Stand-alone
Life Essentials
Low-cost life insurance that provides financial security
for your loved ones if you’re no longer around.
Why is it a good idea?
AFFORDABLE COVER FOR EVERYONE
We all want to know our loved ones will be financially secure if we die unexpectedly. But there are times in our lives, such as buying a home, when the additional cost of cover can be a barrier to buying the life insurance we need.
That’s where our Life Essentials comes into its own. It provides the essential features you’d expect from a life insurance policy whilst keeping the premiums affordable. It pays out a lump sum to help make sure your loved ones are left with a comfortable home and lifestyle, rather than debts and financial worries.
Taking out cover provides you and your family peace of mind.
How does it work?
If you die, we pay out. It’s that simple
Life Essentials provides a financial payout to your loved ones if you die or are diagnosed with a terminal illness that is expected to lead to your death within 12 months while the policy is in force.
Together with your Financial Adviser, you decide how long you want your policy to last and the amount of cover you need – that’s the amount we pay out if you die.
The amount you pay depends on your age and health when you apply. It’s worth remembering that the younger you are the lower your premiums will be.
Single or dual life?
MAKING PROTECTING YOU AND YOUR PARTNER AFFORDABLE
We’ve come a long way since the have-a-nice-day-at-the-office-darling 1950s. These days, it’s common for both partners to go out to work, and for the family to depend on 2 incomes.
And even if there’s a stay-at-home parent, it’s all too easy to underestimate their value to the family. After all, the school run, child-care, shopping, and housework don’t do themselves.
The lower cost of Life Essentials makes covering both parents more affordable and our dual life approach ensures both are better protected. Here’s how:
Typically, insurers offer a joint life policy. However, if one partner dies and a claim is paid, the policy is then void for the remaining partner.
With our dual life policies, both partner’s cover is kept separate. So, if one partners dies and a claim is paid, the surviving partner’s cover remains in place.
What type of cover do you need?
There’s a choice of 3:
Level Cover
With Level Cover, you choose the amount of cover you want and the length of time you want to be covered. The amount is fixed, and you can also choose whether to receive a lump sum or a regular monthly payment.
Decreasing Cover
Decreasing Cover is designed to cover mortgages and other long-term borrowing. So, as the outstanding borrowing goes down, so does the cover. Because of this, the premiums tend to be lower, and it also only pays out a one-off lump sum.
Increasing Cover
They say what goes up must come down. But what about the cost of living? That only ever goes in one direction. So, to keep up with rising prices, the amount of cover you get with Increasing Cover rises in line with inflation. Unlike Level Cover, the cost increases each year.
How does Life Essentials differ from Life Protection?
Life Essentials has less features and therefore costs less
Both Life Protection and Life Essentials pay out when a policy holder dies but there are differences in the detail.
Life Essentials will pay out if you die or are diagnosed with a terminal illness that is expected to lead to your death within 12 months while the policy is in force. Whereas Life Protection will pay out on some terminal illnesses regardless of life expectancy, if you’re diagnosed with a terminal illness that is expected to lead to your death within 12 months, or die while the policy is in force.
Life Essentials also won’t pay out in cases of suicide within the first 12 months of the policy, whereas Life Protection will.
Both Life Essentials and Life Protection include Premium Waiver as standard. With Life Essentials, we’ll waive your premiums if you’re too ill to work after a 26-week deferred period. Life Protection includes Premium Waiver as standard with a 4-week deferred period if you’re too ill to work. We’ll also waive premiums on Life Protection for up to 6 months for maternity or paternity leave or if you involuntarily lose your job.
These are just some of the differences, to find out more talk to your Financial Adviser before deciding which life insurance is right for your needs and budget.
POLICY TERMS AND CONDITIONS
Life Essentials is just one of the ways we can help protect you and your family from financial uncertainty. For more details, view our policy terms and conditions and key facts.
To find out exactly what suits your needs best, speak to a Financial Adviser.
WHEN THE COST OF LIVING STRETCHES US FURTHER AND FURTHER, PROTECTION HAS NEVER BEEN MORE VITAL. THAT’S WHY WE OFFER LIFE ESSENTIALS. IT HAS THE ESSENTIAL FEATURES YOU’D EXPECT, AT A COST YOU WOULDN’T.
Jacqui Gillies
Marketing and Proposition Director