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You asked: What is a Guaranteed Lifelong Protection plan?
A Guaranteed Lifelong Protection plan is a whole of life insurance plan that pays out a guaranteed cash sum to your loved ones when you die. The plan is designed to guarantee life cover to any UK resident aged 50 to 80 inclusive at the start of the plan.
It could be the right sort of life insurance to choose if you want to leave a specific amount of money for your loved ones, when you die. The plan has no cash-in value at any time and it won't pay out if the premiums aren't paid for the agreed premium term. Depending on how long the plan runs, the amount paid out on your death may be less than the total amount you've paid in premiums. Inflation can reduce the value of the cash sum.
The premium term will depend on your age at the start of the plan: you'll either pay us premiums for 30 years or until the plan anniversary after your 90th birthday, whichever comes first. Life cover will continue until it is paid out on your death, even after the premium payment term is finished.
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