Product Overview
What is it?
This Term Life Assurance provides a lump sum payment in the event of death arising from illness and/or accident during the term of the policy for the benefit of the insured person’s beneficiaries under a policy purchased by a commercial or specialty group.
Key Benefits
| • | Broad cover available for either ‘Death All Causes’ or ‘Death Natural Causes’. |
| • | Lump sum payments based on either a fixed sum insured or a multiple of salary. |
| • | High levels of sums insured available: maximum per life limit of up to £2,000,000 and an event aggregate limit of up to £50,000,000. |
| • | Global cover for death of an Insured Person anywhere in the world for Policyholders domiciled in the UK. |
| • | Simple to buy and administer as no medical underwriting required for sums insured up to £500,000 for most Insured Persons. |
| • | Life cover available to Policyholders domiciled in the UK and other agreed Countries. |
| • | Nexus working in partnership with every client to design products to their own specification, recognising their market and client’s needs. |
| • | Affordable, competitive premiums coupled with comprehensive benefits. |
| • | Enhanced benefits at no added cost: employee assistance, redundancy cover, rate guarantee, extended temporary absence from work and Master Trust facility. |
Why Term Life?
| • | Generally more affordable, accessible and focused than Whole of Life Insurance, making it a realistic benefit provision for Policyholders. |
| • | For the Insured Person: benefits paid under the policy offer financial security and/or family protection in the event of the insured’s death. |
| • | For Companies: coverage can be used as part of Key person assurance protection or offering employees a Death in Service benefit, which can help companies deliver a high quality employee benefits package to retain existing and attract new employees. |
| • | For Specialty Groups (such as associations, federations, etc.): enables them to offer added value benefits for their members as part of their membership package, which may help attract new members and retain existing members. |
Target Market
Specialty Groups and Corporate entities from SME to multi-national corporations available to all members within a group.
This product can be combined with other Nexus A&H products, for example, alongside our Group Personal Accident, Group Business Travel or Group Critical Cancer insurance products, which can help companies deliver a high quality employee benefits package.
Target Sectors
The target sectors for this product include:
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Agriculture, Forestry and Fisheries |
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Manufacturing |
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Construction |
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Other Services |
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Energy, Oil and Gas and Chemicals |
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Publishing and Broadcasting |
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Financial, Legal and Professional |
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Retail |
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Food and Drink |
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Sports and Leisure |
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Healthcare |
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Transportation |
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IT, Media and Communications |
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Travel and Tourism |
Cover Enhancements
| • | The Accidental Death sum insured can be doubled up where the ‘Death All Causes’ option is purchased in conjunction with Nexus Personal Accident insurance. |
| • | Employee Assistance Programme (EAP): For Insured Persons, 24/7 confidential counselling helpline tailored to concerns such as health, relationships, stress, etc. For Insured Entities, 24/7 Legal Advice Line manned by qualified legal advisors providing advice on any commercial or personal matter. Online legal documents repository also available. |
| • | Term Life Coverage extended for up to 3 months in the event of Redundancy affecting the Insured Person. |
| • | Two year rate guarantee if renewed by us. |
| • | Simple to buy and administer as no medical underwriting required for sums insured up to £500,000 for most Insured Persons. |
| • | Extended temporary absence from work as standard. |
| • | For UK Group Life schemes, provision of a Master Trust, which offers potential savings in terms of cost and time for both clients and intermediaries alike. |
Coverage
Coverage is provided through Nexus Underwriting Limited in partnership with AmTrust Life, Syndicate 44 at Lloyd’s who hold an ‘A’ (Excellent) A.M. Best rating and benefit from a Lloyd’s A+ rating from Standard and Poor’s.
To talk to us about this product call us on
020 3011 5700 or
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WORKING WITH UNDERWRITING PARTNERS