Protection for your family

Who knows what the future holds. It may be worth thinking about an insurance policy in case of an emergency, especially if your children, partner or other relatives depend on you financially.

There are different types and levels of cover you can take out:

  • Life insurance.
  • Income protection insurance.
  • Critical illness insurance.

Life insurance

Life insurance can give your loved one's peace of mind and protection, in case the unexpected happens. In the event of your death, life insurance can pay out a cash lump sum, which could give your loved one's financial support. 

 

Types of insurance

Term life insurance policy - runs for a ‘term’ of five, ten or twenty-five years. Often linked to a mortgage and will only pay out if the policy holder dies during the policy term. There’s no lump sum at the end of the policy term.

Whole-of-life policy - pays out when the policy holder passes away, as long as you keep up with your premium payments.

Benefits of life insurance

  • Financial peace of mind for you and your loved ones
  • Help covering outstanding debts or to pay for funeral costs
  • A cash lump sum if you die before your policy ends

Useful to know

  • Age eligibility may vary depending on the policy
  • Policy type and length and level of cover will impact the amount you pay each month
  • Your age, health and lifestyle can also impact your monthly premium.
  • You may lose your cover if you miss your monthly payments
 

Get life insurance

Find more information on our life insurance products and policy terms.

Life insurance

Critical illness cover

Support when you need it most, for you and your loved ones.

 

Understanding critical illness cover

A critical illness policy provides a lump sum payment if you are diagnosed with a serious or life changing illness. This payment could help you and your loved ones with medical expenses, loss of income and the day-to-day costs, letting you focus on your health and wellbeing.

Benefits of critical illness cover

  • Pays out a cash lump sum if you are diagnosed with an illness covered by your policy before it ends.
  • Provides help keeping up with day-to-day costs.
  • Gives financial peace of mind so you can focus on your own health.

Good to know

  • Age eligibility may vary depending on the policy.
  • Policy type and length and level of cover will impact the amount you pay each month.
  • The price of your policy may change based on your age, health and lifestyle.
  • You can’t get any money back unless you make a claim.
  • You may lose your cover if you miss your monthly payments.
 

Critical illness cover

See our critical illness insurance page for more information about our products and policy terms.

Critical illness insurance

Income protection insurance

Income protection insurance provides cover if you can't work due to a serious illness or injury. 

Benefits of income protection insurance

  • Replaces part of your income – if you can’t work because you become ill or disabled.
  • Pays out until you can start working again – or until you retire, die or the policy term ends.
  • Covers most illnesses that leave you unable to work – either in the short or long term. This is depending on the type of policy and its definition of incapacity.
  • Let's you claim as many times as you need to – while the policy lasts.

Understanding Income protection insurance

The policy replaces part of your income, if you can’t work because of an illness or disability covered by your policy. You may be able to receive payments until you can start working again, you retire, die or the policy term ends.

You can find more information on income protection insurance on the MoneyHelper website.

Income protection insurance

Good to know

  • There’s often a waiting period before payments start. Generally, after your sick pay ends or after other insurance stops covering you. The longer you wait, the lower the monthly premiums.
  • Income protection insurance is not the same as payment protection insurance (PPI).
  • Circumstances can change over time, so review your policy regularly to make sure that it would still cover what you need.

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