Rental Life Insurance with Critical Illness Cover

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Rental Protection Plan
Rental Life Insurance with Critical Illness Cover

Asking rents are at a record high of £817 per month, in London it was £2,059

A plan designed to provide a monthly benefit if the client dies or is diagnosed with a specified critical illness during the term of the plan.

Can be used to help pay rent or help protect the family’s lifestyle and everyday living expenses.
Specific rental-based option which allows your client to increase the benefit amount if their rent increases. Eligibility criteria applies.
A suite of Nurse Support Services provided by RedArc Assured Limited included as standard.

Product details

Minimum cover: No minimum sum assured. Driven by minimum premium.
Maximum cover: £4,000 a month.
Type of cover: Level and increasing cover is available.
Minimum term: 5 years.
Maximum term: 40 years.
Minimum age: 18. It is possible for a life of another policy to be taken on a 17 year old by an adult with insurable interest. This policy can then be placed in an Absolute Trust with the 17 year old as the beneficiary. Minimum age at the end of the policy is 29.
Maximum age: 64. Policy must end by 70th birthday.
Premiums: Guaranteed or reviewable depending on the type of cover.
Joint life policies: The cover is paid when either life insured dies or is diagnosed with a terminal illness (and our Medical Officer has confirmed the illness is expected to lead to death within 12 months) or is diagnosed with a specified critical illness, whichever occurs first.

Benefits and options

Accident Hospitalisation Benefit: Automatically included
Accidental Death Benefit: Automatically included
Changing Your Policy (also known as Guaranteed Insurability Option): Can increase cover on certain specified events, without need for further medical evidence. Eligibility criteria and restrictions apply.
Other Changes: Your client can request to make other changes to their policy: Additional underwriting may be required
Joint life policy separation on divorce or dissolution of a registered civil partnership: Can be done unless a claim has been accepted
Children’s Critical Illness Cover: Automatically included.
Nurse Support Services – Provided by RedArc Assured Limited: Automatically included
Total and Permanent Disability: Can be included for an additional cost
Immediate Cover: On request
Increasing Cover: Increasing cover is available.
Terminal Illness Cover: Automatically included if life expectancy is less than 12 months unless term is less than 2 years
Waiver of Premium: Can be included for an additional cost

Full details about benefits and options

Target market

Suitable for clients who: The cover is designed for clients who rent and need a policy that provides a monthly benefit, helping to give financial support to their dependents if the client dies, becomes terminally ill or is diagnosed with a specified critical illness while covered by the policy.

Suitable for clients who:

Meet the eligibility criteria shown in the product details.
Have a need for a monthly benefit because they have dependents and little or no access to funds elsewhere if they were to die or suffer from one of the critical illnesses covered.
Can be covered by our underwriting process.
Want level or increasing cover.

Not suitable for clients who:

Do not meet the eligibility criteria shown in the product details.
Have no need for a monthly benefit because they have no dependents and reasonable access to funds elsewhere if they were to suffer from one of the critical illnesses covered.
Cannot be covered by our underwriting process.
Are not UK resident and cannot afford the monthly premiums.
Want a lump sum payout rather than a monthly benefit.

Literature Library

Policy documents

PDF file: Rental Life Insurance with Critical Illness Cover Policy Booklet PDF size: 1783 KB

PDF file: Rental Life Insurance with Optional Critical Illness Cover Policy Summary PDF size: 961 KB

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