Frequently Asked Questions
Membership Queries
Do you have any restrictions on membership?
No
New business queries
Can you pay the first monthly premium by cheque?
Premiums must be collected by Direct Debit.
How long will it take before the I receive the Policy Documents?
The Policy Documents are released approximately 3 days after acceptance
Services and administration queries
How long must I wait for a quote?
Quotes requested before 4.00pm are issued and posted first class the same day.
How quickly are applications processed?
Applications processed within 3 working days?
How quickly is commission paid?
Commission paid within 7 days of first premium.
Commission queries
Do you offer renewal commission on all your plans?
No
When is commission payable?
Commission is currently paid for each individual policy after the cooling off period and collection of the first premium.
Can commission be paid by BACS?
No, commission payment is currently paid by cheque only.
What is the level of commission payable?
- Tax Exempt With Profits Savings Plan : 45% of annualised premium for a 10 year plan rising to 80% for terms of 20 years and over.
- Investment Bond : Initial commission of 6.5% of investment.
- Single premium ISA : Initial commission of 3% of investment.
- Regular premium ISA : 3% of regular premium when received.
- Child Trust Fund (ethical only) : available upon request.
General queries
When will my policy be on risk?
Healthy Investment will not be liable to pay benefit until we have received your completed application, issued acceptance terms and collected the first payment. Therefore the policy will effectively be on risk as soon as the first premium is received.
How can Direct Debit arrears be rectified?
Direct Debit arrears will be cleared by sending a cheque to the value of the outstanding premiums or by a Direct Debit collection requesting payment of all outstanding premiums.
Tax exempt products (child plans) queries
Who is the legal owner of the Child policy?
The owner of the policy is the parent/guardian, even if the grandparent proposes, until the child's 16th birthday. The grandparent will be the proposer only.
My client is resident outside the UK, can he/she hold a Tax Exempt policy?
No, we only accept business from clients who are UK resident.
My client is a grandparent who wishes to propose a Child Plan on behalf of their grandchild. Does the parent have to sign the application form, or will the grandparent's signature suffice?
Although the grandparent is the proposer of the policy and should sign as the person paying the premium on behalf of the child, the parent or legal guardian must sign the declaration on the proposal form.
Do you offer unit-linked or traditional with profits with your tax exempt plan?
Our tax exempt plans are strictly traditional with-profits.
What are the charges on the Healthy Investment Child plans?
The tax-exempt with profits savings plan do not have standard charges. The amount we have to deduct in charges for things like life cover, administration and other costs varies. The charges are therefore implicit (i.e. they are not disclosed).
Ethical
Do you invest in ethical investment?
Yes
Investments
Do you manage your investments yourselves?
Our Investment Managers are Sarasin Chiswell and Legal & General Investment Management Ltd.