Rental Life Insurance

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UK rents are expected to climb by 15% over the next five years.

Designed to provide a regular monthly benefit in the event of your clients death during the length of the plan. This could be used by surviving family to help cover rent payments.

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 Wellbeing Support provided by RedArc Assured Limited included as standard

Benefits and options

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. Includes a rental-based option which allows your client to increase the benefit amount if their rent increases. Eligibility criteria and restrictions apply.
Other changes: Your client can request to make other changes to their policy: Additional underwriting may be required.
Increasing cover: Increasing cover available.
Joint life policy separation on divorce or dissolution of a registered civil partnership: Can be requested unless a claim has been accepted.
Wellbeing Support: Provided by RedArc Assured Limited: Automatically included.
Fracture Cover: Optional benefit
Private Diagnostics: Optional benefit
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.

Product details

Minimum cover: No minimum sum assured. Driven by minimum premium.
Maximum cover: £10,000 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
Joint life policies: The cover is paid when the first 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 (if that option is chosen) - whichever occurs first.
Trusts: Policies can be placed in Trust.
Death in the first year: If the life insured dies within the first year of holding the policy, as a result of suicide or intentional and serious self-injury or an event where, in our reasonable opinion, the life insured took their own life, the policy will be cancelled.

Target market

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 or becomes terminally ill while covered by the policy.

Suitable for clients who:

Meet the eligibility criteria shown in the product details.
Have need of a monthly benefit because they have dependents and little or no access to funds elsewhere if they were to die.
Can be covered by our underwriting process.
Are UK resident and can afford the monthly premiums.
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 die.
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 Policy Booklet PDF size: 2119 KB

PDF file: Rental Life Insurance with Optional Critical Illness Cover Policy Summary PDF size: 1103 KB

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Multi-Pet Discount Terms and Conditions

This website is designed to give professional financial advisers information and tools that they can use to help control and develop their business and should not be relied upon by private investors or any other persons.

Benefits and options

Wellbeing Support

Fracture Cover*

Private Diagnostics*

OLP Connect

Multi-Pet Discount Terms and Conditions