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Life cover pays out a lump sum if you die or are diagnosed as terminally ill (have less than 12 months to live). Some products also pay out a partial payment for certain terminal conditions or where you have less than 24 months to live.
When you take out life cove you can choose to have stepped premiums (these increase with your age) or level premiums (do not increase with age).
It is possible to have a type of life cover that pays monthly payments instead of a lump sum. This is appropriate when the beneficiary is not good with money and a lump sum payment might not be appropriate.
Life cover isn’t appropriate for everyone, but is vital if you have young children, or a mortgage where your partner would be unable to make payments on a home loan if you were to die prematurely.
We can let you know if life cover is the best product for you or if there is something else that is better suited to your needs.
Life cover is different from other personal risk products. There is a certainty that you will die at some stage, but life cover is designed to protect your family (or other beneficiaries) financially if you were to die prematurely. Most other products cover events that may or may not occur eg. cancer.