Life Cover

Life Cover

How would you or your family be affected if you were diagnosed with a serious illness. Would they be able to cope financially if you were to die?

Life & Specified Illness Ensures that your dependents are financially protected if you die or contract one of a number of specified serious illnesses or in the event of permanent total disablement.

How much cover do I need? : It depends on your circumstances and should be a multiple of your earnings, taking into account the no of years your family / business will need your financial support. Our QFA financial adviser will be able to advise you on how much cover you need. Following a financial review we will l endeavor to recommend that best policy for you based on your needs and your budget.

 

OPTIONS

Level Term Insurance :Life cover lasts for a set no. of years and the  level of cover and the premium are set at the outset for the whole term of the policy.

Mortgage Protection: Life cover lasts for a set no. of years and the  premium stays the same but the level of cover reduces broadly in line with your mortgage

Dual life policy: This is a life insurance policy that provides cover for two people and continues after the first person dies. It pays out benefit on each death.

Joint life policy This is a type of life insurance policy that covers two lives, such as you and your spouse, child or business partner. It pays out the benefit only once, either you or your partner dies while the policy is in force

Whole of life policy :This type of life insurance policy covers you for your whole life. It pays out a benefit when you die – whenever that happens – as long as the policy is still in force.

 

Additional Options 

Index-linking: Index linking, or indexation, increases the benefit on your life insurance automatically every year.

Accidental Death: Some insurers offer ‘accidental death’ benefit from the date they receive your application form.  This means that if you die suddenly before the policy is issued the life company will either pay out the sum assured or a certain percentage of it, up to a specified limit

Children’s protection benefit: This is a benefit included on some life insurance policies.  In this case when you take out life cover for yourself, your children are also covered up to a smaller specified amount

Guaranteed insurability option: This is a benefit included on some life insurance policies.  It means that you have the option to take out additional life cover at certain stages, for example if you have children or your mortgage amount increases, without having to provide evidence of good health.

Long-term care conversion: This is a benefit included on some life insurance policies.  It gives you the option of converting your life cover to long-term care cover, to ensure that you have money to fund the cost of future care.  It is paid out in the form of a cash payment for an agreed period of time

Terminal Illness Benefit: Life cover is paid out on diagnosis of a terminal illness.

Overseas Surgery Benefit: Payment for expenses if you suffer a serious illness necessitating surgery abroad.

Hospital Cash: Pays out if you are admitted to hospital for over 3 days due to accident or illness.

Continuation Options: You can extend the policy term without providing medical evidence

Personal Accident Benefit: pays out after 2 weeks after an accident which prevents you from working.

Waiver of Premium: If you are unable to work long term due to injury or illness your premiums will be paid, thus maintaining your cover.

Inflation Protection: each year you will have the option to increase your cover without a new application.

Permanent Total Disability: if you permanently, totally and irreversibly are unable to work your serious illness payment will be paid.

Surgical Cash: cash payment available if you have a serious illness policy you can receive a cash payment when you undergo a major surgery