Which life insurance and critical illness insurance products are available?

Term Life Assurance - pays a tax free lump sum in the event of death during a specified period in return for a fixed monthly, or annual, premium. At the end of the term the policy finishes and there is no maturity value. As a result this is the cheapest and simplest form of life cover available. There are two types available, Level and Decreasing.

Level Term Insurance- provides a lump sum which will remain constant during the term of the plan.

Decreasing Insurance Term also known as Mortgage Protection Insurance - provides lump sum payment which decreases during the term of the plan.

Family Income Benefit Insurance - is another form of term assurance. It will pay a regular monthly tax free income in the event of death to your dependants for the remainder of the term of the policy.

Critical Illness Insurance- is an optional extra under all Term Assurance Plans which allows for the lump sum to be paid not only on death, but also in the event of diagnosis of certain critical illnesses, such as Heart Attack, Stroke, Major Organ Transplant, Blindness, Total & Permenant Disability etc. Critical Illness can be provided on either a guaranteed or reviewable premium basis.

Guaranteed premiums offer the most security, as the premium charged for the cover will never change during the term of the policy, however they are the more expensive option.

Reviewable premiums are more affordable initially however premium levels are normally reviewed on a regular basis after the first five years and are likely to increase.

Terminal Illness - This benefit means that the sum assured will pay out if you are diagnosed as having less than 12 months to live - in simple terms an advance payout. All our policies include terminal illness as standard at no additional cost. Terminal Illness should not be confused with critical illness which is an entirely different benefit.