Life insurance – find the best option for you

It's always worth reviewing your cover. Changes in your circumstances and priorities might mean you need to update your cover – to protect new, important things in your life.

1. Mortgage Protection

  • This is a relatively cheap cover option
  • You pay a fixed premium
  • The level of cover you need decreases as you pay off your mortgage
  • If a claim is made, the benefit from your policy goes to your mortgage provider

2. Life insurance

Level term:

  • Your cover stays the same throughout the term of your policy
  • The price is fixed
  • It can also be assigned to your mortgage, so if you die the mortgage is cleared and your remaining cover will be given to your estate.

Convertible term:

  • This is essentially a Level Term policy, with an option to extend the term if you wish
  • If you decide to extend the term, you will be treated as a healthy person and there will be no medical questions required
  • There is no option to add more cover with this policy

3. Specified Illness Cover

Standalone Specified Illness:

  • This pays a lump sum benefit on diagnosis of one of the specified illnesses listed
  • The premium & benefits are fixed

Accelerated Specified Illness:

  • This is a fixed premium policy, with decreasing benefit
  • It is often taken out in addition to a Life Cover or Mortgage Protection policy
  • A claim for a Specified Illness reduces amount of cover you have under your Life Cover policy