Understand more about life insurance
The details below provide a summary of the product features for family life insurance, please also read the Key Features Document which provides more detailed information about the product.
Family life insurance
- You choose how much life insurance you buy. You may want your life insurance policy to pay out a multiple of your family's income; you may be expecting your first, second or third baby and wish to take out a policy to cover your youngest till they've grown up, for example. For an idea on how much cover you may need use our life cover calculator.
- If you die during the term, your life insurance policy will pay out a lump sum of money.
- The length of time you are insured for is called the 'term'. You can choose a term between one and forty years for level term life insurance, or between five and forty years for decreasing term life insurance, provided that the plan ends before your 80th birthday.
- The amount you must pay on a monthly or annual basis is the premium. Our life insurance premiums start from just £6 per month. Read the premiums and risks section to find out what factors affect the premiums you pay.
- Our life insurance policies include terminal illness cover at no extra cost. This means that the policy will pay out if you are diagnosed with a terminal illness for which you are eligible to claim (although not in the last 18 months of the plan). Read more about terminal illness cover.
- You may increase the amount of cover on certain events, (subject to certain conditions). This is your guaranteed insurability option. Please refer to the key features document for more information.
Before you buy you need to know..
- If you stop paying premiums before the end of the plan, your cover will end 30 days after your missed payment.
- There is no cash in value at any time.
- You should answer all questions truthfully otherwise your policy may not pay out in the event of a claim.
Other options available
Mortgage Protection provides a cash lump sum to help pay off your mortgage if the life insured dies during the term of the plan. This can be taken out as a level term, where the policy pays a fixed lump sum. Or decreasing term where the amount paid out reduces roughly in line with your outstanding repayment mortgage.Critical Illness Cover pays out a lump sum if you are diagnosed with one of the specified illnesses or disabilities and are eligible to claim during the policy term. Learn more about critical illness cover.
