- Can help to pay off mortgages & loans
- Can help your family to replace some of your lost income if you were to die
- Guaranteed pricing available for the term of your plan
- Cover can be indexed against inflation
- Peace of mind
Types of Life Cover
Decreasing Term Assurance/Mortgage Protection Insurance
- Available on a Single/Joint Life basis. The insurance cover is designed to reduce in line with a mortgage/loan balance that it is protecting.
- If there are two lives insured then both lives must have equal cover
- Specified Illness cover must generally be Accelerated (refer to Specified Illness Cover).
Level Term Assurance Cover remains level for the term of the policy.
- It can be single/joint/dual
- Each life can have a different level of cover
- Specified Illness Cover can be Accelerated or Stand alone
Also known as Guaranteed Cover. Generally this is only available on Term Assurance.
This additional benefit allows customers to convert their cover to a new policy without having to provide further medical evidence. Essentially it allows them to extend the term. The conversion must happen within the original term of the plan.
Q. Does it cost more to include this option?
A. Yes generally an additional 5%-10% of the premium.