It's important to understand what your life insurance plan can do. We ask you to read this information, and make sure you understand the benefits, features and risks before you get a quote.
- Life insurance pays out a cash lump sum if you die during the term of the plan.
- Life and critical illness cover pays out a lump sum if you either die, or are diagnosed with a critical illness that meets our policy definition and then survive for at least 14 days.
- We only cover the critical illnesses we define in our policy and no others.
- Both types of plan will also pay out if you're diagnosed with a terminal illness that meets our plan definition at any time during the plan term and are not expected to live more than 12 months. Both types of plan only pay out once.
- If we pay out after a critical illness, terminal illness or death claim the plan will end.
- These plans have no cash in value.
- You can choose from level life insurance, where the amount that the plan pays out stays the same throughout the plan term, or decreasing life insurance, where the amount that the plan pays out reduces over time, typically to cover a loan or repayment mortgage.
- Once you decide if you want level or decreasing, you should make sure you read the relevant Key Features and Plan conditions
- Level: Key Features (PDF 96KB) and Plan Conditions(PDF 72KB)
- Decreasing: Key Features (PDF 96KB) and Plan Conditions(PDF 72KB)
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