Life Insurance Tips

Taking out a life insurance or mortgage protection policy can be complicated, so we have put together a few useful tips to help you understand the process and save you money on your insurance quote.

Mortgage Protection

The sum insured reduces throughout the term of the policy and you can have this on a single life basis or joint life basis. The premium is guaranteed throughout the term of the policy.

Flexible Term Protection

The sum assured remains the same level throughout the term of the policy. Serious Illness is paid on diagnosis of specific illnesses. You can have this on a single life basis or a dual life basis. The premium is guaranteed unless inflation protection option is chosen. With Flexible Term Protection there are two other options you can choose:

Protection Continuation Option (Conversion Option)

At the end of the term you have chosen you have the option to continue your life cover without the need for additional medical information.

Inflation Protection Option (Indexation)

This option allows you to increase your life cover in line with inflation. Automatic right to future increases will cease if one offer to increase is refused.

Deciding on Single Life, Joint Life and Dual Life Insurance

• A Single Life insurance policy covers one person.
• A Joint Life insurance policy covers two people. Joint cover will pay benefits on the first death of either insured person.
• A Dual Life insurance policy covers two people, though independently. It is effectively like having two single policies where cover will pay benefits on the death of both insured.