Millennium Life has launched a term assurance product for impaired lives. Life Protector Plus is designed especially for individuals with severe health or poor medical history who are unable to purchase life assurance.
It is also aimed at customers who have been declined cover or had their cover deferred.
Taken out on a single life basis only, the policy is available to anyone aged between 18 and 90 years. The plan can be established for anywhere between one and seven years although Millennium Life say that “alternatives can be discussed.”
Although there is no surrender value, special arrangements can be made with Millennium in advance through the unique `premium refund feature’.
This means that a certain amount of the premium will be yielded to the customer, if no claims are made by the time the term expires.
Purchase will generally take the form of a single premium, although if the term is for more than three years, an agreement is possible whereby the policy holder pays annually.
The product is available on both an individual basis, for a minimum of £100,000 and business, for a minimum of £250,000.