LIFE COVER
Life cover pays out a predetermined lump sum of money if you die within a certain time period. The term usually applies to between five and forty years.
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This payment can be used to:
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Protect your loved ones financially if you die.
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Ensure the financial survival of your business, in the event of the death of a key employee or director.
Single, Dual and Joint Life Cover
Most policies are available on a dual or joint life basis in addition to a standard single life policy.
Single Life Cover
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Taken out by one person.
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Is payable on their death during the term of the policy.
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Dual Life Cover
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Taken out on behalf of two people.
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Is payable on each death during the term of the policy.
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Joint Life Cover
Joint life cover is also taken out on behalf of two people. It can be taken out on a first-death or second-death basis:
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When will policy pay out on joint cover?
Joint Life First Death
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After the death of the first person named on the policy.
Joint Life Second Death
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After the death of the second person named on the policy.
Extra Benefits that may be included:
Terminal Illness Benefit
• Pays a percentage of your death benefit in advance if you are diagnosed with a terminal illness.
• Is paid on the condition that you have a life expectancy of twelve months or less.
Accidental Death Benefit
• Available on certain policies.
• Provides accidental death cover while your policy application is being processed for a certain amount.
Hospital Cash Cover
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• Will pay a specified income – usually after three days in hospital – subject to a maximum payment for 365 days.
Personal Accident Benefit
• A specified income amount payable after fourteen days whereby the life assured has become temporarily disabled as a result of an accident and unable to continue in their occupation.
Convertible Term Cover
• This allows you to convert your level term cover to an alternative life assurance plan without providing additional medical evidence, at any time during your policy term – usually applies up to the age of 65.
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The alternative plan you may convert to is:
• Level term life cover expiring before the age of 80.