When the Joint Life Separation Option can be used:

If the people covered take out a joint plan to cover a mortgage and then separate, this option allows them to change the plan into two single life plans. They can do this if they rearrange their mortgage to be in one name or if either of them takes out a new mortgage on a new house.

When the Joint Life Reinstatement Option can be used:

When a joint cover has been cancelled because one of the people covered has made a claim, the option allows the other person covered to reinstate their cover. There is no charge for this option.

Decreasing cover can be:

• decreasing at a rate of interest chosen by your clients (between 0 and 15%)
• guaranteed to pay off the outstanding mortgage regardless of the change in interest rates during the term of the plan.

Increasing cover can be:

• a fixed rate between 2% and 5%
• a rate based on the change in Retail Prices Index (between 2% and 10%)