You and your family need to be protected from the effects of serious illness, accident or premature death. Life insurance, critical illness cover and income protection insurance must now seriously be considered by everyone.
The options with Term Assurance are:
- Level Cover
Under this plan the sum assured remains the same for the duration of the contract.
- Increasing Cover
Indexing your sum assured allows you to maintain the real value of your life assurance protection as it increases automatically each year regardless of your state of health at that time. Your contribution will increase each year to reflect the increased sum assured. If the sum assured is increasing by 5% the premium will increase by more than 5% to cover not only the increase in benefit, but also the fact that you are one year older.
- Decreasing Cover
Under this plan the sum assured is specified at the outset of the contract and decreases throughout its term.
- Mortgage Protection
Under this plan the sum assured is specified at the outset of the contract and cover decreases throughout the policy term. The decrease in sum assured will be broadly in line with the reducing mortgage debt.
- Reviewable Cover
Under this plan the sum assured remains the same for the duration of the contract. Premiums are kept to a minimum as it is you rather than the insurance company who are shouldering the risk of changes in mortality experience. The insurer has the right to review premiums based on claims history, which could mean premiums increase significantly at a review.
- Family Income Benefit
This type of policy undertakes to pay upon death of the policy holder a regular lump sum for the term remaining on the policy at the date of death.
What if I want to protect my business?
Learn more about your options for protecting your business.