Protection statement FAQs

Below, you will find an explanation of the charges on your protection statement. 

What are Product and Fund Management Charges?

These generally relate to costs and charges arising from the management of the investment fund in which your money is invested and the servicing of your plan. This may include:

• Initial charges paid on every payment into your plan
• Recurring charges such as fund management, plan fees, product administration, dealing costs and switch charges. 

What are Risk Cover Charges?

Risk cover charges relate to the charges we deduct from your plan to pay for the cost of providing your protection cover. 

They are only relevant for products that have an element of protection such as:

• Life insurance
• Critical illness cover
• Income protection
• Waiver

What is included in Money In?

Money In includes the premiums you have paid during the statement period and if you have Waiver of Premium cover, it will include any premiums paid by Wesleyan if you have a waiver claim.

Need more information?

For a full breakdown of all the charges shown on your statement, you can call our Individual Protection Team on 0800 975 6956.

Alternatively, you can send us a secure message via My Wesleyan.

For regulated financial advice or for queries relating to your plan, including whether your current level of cover is still right for you, please speak to your Specialist Financial Adviser from Wesleyan Financial Services, or call us on 0800 980 6357 and we’ll arrange an appointment for you.