b'Private medical Life assurance insurance (PMI)How it works How does it work?Life assurance is a policy that pays outPMI is like having fast tracked medical a lump sum to your nominated beneficiariesservices. Youll get fast and efficient access (this can be who you decidespouse,to the medical services you need if you fall ill.children, dependents, parents, friends) if you pass away while in employment. This lumpIts designed to help you get the best sum can then be used how they wish. treatment for curable short-term medical We provide cover of 4 times your annualconditions. PMI includes the costs of salary as the lump sum. surgery, specialists, accommodation and nursing.You must ensure that you complete an Expression of Wish form, which contains How much does it cost?the details of your beneficiaries, and return We pay for this benefit for you.However, it to the Directors Executive Assistant. PMI is classed as a benefit-in-kind by You should regularly review this to ensureHMRC. This means youre liable that it remains up to date (e.g. in the event to pay tax via your P11D form.of divorce, marriage, birth of child/children).What if I need to claim?How much does it cost? The current provider of this insuranceWe pay for this benefit for you, and asis AXA. You can make a claim orit is life assurance it is currently not treatedpre-authorise treatment online atby HMRC as a benefit in kind and thereforewww.axappphealthcare.co.uk/MOLis not taxed. so ensure you register on this site firstif you havent already done so. What if I need to claim?The current provider of this insurance isImportant noteCanada Life and they will be notified by usLife assurance, PMI and pension are all in the sad event of your death to liaise withregulated by the Financial Conduct Authority your nominated beneficiaries about the lumpand any information in this document should sum payment (hence why that form needsNOT be taken as advice as ECDC are not to be up to date). Its right to point out theauthorised or regulated by the FCA to give nomination of beneficiary does not mean itadvice. It is always recommended that you will automatically be paid to them as it is forseek your own independent financial advice.the Trustees (i.e. ECDC) to agree; for example if you nominated your spouse 5 years ago but in the interim have divorced and re-married, the Trustees will take this into account.5'