Stand-alone
Life protection
Premier life insurance that provides financial security
for your loved ones if you’re no longer around.
Why is it a good idea?
peace of mind for you and your family
It’s our natural instinct to protect the ones we love. But what if something happens to you? What if you’re no longer around to take care of your loved ones? That’s where our Life Protection comes into its own.
It pays out a lump sum or a monthly income to help make sure your loved ones are left with a comfortable home and lifestyle, rather than debts and financial worries. Life Protection is our premier cover, so includes enhanced features to offer you and your family the very best protection.
Taking out cover provides you and your family with peace of mind.
How does it work?
If you die, we pay out. It’s that simple
Life Protection 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 your policy is in force. And as Life Protection includes our enhanced terminal illness definition, uniquely, we’ll also pay out if you’re diagnosed with incurable stage 4 cancer, motor neurone disease, Creutzfeldt-Jakob disease or Parkinson-plus syndromes even if you’re expected to survive more than 12 months.
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?
PROTECTION FOR YOU AND YOUR PARTNER
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.
That’s why, if you have a partner – whether they work or not – it pays to consider our dual life approach. Dual cover pays out on the death of either partner, providing the money to maintain the quality of life for the loved ones who remain. Unlike normal joint cover, if one of you has to claim your partner will still have cover in place and won’t have to try and replace it when they’re older.
What type of cover do you need?
There’s a choice of 4:
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.
Family Income Benefit
Rather than paying out a lump sum if you die, Family Income Benefit gives your loved ones a regular payout for the rest of the policy’s lifetime. So, if you take out a 25-year policy and die 5 years into it, your family will receive regular income for the remaining 20 years. If you were to die 15 years into the policy, it will pay out for the remaining 10 years. But remember, once the policy ends, the cover and the payouts will stop.
How do Life Protection and Life Essentials differ?
LIFE PROTECTION IS OUR PREMIER LIFE INSURANCE WITH ENHANCED FEATURES
Both Life Protection and Life Essentials pay out when a policyholder dies but there are differences in the detail.
Life Protection 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 your policy is in force. And as Life Protection includes our enhanced terminal illness definition, uniquely, we’ll also pay out if you’re diagnosed with incurable stage 4 cancer, motor neurone disease, Creutzfeldt-Jakob disease or Parkinson-plus syndromes even if you’re expected to survive more than 12 months. Life Essentials only pays out if you die or are diagnosed with a terminal illness that is expected to lead to your death within 12 months.
Life Protection and Life Essentials both include Premium Waiver as standard. With Life Protection we’ll waive your premiums after a 4-week deferred period if you’re too ill to work. We’ll also waive premiums for up to 6 months for maternity or paternity leave or if you involuntarily lose your job. With Life Essentials, we’ll waive your premiums if you’re too ill to work after a 26-week deferred period.
If you want premier life insurance with enhanced features, you should talk to your Financial Adviser before deciding which life insurance is right for your needs and budget.
POLICY TERMS AND CONDITIONS
Life Protection 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.