This is where you'll find answers to the questions we get asked the most about Lime and our cover.
Can’t find the answer your looking for? Check out our full FAQs list.
Do I really need insurance?
If there are people that you love, things that you value and activities that you enjoy, then you may well want to protect them. Our online guide will give you an idea of how much protection you would need. So for example, £100,000 of Accidental Death Cover for a 37 year old man or woman is just £2.30 per month – yes, less than the proverbial cup of coffee. But if you don’t need it, we won’t try to sell it to you.
Does Lime have the lowest prices?
We believe so, Lime’s refreshing approach to insurance makes our prices very competitive. This isn’t because we cut corners. In fact, we work with some of the biggest insurance underwriters [the people who cover the claims] in the world. It is because we cut out all the stuff that you don’t need – as well as the middleman fees. Our products are clean and simple and focused on addressing one real concern; be that a worry about cancer or to protect a lifestyle where fitness is important with our Physio cover we launch later this year.
Does it take ages to set up protection?
Definitely not, and you can do it at any time as we are 100% online. We always ask you for some background information as all our products are tailored to offer you just [or rather only] what you need. The questions are as precise as possible. Accidental Death Cover, calculated to your needs, can be live in just five minutes!
How simple is it all to understand?
We promise to be refreshing and that means that we watch everything we say and write. Unless legally required, we keep it simple, open and honest. You have to know what you are buying, why and what it delivers. And if you don’t think something is clear, please tell us.
Are you on the price comparison sites?
No we aren’t, as our products are completely new and tailored for you. Where else can you get streamlined Accidental Death Cover at that price. Or Mental Health Cover [coming soon] that isn’t part of an expensive health package.
How much Accidental Death Cover can I get?
We have a minimum cover level of £5,000 and a maximum of £500,000. We help you work out what you might need, but the amount of cover, and therefore the cost, is up to you.
Who gets the money if I die?
You can tell us exactly who you wish to receive the pay-out if you die accidentally. You can split the money however you want, and as all the money is written in trust, it doesn’t become part of your estate. So that means no tax. Lots of insurances don’t do this, and families often end up losing up to 40% of the cover to the tax man. We don’t think that’s right, so that’s why every Lime policy is written in trust.
Can I change my cover and manage payments?
Sure. Our insurance is based on your needs today and is so flexible you can change it as soon as circumstances change. Just log in to your control panel to access your cover packages. Changes take effect from the month following your request.
How long are the contracts?
As long as you want! As you might have spotted, we want you to want to be with us – not tied to us! So our contracts are typically for a year, but you can change and cancel whenever you want and, as we are online , at whatever time you want.
What about paying out if I am not there?
An amazing 98% of all protection claims were paid out in 2017*. Our first product, Accidental Death Cover, is underwritten through Lloyd’s of London. They are backed by capital from around the world, reducing risk, and have excellent financial ratings. So as long as the application was accurate then there should be no problems. And don’t forget our business is built on trust!
Are my details safe with you?
Absolutely, we are all about protecting your data, without this we are nothing. We are also about honesty and integrity, as protection for you and the people you love is really personal. Our site security and encryption controls reflect this and are continuously reviewed. Beyond our principles, we are required to be and are registered with the Information Commissioner’s Officer (ICO) as a Data Controller. How we collect, process and store your data is in accordance with the General Data Protection Regulations (GDPR).
Are you an ‘InsurTech’ business or an old school ‘life insurance’ company?
A bit of both. We are doing something new, but are still authorised and regulated by the Financial Conduct Authority in order to bring you insurance products and for your protection. We are a bit tech as we are 100% online. This allows us to be open 24 hours a day and to give you control over your accounts, rather than using a broker. It also helps reduces the costs. We then work to design our own insurance products for real people with real lives.
And finally, we go to the best to arrange the underwriting. Each time we pick the most suitable provider, so for Lime Accidental Death Cover, it is underwritten by certain underwriters at Lloyd’s, Vibe Syndicate Management Limited who are authorised by the Prudential Regulatory Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority.
Does the amount you charge change each month?
No. Only if you choose to change the cover to reduce your monthly premium or increase it if you want more protection. What we do is check with you every year that the amount of cover you have is still what you need . We will tell you if there is a change due to changing costs for us or needs for you and we will do that three weeks before everything starts again. You should be aware that costs for protection normally go up a bit with every year as your age increases. That is one of those facts of life we can’t change!
Where are my documents and so on?
That is an easy one. All the documents you might need from your Policy Schedule to payment invoices can be accessed, downloaded and printed by logging into your secure account at any time.
Will I get a refund if I cancel my policy?
Yes. If you cancel your cover within 14 days of your ‘Policy Effective Date’ which you can see on your Policy Schedule. After that cancellation works from the end of the premium payment month during which you cancelled, and you can do that whenever you want. Flexibility is key. Your cover will remain in place until the end of that month.
*Source: Association of British Insurers (ABI)