Mr & Mrs……

Address 1

Address 2

Address 3

Address 4

Date

Dear Mr/Mrs…….

RE: Your New Insurance Policy

Ingard is a trading style of Ingard Financial Limited, Ryan House, 18-19 Aviation Way, Southend, Essex, SS2 6UN which is authorised and regulated by the Financial Conduct Authority. Our registration number is 450731.

Your Insurance Needs

Taking out any insurance policy is an important decision and financial commitment. It is essential, therefore, that you understand the basis on which we act as your adviser.

Ingard Financial is an independent mortgage and insurance broker. We will not charge you a fee for this service, as we will receive a commission from the provider.

Your Requirements

We have discussed your current financial situation and personal circumstance in order to ascertain your requirements.

Input client circumstances here e.g. married with 3 children and looking for family protection. Have a mortgage they are looking to protect etc.

Vulnerable Persons Consideration

A vulnerable person is someone who, due to their personal circumstances, is especially susceptible to detriment. It is important that as our client you fully understand and appreciate the importance of your planned financial transaction and the benefits of having a friend or relative accompany you to assist and ensure your complete understanding.

You agreed with my suggestion and you were accompanied by……..

Or

You declined my suggestion to be accompanied and were happy with and fully understood the advice and recommendation given.

Or

Neither you, nor we perceive you to be in a Vulnerable position. You were happy to continue and understood the advice and recommendation given.

Your Policy – Life andCritical Illness

You have indicated that you require a product that would cover you in the event of death or a critical illness, with a sum assured of £xxxxx.xx, in the event of death and £xxxxx.xx in the event of Critical Illness for a term of …../ until age ……

You have indicated that you require critical illness cover that will protect both your lifestyle and reduce or clear your mortgage and debts. In the event of death you require sufficient protection to clear your mortgage, cover your debts, and provide some family protection.

You have indicated that you require critical illness cover that will protect your lifestyle. In the event of death you require sufficient protection to clear your mortgage, cover your debts, and provide some family protection.

You have indicated that you require critical illness cover reduce/clear your mortgage. In the event of death you require sufficient protection to clear your mortgage, cover your debts, and provide some family protection.

You have indicated that you require critical illness cover to provide the financial support and assistance that would be required should you contract a serious/critical illness In the event of death you require sufficient protection to clear your mortgage, cover your debts, and provide some family protection.

You have indicated that you required the policy cover to include:

Decreasing Term

Guaranteed/reviewable premiums

Cover Index linked

Fully Comprehensive cover

Permanent Total Disability

Waiver of premium (accident, sickness)

Waiver of premium (unemployment)

Waiver of premium (accident, Sickness, Unemployment)

** Any other specific requirement requested by client eg. a specifically named benefit or feature**

Existing Protection Provision

You currently have a Level / Decreasing term policy with (provider). This cover provides (£amount) in the event of death and (£amount) in the event of Critical illness over xx years for you / you and your partner / wife / husband at a cost of £xx a month. This cover includes / does not include waiver of premium benefit.

You do not currently have any protection policies in place

As a firm it is our responsibility to ensure you have the correct amount of critical illness cover in place. When considering this, we look at the level of income that may be required in addition to any one off lump sum cash payments. In addition we then look at whether you require a single lump sum payment or an annual income.

Having reviewed your situation I recommended and you agreed that ideally a sum assured of (£xxxxxx) would be required to meet your needs. I recommended and you agreed to this as being the ideal sum assured as you felt it would be sufficient to cover any immediate lump sum financial expenses with the remainder being sufficient to provide a monthly income or additional financial support to enable your family to maintain their standard of living.

Our Product Recommendation

We have recommended (insurance company) as they most closely matched your requirements for the following reasons:

Most affordable premium

Offer flexibility of contract to accommodate changes to your circumstances

Most comprehensive policy

Offer a sympathetic attitude to your personal circumstances

The monthly premium for the policy I recommended is (£00.00). You confirmed this was affordable and within your budget.

Full details of the policy and associated benefits including the Waiver of Premium and Terminal Illness benefit have been provided/are enclosed within, in the form of an Illustration and Key Features document.

Writing You Policy in Trust

When taking out any form of life insurance it is important that consideration is made to writing a policy in trust.

A trust is a legal arrangement designed to help ensure that the proceeds from your life insurance policy are used exactly as you intend.

