If your clients would prefer their premiums to be more affordable early on, they can choose our Low Start option.
The level of initial discount varies depending on the age of the client at outset and the term of the cover. However, Low Start premiums can be as much as 40% lower in the first year than level premiums. The premium rises each year, but – depending on the term of the cover – can stay lower than level premiums for 10 years or more.
Low Start term assurance covers your client against death or terminal illness for the full duration of the policy term – it’s simply another way to pay.
Unlike other providers, we don’t exclude claims for terminal illnesses diagnosed in the last 12 or 18 months - AIG covers your client against both death and terminal illness right up until the last day of their policy.
In addition, all Low Start policies include Best Doctors and Winston’s Wish for the person covered and their immediate family.
Low Start premiums increase at a fixed rate each year and will be shown in your client’s quote illustration, so there are no surprises.
If your client later wants to stop their annual premium increases, we can reduce their sum assured and switch them to level premiums at any point.
When setting up the policy, you can choose:
|Min/max age at entry||17-86|
|Max age covered||89|
|Max benefit||No maximum|
|Max benefit before we ask financial questions||£500,000|
|You can also choose to add waiver of premium to cover costs during working life if the person covered is unable to work:|
|Max age at entry||54|
|Max age covered||69|
Check the Low Start Term Assurance - Cover Details for a full explanation of Waiver of Premium.
Your client can increase their sum assured without further underwriting up to 13 weeks after they:
If necessary, they can also:
Check the Low Start Term Assurance - Cover Details for a full explanation of any limits to these changes.