Protection for Life: Lifetime Cover

Lifetime Cover overview

Lifetime Cover is one of the benefits available under our Protection for Life plan. It is a simple whole of life insurance policy that can help ensure there’s money in place to pay for bills or unexpected expenses when you die. The benefit amount can either be level or increasing, depending on the financial commitment you wish to protect.  Lifetime Cover lasts for the whole of your life.

Features & benefits

• To pay out a cash sum on death.
• Instant decision on Lifetime cover for benefit amounts of £15,000 or less
• The cash sum (benefit amount) can be level or increasing.
• Available on a single life basis or with two lives assured. Lifetime Cover with a benefit amount of £15,000 or less is only available on a single life basis.
• Able to apply to change the amount of cover at any time
• Choose to have a single person or joint person plan
• You can choose to put the policy in trust

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 74

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.

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.