National Deposit was formed in 1868, initially to help people save for healthcare. Before our National Health Service (NHS) was formed, Friendly Societies, National Deposit included, were the primary providers of healthcare.

In fact they were seen to have such expertise that they were asked to support the Government in administering state healthcare from 1912 and then helped them set up the National Health Service in 1948. Established 80 years before the NHS, National Deposit now have over 130 years experience in caring for our account holders.   

National Deposit is a Friendly Society and a Mutual, which means they have no shareholders to pay dividends to. Their ultimate purpose is to provide benefits to their members and they pride themselves on the high standard of service provided.

How it works

Quite simply, you pay your selected contribution to the National Deposit, in turn they place 50% of this amount into a claims fund like any other insurance company. The difference is that the remaining 50% is placed in an instant access savings account which belongs to you.

You can access this account whenever you need to, however the ideal situation is that the account is left to grow over the months and years, earning a loyalty bonus equal to 2% interest.

At the point of needing to make a claim on your policy, National Deposit will pay either 90% or 80% dependant upon your age and status, with the remaining 10% or 20% being paid directly from your savings account.

It acts like an excess operates on other policies with the difference being that you do not need to ‘pay’ an additional excess so long as you have sufficient funds available to your account. If you don’t have sufficient funds, it acts more like a traditional excess.

Unlike other insurance products, you are not dictated to as to how much you must pay; instead, you chose the amount you feel comfortable with (subject to minimum levels). In addition you can add funds to your deposit account at any time should you feel it is necessary?

Example Contribution Costs...

Like all insurance schemes, you pay a regular premium in return for your eligible cover.

The monthly amount is based upon your account category and the age when you join – and importantly, the level of cover you choose.

This guaranteed monthly premium is not reviewable, which means your premium will never go up because you have made a claim or reached a certain age.

If you are aged 49 or under when you join:

The minimum fixed premium is £20 a month for an individual and £40 for all others (family / couple).

If you are aged 50 or over when you join:
The minimum fixed premium is £50 a month for an individual and £80 for couples

     Your level of cover each year
 Monthly   NHS Cash                       Medical      Optical &
Premium  Benefit                           Benefit       Dental
 £20        £200 / £20 a night     £10,000     £300 *
 £30        £300 / £30 a night     £15,000     £450 *
 £40        £400 / £40 a night     £20,000     £600 *
 £50        £500 / £50 a night     £25,000     £750 *
 £60        £600 / £60 a night     £30,000     £900 *
 £70        £700 / £70 a night     £35,000     £1,050 *
 £80        £800 / £80 a night     £40,000     £1,200 *
 £90        £900 / £90 a night     £45,000     £1,350 *
 £100      £1,000 / £100 a night     £50,000     £1,500 *

*   An individual can only make a claim once every other year for Optical & Dental benefits
+   NHS Cash Benefit is limited to a maximum of 10 nights per year

 

We strongly advise purchasing the Early Years benefit when first taking out a policy. For an additional £5 per month (personal), your medical benefit fund will be increased by an additional £20,000 on top of what your fund already holds.

We strongly recommend this option as it provides valuable cover without much cost and enables you to build your own fund without worry.

As soon as you have seen your GP and a condition has been diagnosed or further investigations required, you must call the claims helpline service at the National Deposit.

They will verify the terms of your policy and confirm whether treatment will be covered.
Thereafter, the claims helpline will help you to find the most suitable or cost effective solution to meet your needs.

Underwriting options:

In keeping with many other insurers; National Deposit offer two forms of underwriting to suit your needs and requirements:

 

Moratorium:

If you choose this option and have experienced, or have suffered the symptoms of, any health condition within the past 5 years, that condition will not be covered for at least the first two years after joining. After that, your cover may include the pre-existing medical condition (PEC) - so long as you have had no symptoms, medication and advice during the first two year period. If you do, then the two-year symptom-free period will start again from the date of your last consultation or treatment.
Moratorium Application Form .

Full Medical Underwriting:

As with any application for insurance, you must take care to answer the questions about your own and families health record fully and truthfully. National Deposit will assess the answers you give on your application - and if you have listed any past or present health problems, they may have to exclude them from cover either for a fixed period or indefinitely.
Your certificate of insurance will reflect any endorsements, limitations or exclusions placed on your policy.

Your personal deposit account...

What happens when I reach 65?

What if I want to cancel?