Life insurance
Life insurance - product options
Buying a life insurance policy is a popular way to help protect your loved ones financially. We offer two types of life insurance, level term assurance and decreasing term assurance. People also refer to it as life cover and life protection.
- Level term assurance means the amount you are insured for remains the same throughout the term of your life insurance policy, unless you choose to exercise your guaranteed insurability option. Please refer to the key features document for more information.
- Decreasing term assurance means the amount decreases over the term of the life insurance policy. This cover is usually chosen to help protect a repayment mortgage, so that the amount of insurance decreases roughly in line with your remaining mortgage debt. Read more about mortgage life insurance online.
Important information
- The length of time you are insured for is called the 'term'. You can choose a term between one and 40 years for level term life assurance, or between five and forty years for decreasing term life assurance, provided that the plan ends before your 80th birthday.
- If you die during the term, your life insurance policy will pay out a lump sum of money.
- You choose how much life insurance you buy. You may want your life insurance policy to pay out a multiple of your salary; you may have dependants to think of, or a loan to cover, for example.
- The amount you must pay on a monthly or annual basis is the premium. Our life assurance premiums start from just £6 per month. You can find out more about the factors that affect your life assurance premium in premiums and risks.
- Our life assurance policies include terminal illness cover at no extra cost. This means that the policy will pay out if you are diagnosed with a terminal illness for which you are eligible to claim (although not in the last 18 months of the plan). Read more about terminal illness cover.
- Should you decide to buy one of our life assurance policies, you must read the appropriate key features and policy conditions PDFs. You can open and download these from the right hand menu.
- You can get an immediate quote for life assurance online. Then, if you decide the cost and the amount of cover is suitable, you can apply online today.
- You may increase the amount of cover on certain events, (subject to certain conditions). This is your guaranteed insurability option. Please refer to the key features document for more information.
Extra cover options
You can choose to include these options to your level term or decreasing term life assurance policy:
- Critical illness cover pays out a lump sum if you are diagnosed with one of the specified illnesses or disabilities and are eligible to claim during the policy term. Learn more about critical illness cover.
- Waiver of payment means premiums are waived if you suffer an illness or accident that stops you working for more than six months. Read more about waiver of payment.
Please note - it's not possible to apply for these extra options online. If you would like to include either of these additional cover options to your life assurance policy, please call us on 0800 027 1976. We may record and monitor calls.
