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Tables for available products

For our investment and saving products, the benefits, terms and conditions are described generally in our Rules and more specifically in a “Table”.

Table 11c – Tax-Exempt 10 Year Option Plan

This is a tax-exempt with profit whole of life assurance with premiums payable for ten years. It provides for a capital sum (the Sum Assured) payable on death at any time.

The maximum age last birthday at commencement is 17 years old.

  • Age at entry – Up to 18
  • Sum Assured for each £10 of monthly premium – 1,120

Bonuses. Rule 4 applies. Bonuses may be payable at different rates during the first 10 years (while regular premiums are being paid) and thereafter (when no further premiums are payable).

Surrender. Rule 3(8) applies, except that if the contract is surrendered at the predetermined investment period from the commencement date, or at any anniversary thereafter, the surrender value will be the full Sum Assured and Bonuses then attaching (including terminal bonus if applicable).

Unpaid premiums. See Rule 8.

Paid-up values. See Rule 3(9).

Table 12 – Qualifying 10 Year Option Plan

This is a with profit whole of life assurance with premiums payable for the first 10 years only. It provides for a capital sum (the Sum Assured) payable on death at any time.

The maximum age last birthday at commencement is 54 for non-smokers or 49 for smokers. Until 31 December 2012 it was available at higher ages for a reduced sum assured.

Non-Smoker Smoker
Age
at Entry
Sum Assured
for each £10 of
monthly premium
Age
at Entry
Sum Assured
for each £10 of
monthly premium
Up to 54 1,120 Up to 49 1,120
55-64* 1,060* 50-59* 1,060*

*No longer available

Bonuses. Rule 4 applies. Bonuses may be payable at different rates during the first 10 years (while regular premiums are being paid) and thereafter (when no further premiums are payable).

Surrender. Rule 3(8) applies, except that if the contract is surrendered at the end of 10 years from the commencement date, or at any anniversary thereafter, the surrender value will be the full Sum Assured and Bonuses then attaching (including terminal bonus if applicable).

Unpaid premiums. See Rule 8.

Paid-up values. See Rule 3(9).

Table 19 – With Profit Bond – Growth

This is a single premium non-qualifying with profit whole of life assurance.

The initial Sum Assured is equal to the single premium.

Bonuses. See Rule 4. Bonuses are based on the accumulated sum assured (Sum Assured and Bonuses).

Surrender. Rule 3(8) applies except that contracts written up to 30 September 2012 may be surrendered on the tenth anniversary for a sum not less than the accumulated sum assured. Similar guarantees apply at every anniversary thereafter (for contracts written up to 31 December 2010), or every fifth anniversary thereafter (for contracts written between 1 January 2011 and 30 September 2012).

Table 24 – ISA bond

This is a tax-exempt single premium with profit whole of life assurance written under the legislation and rules governing Individual Savings Accounts. The Sum Assured is equal to the single premium.

Bonuses. See Rule 4. Bonuses are based on the accumulated sum assured (Sum Assured plus Bonuses).

Surrender. Rule 3(8) applies except that contracts written up to 30 September 2012 may be surrendered on the tenth anniversary for a sum not less than the accumulated sum assured. Similar guarantees apply at every anniversary thereafter (for contracts written up to 5 April 2011), or every fifth anniversary thereafter (for contracts written between 6 April 2011 and 30 September 2012).

Part surrender of any contract is permitted at the discretion of the Society.

Table 31 – Lifetime ISA

This is a with profit whole of life assurance written under the legislation and rules governing Individual Savings Accounts. It is available to members aged between 18-39 years old for the purpose of saving for their first home or to supplement their retirement. Contributions can be made up to the age of 50, though the fund must be opened and contributed into prior to the members 40th birthday.

At any time the Sum Assured is equal to the premiums received to date. There is no commitment to pay any premium other than the first. A separate contract applies to each tax year, but the Society reserves the right to aggregate contracts for ease of administration.

Bonuses. See Rule 4.  Bonuses are based on the accumulated sum assured (Sum Assured plus Bonuses) plus the government will add a further 25% bonus for all contributions made in the tax year.

The accumulated sum assured is payable on death or on terminal illness (as defined by ISA regulations).

Surrender. Rule 3.8 applies

Table 32 – Monthly Savings ISA

This is a with profit whole of life assurance written under the legislation and rules governing Individual Savings Accounts.

At any time the Sum Assured is equal to the premiums received to date. There is no commitment to pay any premium other than the first. A separate contract applies to each tax year but the Society reserves the right to aggregate contracts for ease of administration.

Bonuses. See Rule 4. Bonuses are based on the accumulated sum assured (Sum Assured plus Bonuses).

Surrender. Rule 3(8) applies.

Part surrender of any contract is permitted at the discretion of the Society.

Table 33 – Junior ISA

This is a with profit whole of life assurance written under the legislation and rules governing Individual Savings Accounts. It is available to children under the age of 18.

At any time the Sum Assured is equal to the premiums received to date. There is no commitment to pay any premium other than the first. A separate contract applies to each tax year, but the Society reserves the right to aggregate contracts for ease of administration.

Bonuses. See Rule 4. Bonuses are based on the accumulated sum assured (Sum Assured plus Bonuses).

The accumulated sum assured is payable on death or, prior to age 18, on terminal illness (as defined by ISA regulations).

Surrender. Rule 3(8) applies. Surrender values prior to age 18 may only be paid to another ISA manager for the benefit of the child.

Good service – always very helpful and informative.

Miss J Coward, South Norwood, London

Great opportunity for family members to be offered the same offers as members.

Miss A McLeary, ESB

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house. I will be signing back up next year to help save towards my kids future.’

Mrs A Cooper, Met CC, Bow

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house which we are moving into next month. I will be signing back up next month to help save towards my kids future.’

 

Amanda Cooper (Met CC, Bow)

Very happy with the service. I have a number of policies for myself and my children.

Police Sergeant S Drysdale, DPS Borough Support

‘Hassle-free savings that are started every year on my behalf, without me having to call up.’

 

D.C. R McLaren, Hackney Borough Stations

‘I would recommend Metfriendly to everyone.’

Mrs V Thompson, Dagenham

‘Very pleased with the service I’ve received to help me save money direct from my salary.’

DC Chris W, SO15

‘I have always been pleased with the returns from my Metfriendly policies.’

Mr P Payne, Bordon