Upon landing at the Promis website you can instantly tell that this is a whole different kind of plan provider.
In fact it’s more whole of life assurance with a twist. It may be preferable for some as traditional life assurance products are still quite popular.
They claim they are an insurance company like no other. I’ll call this one, that’s because they are an assurance company and at quick glance at no point do they declare they offer funeral plans. It is what is traditionally known as level term and whole life assurance. It’s not a bad thing, it simply makes for a competitive market.
The amounts that we can ascertain at the outset is it is age related according to term left that you may live. It may cost from as little as £1.81 a week. This is approximately £5 to £10 cheaper than other plans, mainly we believe because it’s not limited term. i.e. paying ten years, you could pay that amount for twenty or thirty years.
Funeral Protection Promis: From £ a week until age 90.
Includes: Cover for yourself or another person from £1000 to £20000. Level or increasing term plans. Accidental death period of 12 or 24 months. Inflation Fighter option.
Over 50s Life Insurance Promis: From £1.80/week until age 90.
Adds: Will Kit. Double your cover amount paid for Accidental Death.
Notes – Trust Held: No, it would appear this is an investment type fund but oversights do protect your investment and how risk involved they are.
As with many assurance, insurance and pre paid funeral plans a lot can different within each package, even between set plans with one provider. This one offers two terms of assurance one especially for under 50s, the other for over 50s the payment terms are simply calculated differently.
No. You receive a cash sum, part of which you use to pay funeral costs.
There is not a commitment to have this money go towards funeral costs, although any conditions of where money is sent can of course be written in. Nor is there a set contract with a funeral director or network of such.
They don’t provide for funeral plans but traditional assurance policies.
Yes. According to oversight by the Financial Conduct Authority (FCA)
No, you can cancel within 30 days of policy starting and receive any deposit or premiums to date. After which there is no cash return. It’s an assurance policy.
It is a form of assurance meaning the named entity will receive the value of cover or double the cover depending on incident of death. A cash payout if after two years, or before two years a return of premiums made if accidental.