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Pride 'n' Joy FAQ's

• Who can take out a Pride n Joy policy?
• Is the policy set up in the child's name?
• What is a trust form?
• Can I access it before the child turns 18?
• Does the child have the power to withdraw the money without my knowledge?
• When the child turns 18, will the policy automatically pay out?
• Can a Pride n Joy policy be set up in joint names?
• Can I have two beneficiaries on the policy e.g. my two children?
• Can I stop paying into the policy?
• Can QUINN-life take the money directly from my bank account?

Who can take out a Pride n Joy policy?

Anyone 18yrs and over can take out a Pride n Joy policy.

Is the policy set up in the child's name?

No. The policy is set up in your name. There is an option to set up the policy in trust for the child, which will mean they are named as a beneficiary.

What is a trust form?

A trust form is a document completed to establish a trustee and beneficiary on a policy. Once the policy is set in "trust", the trustee is obliged to make any future decisions regarding the investment in the best interests of the beneficiary.

Can I access it before the child turns 18?

Yes. With Pride n Joy you can access your fund at anytime. To withdraw / encash part of your fund you need to return your original policy schedule to QUINN-life along with a written and signed request to encash, stating the amount you wish to withdraw and highlighting which funds you wish this amount to be taken from. Where the policy is in both names the request to encash must be signed by both policyholders.

Does the child have the power to withdraw the money without my knowledge?

No. We need signed written consent from you, as the policyholder before all or part of the policy can be withdrawn.

When the child turns 18, will the policy automatically pay out?

No. The decision to withdraw the policy lies with you as the policyholder.

Can a Pride n Joy policy be set up in joint names?

Yes. The joint policyholder's details should be completed on the proposal form and money laundering documentation for this individual will need to be included with the application sent to QUINN-life.

Can I have two beneficiaries on the policy e.g. my two children?

Yes, it is possible to have as many beneficiaries on the policy as required.

Can I stop paying into the policy?

You can suspend your regular premiums by contacting us 30 days in advance of your next payment date. If you suspend your regular premiums without giving us 30 days prior notice, we may impose a charge. If you want to resume paying your premiums, you can do so by contacting us at any time.

Can QUINN-life take the money directly from my bank account?

Yes. You can set up a direct debit for your monthly payments to go directly from your bank account into your Pride n Joy savings plan.