What is a Payable on Death cash plan?
It is a straightforward plan. You pay money in and on death, it pays an inflation-linked cash sum direct to the recipient you have named. The cash sum is paid out within 24 hours of a payout request, before probate as it is outside your estate, so it is there when it’s needed.
Why start a plan?
What are the key benefits of the plan?
What will I pay?
Select the plan that is right for you. You can pay this amount by making a single payment, or by paying monthly instalments to total the cash lump sum amount, over a period of time of your choice, up to 20 years.
How much is paid out?
We will pay the total sum of Contributions paid at the point of death. From the date all Contributions have been paid, we will pay the plan’s Cash Sum amount plus simple interest, at the rate of inflation (United Kingdom’s Consumer Price Index), capped at 0.2% per month (2.4% per annum), for every full subsequent calendar month of the plan until the point of death.
How many recipients can a plan have?
Each plan can have one recipient. You will need to take out a separate plan for each recipient. You can change the recipient at anytime.
Why should I do this now and not when I am older?
You could get better value for money by putting your plan in place now, fixing today’s prices.
Can I change my mind?
You have 14 days to change your mind from the date you entered the agreement. Your plan will continue if we don’t receive a cancellation notice within that time. If you do change your mind and don’t want the plan, we will give you your money back.
Can I cancel and cash-in my plan?
Yes. You can cash-in your plan at anytime and receive 70% of what you have paid in back.
If I choose to pay by instalments what happens if I stop paying them?
If any Contribution is not paid on the due date or within the 30 days grace allowed we will cancel your plan and repay to you 70% of what you have paid in back.
How does the plan pay out?
To request that the plan’s cash sum is paid out, your executor should call or email the support team. They will be asked for a death certificate. Once requested documents have been accepted, payment is made direct to your named recipient within 24 hours.
How to contact us
If you have any questions, at any time, you can always telephone or email us
Call us on: 0800 022 3225
Email us at: email@example.com
St Crispins Road,
This document gives a summary of the Plan. You should also see the full plan terms and conditions.
All plans are provided by Inter MCL Services Series LLC.
As a responsible organisation we take financial regulation, compliance and data protection seriously.
Acknowledgment by the United Kingdom Financial Conduct Authority (FCA) of Inter MCL Services Series LLC, it’s cells and independent agents promoting specified products and services to UK consumers was received on April 27th 2018.