Protection for Life: Life Cover

Life Cover overview

Life Cover is the name of our life insurance policy under our Protection for Life plan. It can pay out a cash sum if you were to die during a specified period called the 'policy term'. It can be tailored to your individual needs with options to include premium protection. You can choose the benefit amount to remain level for the policy term or you can choose to automatically increase the benefit amount each year in line with inflation. You can also choose the benefit amount to decrease each month similar to how a repayment mortgage or loan works.

Features & benefits

• To pay out the benefit amount as a single cash sum or monthly cash sums if, during the policy term,
  • you die, or
  • you’re diagnosed with a terminal illness
• Terminal illness cover is included
• The single cash sum can be level, increasing or decreasing over the policy term
• Monthly cash sums can be level or increasing over the policy term
• Choice of cover options including premium protection
• Able to apply to change the amount of cover over time, add a partner or change the policy term
• You can choose to put the policy in trust
• You receive access to the Best Doctors service

Eligibility

• You must be a UK resident (meaning England, Wales, Scotland, Northern Ireland but not the Isle of Man or the Channel Islands)
• You must have a UK bank account
• Minimum age at start 18
• Maximum age at start 79

The policy has no cash-in value at any time.

If you don’t pay your premiums on time your cover will stop, your benefit will end and you’ll get nothing back (n/a for Lifetime Cover policies).

The policy will end if we pay out the benefit amount but if the benefit amount has not been paid out by the end of the selected term, the policy will end and you’ll get nothing back.

If the benefit is to cover a repayment mortgage, we will decrease the benefit amount each month assuming a fixed rate of interest of 10% a year. There may be insufficient funds to repay the loan if the interest rate on the mortgage exceeds 10% or the loan is increased or extended.