Information you need to know
The information on this site relates to our current range of products and additional benefits. If you already have an existing life cover policy with us please refer to your original policy documents as they may differ from the following information depending on when you took your policy out.
Please be aware of the following information before you apply for either our Life Insurance or Decreasing Life Insurance policies. You should also read the Policy Summary and Policy Booklet before you apply:
Types of risks associated with Life Insurance:
- Life insurance policies are not savings or investment products and have no cash value unless a valid claim is made.
- It's essential that you answer all the questions we ask in your application fully and accurately. If you fail to mention something like a medical condition, for example, we may not pay out in the event of a claim. Please don't assume that we'll contact your doctor. It's your responsibility to fill in the application accurately.
- If you stop paying the premiums before the end of your policy, your cover will end after 60 days and you will not get anything back.
- Your policy may not completely pay off your outstanding mortgage unless you ensure that your amount of cover is adjusted to match any new mortgage arrangements.
- You may want to check that the length of the policy is long enough to cover the duration of your mortgage term.
- If you have Decreasing Life Insurance you must also check that the interest rate applied to your mortgage does not become higher than the interest rate applied to your policy.
What factors affect Life Insurance premiums:
- The main factors are your age, occupation, smoker status, health, the level of cover you need and type of cover you choose. Normally, the older you are, the higher the premium. Your individual height, weight, medical history and lifestyle are all assessed.
- Premium payments include all expenses and life cover starts from just £5 per month depending on your individual circumstances and needs. Premiums are guaranteed throughout the length of the policy unless you alter your policy.
- If you take out Life Insurance or Decreasing Life Insurance with us, you have the option to pay your premiums monthly or annually.