We discussed the importance of writing your policy in trust and you agreed with/declined this advice.

I have completed with you / provided you with the relevant trust documents.

Additional Information

  • I recommended Decreasing Term over Level Term because…………….
  • Reason for sum assured, why did client not take the full recommended level of cover?
  • Reason for term……..
  • I recommended and you agreed to take this policy to ensure that on your death all your debts are cleared including your mortgage. You also wanted to ensure family protection for (names of family……..). I further recommended this policy as it will provide a cash lump sum to provide some financial support caused as a result of a serious illness.
  • Any limitations or restrictions to policy
  • This policy replaces your existing policy because (explain specifically why the new policy is more suitable)
  • I recommended guaranteed premiums as opposed to reviewable premiums because…..
  • I recommend and you agreed to write the policy in trust because (explain why this recommendation has been made) You have been provided with the required documentation, it is therefore essential that these are completed in full and returned to the insurance provider in order to take advantage of the benefit writing a policy in trust affords you.
  • Reason for comprehensive over standard
  • Reason index linked or not.
  • TPD if applicable and qualifications
  • Is free cover available
  • Level of children’s cover if applicable
  • Reason for waiver of premium
  • Vulnerable person – where the client is defined as a vulnerable person, a more detailed explanation and description of the reasons for this and the steps taken should be documented.
  • Reason terminal illness required
  • Clients personal comments/views on why the policy was taken and how the monies would be used

***IMPORTANT***

If this policy is to replace an existing policy, you should ensure that the existing policy is not cancelled until your application has been approved and your new cover commenced.

You should read the accompanying ‘Policy Replacement Document’ which details the consequences of cancelling and / or replacing an existing policy.

As this is a pure protection plan, it will not at any time, offer a surrender value, nor will it provide a lump sum at the end of the term. Cover simply lapses.

Similarly, if you stop paying premiums during the term, (other than under the ‘Waiver of Premium’ claim) the policy will lapse and cover will cease.

Waiver of Premium

I recommended that waiver of premium benefit be included within the policy. This means that if you were unable to work due to illness or injury, the policy would remain in force but the life company will not collect any premiums after a qualifying period. After further discussions you decided to accept / decline this option

Critical Illness

I recommended that Critical Illness benefit be included within this policy. This means should you suffer one of a number of pre-defined serious illnesses such as heart attack or cancer, the sum assured would pay out. After further discussion you decided to accept / decline this option.

Statement of Price

We are required by our regulators, the FCA, to provide you with the means to obtain the total potential cost of your policy should it run the full term. This can be achieved by multiplying the term of the policy in months, by the monthly premium.

Duty of Disclosure

It should be noted that it is your duty to report all information that could be considered a material fact in relation to the insurance contract you have proposed. In addition, you should read carefully the policy wording (once received) and familiarise yourself with any further requirements to inform the insurer about a fact that might have an effect on the policy in the future. Your application may require you to provide some additional medical information before the policy can be issued to you. This could be information from you or from your medical records held by your doctor. Please remember that should there be a change in your health during the underwriting process, you must advise the insurer as this may effect the terms that are offered to you. Failure to disclosure such material facts may render the insurance invalid and will therefore not provide the cover you expect. You have confirmed the information is correct by signing the application form.

Cooling off Period

Once your policy is on risk you may cancel your contract of insurance (in writing) without charge provided there is no claim under the contract of insurance and we receive written confirmation within 30 days of the issued date shown on the relevant certificate.

Other Protection Policies

As professional advisers, we have a duty of care to ensure that we bring to your attention any protection polices that may benefit you, the client. This includes but is not limited to Life Insurance, Critical Illness, Income Protection, Home Insurance, Health Insurance and Medical Insurance. Whilst we discussed your needs at length, you were happy with the advice and recommendations provided during our discussions and summarised in this document

If you have any questions whatsoever, or feel you would benefit from additional clarification, please do not hesitate to contact me.

Yours sincerely

Broker

I acknowledge receipt of this letter outlining the full details of my application and confirm that the contents have been explained to my satisfaction. I have also been provided with a copy of the Terms of Business.

NameSignatureDate

CUSTOMER 1

CUSTOMER 2

** Please ensure you date and initial the bottom of each page**

dtl&cic21072016 Client Initials & Date ………