MAX

MAX is a regular premium endowment plan which lasts for 10 years. It invests the premiums into our with-profits fund. This means your client can get the potential returns of the stockmarket while spreading the risk using the benefits of with-profits.

Death benefit

A death benefit will be paid if your client(s) die while the plan is running. For joint life plans, either first or second event can be chosen when the plan is taken out.

We will pay out the minimum death benefit shown on the quotation or the value of the units (plus any possible terminal bonus), whichever is the most.

We’ll also pay out the death benefit early if your client is diagnosed with a terminal illness with less than 12 months to live.

Waiver of premium

Your client can only include waiver of premium at the start of the plan. On joint life plans, the waiver can only be taken by one of the lives (not both).

It will pay the premiums if your client is unable to do their normal job for more than six months. This will last until the earliest of:

• your client is well enough to return to work
• the plan maturity date 
• the plan payout on death or for a terminal illness 
• the client’s 65th birthday.

Important things you should know

To take out the plan your client(s) must be aged between 17 to 74 and permanently live in the UK.

As this is a stockmarket related investment your client is not certain to make a profit.

If the plan is surrendered or made paid up within the first seven and a half years, tax may be payable on the proceeds at surrender, maturity or on death. The amount of tax your client pays will depend on their personal circumstances.

Any references we make to taxation are based on our understanding of current legislation and HM Revenue & Customs practice, which can change.