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life policy

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    2. 25(1) (in accordance with the definition of 'qualifying contract of insurance' in article 3(1) of the Regulated Activities Order) a long-term insurance contract (other than a reinsurance contract and a pure protection contract); and
      1. (a) a long-term care insurance contract; and
      2. (b) (in COBS) a pension policy;
      unless (2) or (3) apply.
    3. (2) In PERG (other than in relation to a firm's permission - see Note 5B to Table 1 in Annex 2, PERG 2) and for the purposes of the financial promotion rules in COBS 4, life policy does not include a long-term care insurance contract.
    4. (3) In relation to a firm's permission:
      1. (a) (in accordance with the definition of 'qualifying contract of insurance' in article 3(1) of the Regulated Activities Order) a long-term insurance contract (other than a reinsurance contract and a pure protection contract);
      2. (b) a long-term care insurance contract which is a pure protection contract; and
      3. (c) a pension term assurance policy.