Life Insurance

Life insurance is defined as an insurance plan that pays out a guaranteed amount if, during the term of the plan, you die. The life insurance policy will only pay out once and if a life insurance claim is paid the policy will cease.

You can take out the life insurance policy on your own or with someone else. The cash sum is payable on the first claim only. The life insurance policy can cover yourself, the other person or both of you.

Life insurance policies are not designed to be flexible. You cannot alter the plan once it has started, other than under the terms of any options if selected at the start.

To ensure you answer all the questions on your application correctly to the best of your knowledge.

A life insurance application must be accurately completed and you must tell the life insurance company if any of the information you give changes in the time between when you submit the application and the start of your life insurance policy. You then commit to pay regular monthly or yearly premiums over the policy term. If you cease paying premiums the life insurance policy will lapse and there is nothing due back.

A term life insurance policy has no cash-in value at any time.

You should inform the life insurance company if you move to live outside the UK, Channel Islands and Isle of Man so that they can ensure that your plan is still appropriate.

The premiums for life insurance can be reviewable or guaranteed. Reviewable premiums can be altered by the life insurance company annually in line with their claims and expenses experience. Guaranteed premiums will remain the same throughout the term of the life insurance policy.