step guide policy

A step-by-step guide to your policy schedule

Posted  December 18, 2012

As a 1Lifedirect policyholder, it is important that you carefully read and understand your policy schedule. This step-by-step guide will explain each section of the schedule to you. If you have any questions please do not hesitate to contact our client services team on 0860 10 53 40.

Your policy schedule is made up of the following sections:

  • Policyholder details
  • Cessionary details: This section only applies if you have ceded the policy to an individual or institution, for example if you have taken out life insurance to cover the bond on your home the policy would be ceded to your bank
  • Other insurance: This section will list any relevant policies you have with other institutions
  • Payment details: Here you will find information on when your first debit order will go off and how much it will be. This section also lists on what day future debit orders will go off as well as your bank details
  • Life assured details: Note that in some cases the policyholder and the life assured are two different people, for example a husband (the policyholder) might insure his wife's life (the life assured)
  • Loadings: If your premium is loaded this section will explain by how much
  • Benefit details: This section details what type of cover you have bought, for example dread disease cover or disablement cover, and the relevant sum assured. It also lists the benefits attached to each type of cover, for example a Terminal Illness Benefit or Premium Waiver
  • General exclusions: Refer to your 1Lifedirect policy book for more information on General Exclusions
  • Premium details: This section details when and by how much your premiums will increase
  • Beneficiary details: The name and personal details of the policy's beneficiary/beneficiaries
  • Underwriting declarations: This section is a copy of the answers that you gave when you requested a quote from 1Lifedirect. It is essential that you check that all of the answers are correct. If they are not, please contact us immediately on 0860 10 53 40. Please note that if you withhold information from 1Lifedirect your claims could be rejected or reduced
  • Specific exclusions: This section lists any exclusions that have been applied to your policy, for example if you are a regular skydiver you will probably find skydiving listed as an exclusion here

 

Just as important as your policy schedule is your policy book. Your policy book contains a glossary of the technical wording used in the book, general policy terms and conditions, as well as product features and benefits. Read through the book carefully, and contact us if you have any questions.

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