Phone: ( 058 ) 86009 ·

Life & Illness Cover

When you take out a life assurance policy, we will calculate the level of cover needed to determine how much your family would receive if you passed away, as well as how long you want the cover to last.

The level of cover you choose will affect how much you pay each month, as will your personal circumstances – things like your age, current health, and so on.

Serious/Critical illness cover provides security in the event that you fall ill. Serious illness often requires time off work and/or expensive medical treatment.

The life company undertakes, in return for continued payment of a regular premium, to pay out a capital sum on the happening of the specified insured event during the term of the policy, i.e. death and/or serious illness.

Cover ceases at the end of the term of the policy, or earlier if the policyholder stops paying premiums. If the policyholder wants to continue the cover when the term ends, he or she would have to apply for a new policy at that stage.

Convertible Term Assurance : The policyholder has a ‘conversion option’, which he or she can exercise at any time during the term of the policy, to ‘convert’ the cover under the policy into a new policy running for a longer period, without the life assured having to undergo a medical examination or supply evidence of good health at the time of conversion. E.g. the cover can be extended even if the life assured is in bad health at that time.

Mortgage protection

Borrowers taking out a ‘capital & interest’ or ‘repayment’ loan from a bank or building society in respect of their principal private residence (usually referred to as ‘home loans’) will usually be required by the lender to take out Mortgage Protection life cover, so that on death during the mortgage term, the cover will be paid directly to the lender who will use the funds to pay off the outstanding balance of the mortgage at the date of death.

In this way the borrower’s dependents will then own the residence in full, without any outstanding mortgage.