Life Insurance

Level Term Life Insurance (Available with or without Critical Illness Cover)

Level life cover means that a lump sum will be paid if you die during the policy term. The amount of life cover selected will normally remain level throughout your selected plan term, although if you wish you can request that benefits increase in line with inflation.

Critical Illness cover can also be combined with this plan, please see below for details of this cover.

Mortgage/Decreasing Term Life Insurance (Available with or without Critical Illness Cover)

This plan is also commonly known as “Decreasing Term Assurance”. Decreasing life cover means that the lump sum paid if you die within the specified term will reduce over the term of your plan. If your decreasing life cover is set up to cover a repayment mortgage, this means that the amount of cover in your plan will reduce as the amount outstanding on your repayment mortgage reduces.

Critical Illness cover can also be combined with this plan, please see below for details of this cover.

Critical Illness Cover (Also available as Mortgage/Decreasing Critical Illness Cover)

Can be purchased as a standalone policy or in conjunction with one of the policy types above.

Critical Illness cover will pay you a lump sum should you be diagnosed with any one of a wide range of critical illnesses, the main three being Cancer, Stroke, Heart Attack. If you were to suffer from one of these critical illnesses, chances are, if you do not die you will be unable to work and enjoy the same kind of income, your existing commitments, however, will still have to be met. Any other life cover you have in place without this protection would only pay out if you were to die.

Mortgage/Decreasing Critical Illness cover – with this type of cover the sum assured will decrease roughly in line with the outstanding amount on your repayment mortgage.

Family Income Benefit

As opposed to providing a lump sum on death during the policy term, it provides a regular tax-free income for your dependants for the remainder of the policy term. The income benefit received usually remains level over the policy term selected, you can however, request that benefits increase in line with inflation.