Scottish
Legal Life Assurance Society Life Assurance
Scottish Legal Life Assurance Society Life Assurance
Scottish
Legal Life Assurance Society - Frequently Asked Questions
Why
has Scottish Legal Life decided to cease to write new business?
Significant resources are spent each year with the aim of
acquiring new business. Unfortunately, over recent years the
volumes of new business have not been sufficient for the charges
on policies to cover the new business costs. Therefore, after
reviewing a range of strategic options, Scottish Legal Life
has determined that it will be unlikely to write profitable
new business in the foreseeable future. The Society has therefore
ceased to write new business but will continue to manage members'
existing policies. This move protects with-profit members'
interests by eliminating any further new business losses in
the future.
What
does a closed fund mean for members of the Society?
The policies and plans of existing members will not be affected
and all guarantees and options written into the plan provisions
will be honoured. Both unit-linked plans and with-profit plans
will continue to be invested as normal. Members with life
cover will continue to be protected. As the costs required
to acquire new business are removed, the strain on members'
benefits will reduce and this should help to provide improved
benefits to with-profits policyholders.
Is
there a windfall for members?
There will be no immediate windfall payments but the interests
of members with with-profits policies will be benefited through
the elimination of further new business losses.
I
don't hold a with-profit plan with the Society, how will my
plan be affected by the fund closing?
Your plan is not affected in any way by the fund closing.
Can
I increase my contributions to my plan or make other changes?
Normally we will not permit increments or changes to policies,
however, if such changes are contractual rights written into
your policy provisions, then obviously these will be honoured.
In
some circumstances the terms on which increments or changes
to policies are accepted may be varied at our discretion.
Scottish Legal Life Assurance Society may use this discretion
to ensure the member making the increment or policy alteration
does not gain an unfair advantage over the membership as a
whole.
When
will I receive my next annual statement from the Society?
The timing of annual statements remains unchanged. For with-profit
plans, statements are usually issued in August/September.
For unit-linked plans, you will receive a statement every
year shortly after the month in which you originally took
out your plan.
For
further information on Scottish Legal Life Assurance Society
Life Assurance visit the Scottish Legal Life Assurance Society
website.
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