Life insurance explained
How does life insurance work?
Life Insurance could pay out a cash sum if you die during the length of the policy. It could be used to help pay the mortgage or help protect the family’s lifestyle and everyday living expenses. You choose the amount of cover you need and how long you need it for and unless you make any changes, your cover amount will remain the same.
You can also choose whether to pay your life insurance monthly or annually and your premiums won’t go up unless you alter your policy, so you’ll always know how much you’re paying.
Do I need life insurance?
Anyone may have a need for life insurance, for example, those with children, a partner or spouse who depend on your income, or a mortgage on the family home. Remember, the monthly cost of life insurance tends to be cheaper the earlier in life you take out a policy. It’s also important to choose a premium that you can afford now and in the future.
Critical illness affects many people, at any age, and can turn families’ lives upside down. If you were to become seriously ill would your loved ones struggle to keep up with household bills and the mortgage? Make sure that you and your family are financially protected against the impact a critical illness could have.
You can choose to add critical illness cover at an extra cost when you take out life insurance. The money you could receive can help make life easier – and help you focus on getting better.
What is Critical Illness Cover?
Critical illness cover could pay out a cash sum if you get one of the specified critical illnesses we cover during the length of your policy, such as heart attack, cancer or stroke*. See the full list of the illnesses covered.
*The critical illnesses covered include heart attack, cancer and stroke. However, some types of cancer are not included and to make a claim for some illnesses, you need to have permanent symptoms.
Critical Illness Cover can be added for an extra cost when you take out either life insurance or mortgage life insurance. Extra benefits are included at no additional cost, such as Terminal Illness Cover and Accidental Death Benefit. Terminal Illness Cover could pay out the full amount of cover when life expectancy is less than 12 months.
And if you choose to add Critical Illness Cover, we will automatically include Children’s Critical Illness Cover at no extra cost. See additional benefits for more information.
Do I need Critical Illness Cover?
If your family rely on you financially it’s worth considering critical illness insurance to help protect against the impact a critical illness could have on you and your family. The pay out could help to cover things such as child care costs and household bills.
Or you may want to use the pay out to help make adjustments to your home or lifestyle if needed, or to pay for specialist medical treatment – or even to take that trip of a lifetime to help you recover.