|Covers||Flexible payments||Spouse cover
|Your whole life*||Yes||Yes|
Here's what you get:
- Option to add benefits like Critical Illness, Accident Care and waiver of premium
- Pay yearly, half-yearly, quarterly, monthly or with a single premium
- Covers any cause of death**
- Opt for separate cover for your spouse or joint cover
- Adjust the benefit every year to allow for inflation if chosen
- Available in Pounds Sterling, US Dollars and Euros
Here's what you get:
- A worldwide policy that covers death due to any cause
- The cover can be extended to additional benefits
- This is a long term policy that can cover an individual for a lifetime
You can apply for Whole of Life Insurance if:
- You're over 18 years old - if you're the policy owner
- You're aged between 3 months to 65 years old - if you're insuring your life
- You're aged between 18 to 59 years old - for critical illness
Whole Life Insurance Exceptions
- Active War Risk
- Suicide (whether sane or insane at the time) within 12 months of the Policy Commencement Date
- If a benefit is payable as a direct or indirect consequence of any act of the Life Insured which is a deliberate and material violation of any law
Exclusions have been kept to a minimum. Details of full exclusions will be available on the policy terms and conditions.
What happens if your circumstances change?
Part of the exceptional flexibility which Super Life offers is the opportunity to change your protection package as your life and circumstances change. You can review the level of protection and benefits you require at any time, subject to satisfactory evidence of health and any other evidence which may be required, although your benefits and premiums can be automatically indexed to offset the effects of inflation. So while Super Life provides you with lifetime cover, it can also be adapted regularly to accommodate changes along the way.
Can you choose the level of premium you wish to pay?
Super Life offers a number of different approaches designed to suit your own financial situation. Essentially, you start with the level of protection and benefits you wish to achieve, and then choose from a number of payment options and premium levels to provide those benefits. Selecting higher premiums initially is more likely to ensure that your fund value remains sufficient to maintain your chosen level of benefits for a longer period of time. Choosing to pay a lower amount may have an impact on long-term sustainability. Please contact HSBC for more information.
Will your premium change?
Premiums are subject to changes (if any) as and when the benefits of the plan are revised.
What are the payment options?
The ways in which you can make your payments are also flexible. The premium can be paid on a monthly, quarterly, semiannual or annual basis. You also have an option to inject lump sum amounts over and above your annual premium. Because Super Life is designed to be flexible, payment may be increased, decreased, or even suspended on a temporarily basis, provided that the net cash surrender value of your Super Life policy remains sufficient to support the benefits.
Which currencies are available?
Super Life can be denominated in one of a range of major currencies including sterling, US dollars and euros,. Your choice of policy currency automatically determines the currency in which your benefits will be stated.
In which circumstances can the policy be terminated?
Your policy will be automatically terminated when:
The amount of death benefit sum insured is paid on death; or
Your policy is encashed; or
net cash surrender value of your policy can no longer sustain the cost of the benefits (the policy will lapse without value)
What happens if you cannot pay the premium?
If you fail to the pay the premiums, the monthly deductions to keep the policy alive will be deducted from the account value. If the net cash surrender value is not large enough to support the deductions then you would have 31 days grace period to pay the missed premiums. In case of the non-payment of missed premiums, the policy will lapse. Once the policy has lapsed, reinstatement is allowed within 2 years of expiry of grace period, subject to evidence of insurability together with a premium amount sufficient to keep policy in force for 12 months.
Does the policy have a cash value?
If the policy is terminated early then there may be an encashment value. However, the plan is designed as a lifetime protection policy and any value is likely to be low compared with the premiums paid, especially in the early years. Please contact HSBC for more information.
You may encash your policy partially, only if the policy account is sustainable after the reduction of your benefits following such partial encashment. MetLife Alico reserves the right to make a charge for any partial encashment.
Is the policy subject to taxation?
The tax treatment of any benefits taken from this policy will depend on the personal circumstances of the recipient of the benefits, including the tax laws in your country of residence and/or domicile. MetLife Alico is incorporated in the Isle of Man and does not pay capital gains tax or income tax in the Isle of Man on capital gains and income attributable to policy owner investments. There may, however, be an element of withholding tax deducted from some income and dividends, which cannot be reclaimed. MetLife Alico and HSBC Bank ME are unable to provide individual tax guidance. Tax planning, and international tax planning in particular, is a complex area and we recommend that you seek professional tax advice.
MetLife Alico is a business name of MetLife Alico Limited which provides life assurance, investment and protection products and is authorised by the Isle of Man Government Insurance and Pensions Authority.
Get a lifetime protection policy that means just that - it covers your whole life*. And Whole of Life Insurance is flexible, it adapts to your ever-changing lifestyle.