Life and Critical Illness cover provides a lump sum or monthly benefit in case of the death or critical illness of the policy holder, enabling the remaining members of the family to maintain the same standard of living.
Level Term and Decreasing Term
Level Term policies maintain the same sum assured throughout the term of the policy; this is designed for extra peace of mind for the policyholder and their family.
Decreasing Term policies have a decreasing sum assured as the term progresses, so the sum which would be paid out decreases as the balance of the outstanding mortgage decreases.
It is possible to include Critical Illness Cover to both Level or Decreasing Term cover.
Your policy premium cost
With Life Assurance and Critical Illness policies, the price for premiums will be based on:
- Your age.
- Your health.
- How long you want the cover for.
- The level of cover you need.
- Your smoker status.
How you are covered
Examples of the covered specific medical conditions or injuries listed in a Critical Illness Cover policy:
- Heart Attack.
- Stroke.
- Alzheimer’s Disease or Pre-Senile Dementia.
- Parkinson’s Disease.
- Cardiac Arrest.
- Crohn’s Disease.
- Heart Valve Replacement or Repair.
- Kidney Failure.
- Liver Failure.
- Rheumatoid Arthritis.
- Severe Lung Disease.
- Blindness.
- Deafness.
- Loss of Speech.
- Conditions such as Multiple Sclerosis.
- Certain types and stages of cancer.
- Most policies will also consider permanent disabilities as a result of injury or illness.
It is important to be aware that not all conditions are covered and the policy will also state how serious the condition must be before it will pay out.
Waiver of Premiums
It is possible to also add a ‘Waiver of Premiums’ to Life Assurance policies, which is where the premiums would not be payable by the policyholder if they were ill and unable to work for a specified period (e.g. at least six months). There is a small cost for adding this to a policy.
Contact us to discuss your insurance requirements
Read our Protection Insurance Guide
We do not charge our new or existing customers a fee for providing initial quotations or arranging cover for any of the insurances that we offer.
