Group Life Insurance
Group Life Assurance update (with effect from 1st April 08)
The Force Group life Assurance scheme is run and administered by the Kent Joint Branch Board. The scheme is underwritten by the Canada life Insurance company through our brokers George Burrows.
The current death benefit payable for contributing officers is £125,000 at a cost of £10.78 per calendar month
In addition to the main scheme, there is also the extended "spouses / partners scheme." This provides a death benefit of £40,000 for an additional premium of £2.98 per month
Included within the cover is membership of a Critical Illness plan, which provides a payment (currently £4,000) to members who are diagnosed with a critical illness as defined by the policy.
In the sad event of a member covered under the scheme being diagnosed with a terminal illness where life expectancy is less than 12 months, the scheme also allows for up to 20% of the final death benefit to be paid to the member in advance.
Both schemes can be continued into normal retirement and up to the age of 65 years.
Police pensioners can cover themselves for a death benefit of £62,500 for £11.47 per month, and the Pensioner spouses scheme offers a payout of £20,000 for a monthly premium of £3.78.
It is important to note that the schemes are administered under a trust deed. The disbursements of the death benefits are at the sole discretion of the Trustees. The Trustees have a legal duty to comply with their obligations under the Trust deed, and in accordance with the Trustees Act 2000.
It is therefore extremely important that members of these schemes inform the Kent Police Federation Office of the details of their nominated beneficiary AND update the office if for whatever reason they wish to change their beneficiary.
Furthermore, because of the trust status of the scheme, members are advised not to incorporate details within their wills.
The person currently administering the scheme within the Kent Police Federation Joint Branch Board office is Mr. Malcolm Brockman Bsc.
Malcolm can be contacted directly at the Federation Office at FHQ or via email mbrockman@kent.polfed.org.
