Life Cover pays a lump sum, which is tax-free, in the event that you die during the course of your policy. It is possible to have Single Life Cover, Joint Life Cover and Dual Life Cover. It is also possible for one person to insure another.
Accelerated serious illness cover is a type of cover that can be taken out as an add-on to a mortgage protection or life insurance policy. It pays out a tax-free lump sum if you are diagnosed with an illness specified in your policy or if you die within the term of your policy. Two sums will not be paid out over the course of your policy, unless you only receive part of your cover in the first instance.
Standalone serious illness cover means that your serious illness cover is kept entirely separate from any other policies you have.
Indexation allows your premium and benefits to increase by a certain percentage every year. The advantage of this is to keep your benefits in line with inflation and salary increases. Indexation is an optional extra that comes at an additional cost.
With Escalation, your benefit will increase by a certain amount for every year that it is being paid out. Escalation is an optional extra that comes at an additional cost.
Convertible term cover allows you to extend the term of your cover at any point over the course of your policy without medical underwriting. Convertible premiums are usually more expensive than non-convertible premiums.
A Dual Life policy allows two people to be covered for different amounts and for two payments to be made, should both individuals die over the course of the policy.
A joint policy covers two people. If one of the people covered under a joint policy dies, the other person will receive a lump sum, outlined under the terms of the policy. A joint policy ends once a payment is made and both individuals must be covered for the same amount.
Your occupation can have an influence on your premium, with some occupations deemed ineligible for cover due to the nature of the work involved.
Reviewable premiums are reviewed every 5 years.
Guaranteed Rates ensure that your premium will never change, unless indexation is chosen.
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