Children’s Critical Illness Cover Product Profile This document provides a summary of the relevant product information for Children’s Critical Illness Cover. It sets out key information for distributors as required by the FCA’s Product Governance rules. Under the FCA’s rules, we are required to inform you that we have a governance process in place to oversee the design, approval, and on-going reviews of our products. We outline the oversight and product governance we follow at British Friendly here.
Children’s Critical Illness Cover target market statement Children’s Critical Illness Cover is an optional additional benefit that can be added for an additional cost when taking out one of our eligible income protection policies. It can also be added at a later date in the event of pregnancy or becoming a parent. Please refer to the relevant income protection product profile for more information on eligibility. It is designed to pay a lump sum amount (between £1,000 and £25,000) selected by the customer if the customers child is diagnosed with one of the listed critical illnesses, to provide some financial relief from any additional costs arising from caring for a child with a serious illness. It is aimed at customers who have children aged under 18 (or 23 if they’re in full time education), or who are starting or planning a family. We will pay a maximum of one full payment condition (100% of the cover amount selected) per child. Once a full payment has been claimed, cover for that child will end. The benefit also allows for the payment of one additional payment condition per child, where we would pay 50% of the cover amount selected. If a claim is made for an additional payment condition first, cover for that child continues until either a full payment for that child is claimed, they are no longer eligible or the policy ends. Please see the terms and conditions for full details.
Eligibility To apply customers must be: Taking out Children’s Critical Illness Cover alongside one of our income protection policies A resident in the UK on a permanent basis for at least 2 years prior to application (Children’s Critical Illness Cover is not available to people who live in the Channel Islands or Isle of Man) Registered with a UK GP for the 2-year period prior to application Aged between 18 and 59 Employed or self-employed Hold a UK bank account and be a UK taxpayer Have, be planning to have or be expecting at least one eligible child. This means: a biological, step or legally adopted child or a child that they’re the legal guardian for, or have been granted parental responsibility for; and who is aged under 18 years, or aged under 23 and in full time education For information on conditions attached to adding Children’s Critical Illness Cover after an income protection policy has been taken out, refer to Children’s Critical illness Cover section of the policy terms and conditions.
Distribution Strategy To ensure customers receive a level of protection that meets their needs and to fulfil regulatory requirements, Children’s Critical Illness Cover is only available to customers of authorised intermediaries on an advised basis, and where approved by the society on a non-advised basis. This is applicable at outset and if adding Children’s Critical Illness Cover at a later date. Children’s Critical Illness Cover is not available as a standalone product. It is available as an optional additional benefit for customers who take out one of our eligible income protection policies. Please refer to the relevant income protection product profile for more information on the target market and suitability.