| Life Insurance Q & A |
Life CoverLife cover gives your family money if you die or become terminally ill. When you take out life cover, you can choose to have this paid as a lump sum or as a monthly income. You can even choose a combination of both within the one plan. That way you’ll have a lump sum to pay off the mortgage and an income that your family can use to keep their current standard of living.Who can be covered?Single lifeJoint Lives Individual covers for you and your partner How can I receive claim payments from my plan?When you buy your plan you can choose how your paid any future claim you make. Your choices are:A level Lump sumAn increasing lump sum A decreasing lump sum A level monthly income An increasing monthly income. For how long can I be covered?You can choose a term assurance plan of between 1 and 40 years Critical Illness CoverCritical Illness Cover gives you money if you are diagnosed with one of a list of defined critical illnesses.If you choose to buy this cover, it’s important that you spend time reading the definitions to understand what is and what isn’t covered, as the life provider’s definition may be different to the medical one.Who can be covered?Single lifeJoint Lives Individual covers for you and your partner How can I receive claim payments from my plan?When you buy your plan you can choose how your paid any future claim you make. Your choices are:A level Lump sumAn increasing lump sum A decreasing lump sum A level monthly income An increasing monthly income. For how long can I be covered?You can choose a term assurance plan of between 1 and 40 yearsUp to £20000 free Children’s Critical Illness CoverThere are some term assurance providers that will give you up to £20,000 for each of your children when you choose any of our Critical Illness Covers.Life or Critical Illness CoverThis cover gives you or your family money if you die, become terminally ill or are diagnosed with a critical illness, whichever happens first.This cover is designed to pay just once. So for example, if you make a critical illness claim you can’t then go on to make a Life Cover claim on the same person’s life.Life cover reinstatement optionIf you do make a critical illness claim under this cover and want to reinstate the Life Cover, you can do this. You will need to choose this option when you take out your plan. You will be charged an extra payment for this. You can take out cover up to the amount of the original cover at the time you made the claim.Who can be covered?Single lifeJoint Lives Individual covers for you and your partner How can I receive claim payments from my plan?When you buy your plan you can choose how your paid any future claim you make. Your choices are:A level Lump sumAn increasing lump sum A decreasing lump sum A level monthly income An increasing monthly income. For how long can I be covered?You can choose a term assurance plan of between 1 and 40 yearsIncome cover for sicknessThis cover pays out a monthly income if you are unable to work because of sickness or injury during the term of the cover.Who can be covered?Single lifeIndividual covers for you and your partner. Can I cover all of my income?You can cover up to a maximum of 50% of your gross salary so long as the amount of cover isn’t more than £6,250 a month.How can I receive claim payments from my plan?When you buy your plan you can choose how you want us to pay you if you have to make a claim. Your choices are:A level monthly incomeAn increasing monthly income (there’s often an extra cost for this option)Choose either:A fixed rate between 2% and 10% a year, or A rate based on the change in Retail Price Index (between 2% and 10% a year). How soon after I claim will payments be made to me?You can choose. This option is called a deferred period. The longer you wait for payments to start the cheaper your monthly plan payment will be.Your options4 weeks later 13 weeks later 26 weeks later 52 weeks later For how long will I receive claim payments from my plan?The longer you want payments to be made, the more expensive your plan will be. If for example, you choose a one-year payment option, we will make payments to you for a maximum of one year. If you choose the full-term option we will make payments to you for the full term of your plan.Your options:To the end of the cover term Up to two years Up to one year |
| For mortgages we can be paid by a fee, usually, £495 or by commission |