Accidental death benefit being added free to offshore bonds
From 30 June 2008, we're adding free accidental death benefit to all new and existing CMI Global Investor and CMI Corporate Investor bonds.
We currently pay out 100% of the value of the bond less any outstanding charges if the relevant life assured dies. From 30 June 2008, if the death is as a direct result of an accident (as defined in the provisions) and the bond value is equal to or less than £10 million we will pay out 110% of the value of the bond less any outstanding charges. If the value of the bond is more than £10 million we will pay out 110% of the first £10 million and 100% of the remainder less any outstanding charges. In all cases the value is calculated by us when written notification of death is received.
- There's no application and no underwriting – it's an automatic feature from 30 June 2008.
- There's no end date – it applies throughout the life of the bond.
Broadly speaking –
| 'Accident' means that the life assured has suffered an injury as a result of some violent and accidental cause |
| 'Accidental death' means that that the life assured has died as a direct result of that accident. (There are certain exclusions) |
Please note: There may be special conditions if - the life assured is age 64 or over at outset; one or more of the lives assured was not in good health at outset; and/or the planholder resides outside the UK.
More information
Click on the links below for more information. The policy provisions give the full terms and conditions of the accidental death benefit, including the exclusions.