Able to identify the most appropriate course of action, and can quickly arrange face-to-face counselling or therapy sessions.
- Carer support: This service provides emotional and practical support specifically for carers.
- Help at Home: After being discharged from hospital and during the recovery phase this can provide long-term advice and support over the phone, and can organise help in the home.
- Eldercare: A service to provide support and advice on helping to keep an elderly relative safe whether they live independently or within a residential facility.
- GP24 – This benefit is a paid for additional offering on CIC plans that will cost £3.25 per month and includes the following:
- 365 day a year access to a General Practitioner (GP) no matter where the customer is in the world. This is available via either a webcam based service for a face-to-face style consultation or over the telephone.
- Face-to-face consultations available Mon – Fri 8am – 10pm / Sat 8am – 8pm / Sun 10am – 6pm.
- Telephone consultations available 24 hours a day, 7 days a week, 365 days a year.
- Provision of a doctor’s fit note (at no additional charge).
- Private prescription services (prescribed medication comes at an additional cost)
- Open private referral letters
- Ability to send a GP a short medical query via a mobile app.
- This is available to the customer and their immediate family.
- Quick and easy access to locate private consultants, specialists and hospital facilities.
- Service can be used by calling a member of the concierge team or can be accessed through the mobile app.
- This is available to the customer and their immediate family. The cost of any consultations and subsequent resulting treatments are funded by the customer
- Child Accident Hospitalisation Benefit – We will pay £5,000 if a child is admitted to hospital with physical injuries for a minimum of 28 consecutive days, immediately following an accident. Physical injury must have resulted solely and directly from unforeseen, external, violent and visible means and must be independent from any other cause.
- Childcare Benefit – If we have paid a claim for critical illness under this policy and the insured person has a natural child, legally adopted child or step-child under 5 years old, we will pay up to £1,000 towards childcare with a registered childminder whilst the insured person recovers*.
- Family accommodation benefit – For every night a child spends in hospital, in the three months immediately following a diagnosis of one of our critical illnesses, we will pay £100 a night, up to a maximum of £1,000.
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- Child Funeral Benefit – On the death of a child, we will contribute £4,000 towards their funeral. Up to a maximum of two claims per policy. We will not pay the claim if:
- The child’s condition was present at birth.
- The cause of death first arose before the child was covered.
- We have paid a children’s critical illness claim for the child already.
The service provides:
Our service is provided and managed by Healix Health Services Ltd, a UK company employing over 90 fully qualified doctors and nurses. They manage and co-ordinate appointments, the transfer of medical records and billing arrangements.
A legitimate business / personal need for the Critical Illness Cover must exist, with no existing similar protection in force or applied for.
To request Immediate Cover, the application, a completed direct debit mandate and an immediate cover request form should be completed. Financial evidence must also be sent if the amount of cover is £2m or more.
Acceptance of Immediate Cover is not automatic or guaranteed and the request for immediate cover may be refused. If granted, immediate cover is provided for up to 60 days.
Immediate Cover cannot exceed:
We won’t pay out if death occurs from:
In the event of a claim we’ll only pay out on one of the following, Accidental Death Benefit, Immediate Cover and Free Life Cover on the policy applied for, not on all three.
Once the application has been fully underwritten it will have a policy start date of the same day that Immediate Cover was accepted.
In order to request Immediate Cover please contact your dedicated service team.
We’ll base the Income Guarantee on the lower of £1,500 per month or the chosen monthly benefit at the start of the policy.
This could be made up a combination of continuing income alongside the monthly benefit provided by the policy. Continuing income received whilst incapacitated will be deducted from the chosen monthly benefit, or the maximum benefit calculated at the time of claim, whichever is greater. The monthly benefit payable will never be more than the monthly benefit as shown in Policy Booklet. If the chosen monthly benefit was more than £1,500 per month and the maximum monthly benefit at claim is less than £1,500 per month, any continuing income will be deducted from the Income Guarantee.
The monthly benefit payable will be re-assessed throughout the claim and adjusted to take into account any changes to continuing income, to ensure that if the continuing income reduces or comes to an end, the monthly benefit payable will increase to but not exceeding the monthly benefit or £1,500 per month, whichever is lower.
The Income Guarantee will not apply if the client is considered to be a house person, working less than 16 hours per week, are not in paid employment, or are not working at the time of the claim.
A suite of six benefits designed to provide the long-term practical advice and emotional support provided by Red Arc and included for free on all relevant CIC plans.
General Practitioner
Private Consultation Concierge Service
Additional Benefits Included with Children’s Critical Illness Cover
We will only pay this benefit if the accident doesn’t result in us paying out under Children’s Critical Illness Cover as described above.
We will only pay one claim per child, to a maximum of two children. If the same child is covered by more than one policy issued by us, we will pay a maximum of £10,000 for that child under this benefit.
*The payment will be made on acceptance of a receipt or proof of payment from the registered Childminder. This benefit covers childcare that takes place in the 18 months following the insured person’s diagnosis.