It depends upon your individual circumstances, but if you have children, a partner or a spouse who depend upon your income or a mortgage on your family home then you may need life insurance
We can guide you through the process, letting you choose policies to match your individual needs, budget and circumstances.
Level term life insurance
If you die during the term of your policy, your family will receive a lump sum of money to help pay the bills and provide for them. The lump sum amount is chosen by you and is based on a variety of factors, such as your partner’s employment status, the number of dependents you have, your outstanding loans and your standard of living.
The policy is designed to deliver a fixed amount of cover over the term of the policy unless you choose indexation – increasing your cover in line with inflation – or you exercise your guaranteed insurability (GI) option – choosing to buy additional life insurance cover at a later date.
You can choose single cover to insure one of you, or joint cover to insure you and your partner/spouse.
This could pay out the full amount of cover when life expectancy is less than 12 months on plans with a term of at least two years.
Included at no extra charge for policies with a term of two years or more, terminal illness cover ensures that the life insurance policy will pay out the full amount if you are diagnosed with a terminal illness, rather than in the event of your death.
You need to be eligible to claim. For example, if you stop paying premiums, or fail to tell us about a medical condition, your policy may not pay out.
By ‘terminal’ we mean suffering from an advanced or rapidly progressing incurable illness where, in the opinion of the Chief Medical Officer of the policy provider, life expectancy is less than 12 months.
Terminal illness cover is not available during the last 12 months of the life insurance policy term and is only available on plans with a term of at least two years. Once a terminal illness claim has been accepted, the life assurance plan will end and further pay outs cannot be claimed. No premiums will be payable either and the policy will cease.
If, after a terminal illness claim has been accepted, the policyholder survives to the end of the term, they won’t be expected to pay back the terminal illness payment received. However, no further pay outs can be claimed on the policy and the policy will cease.
If eligible, this means that you won’t have to pay your premiums if you suffer an illness or accident that prevents you working for more than six months.
If you are aged under 55 and accepted on standard terms and normal rates, you will be eligible to take out a Waiver of Payment option on your life or critical illness assurance. This means that providing that your policy payments have been kept up to date until the point of claim, you won’t have to pay premiums if you suffer an illness or accident that stops you working for more than six months.
You must continue to pay your premiums for the first 26 weeks if you are incapacitated. However, your premiums are waived after 26 weeks if you are unable to work because of incapacity.
If a you are not in work, then your premiums are waived if you are unable to perform three or more functional assessment tests. Premiums will continue to be waived until you either:
- Reach the end of your policy term
- Return to work or fitness, so you no longer qualify for the waiver
We put people, not products first. Once we’ve received your details by telephone, we visit our life insurance and critical illness customers at home, making sure to answer any questions you have and completing the paperwork in person.
Our client account manager service also means that we get to know your individual needs. Whatever your circumstances, we can help find the right solution for both you and your family.
Watch Ian’s story.