What is an Endowment?

This type of policy is a regular savings plan that includes life cover. The policy pays a cash lump sum in the event of death or at the policy's end date.

Some endowments also allow for other benefits to be added to the policy, such as critical illness or disability cover. 

A With-Profits endowment offers a bonus each year and at the maturity date (referred to as a 'terminal bonus').

Details of your Endowment are shown in your policy's terms and conditions. Or you can find out more by calling us and quoting your policy number.

What is a Term Assurance?

This is the cheapest and simplest way to have life cover. Money is paid in the event of death and only if this happens before the policy reaches its end date. This type of policy usually provides life cover for a specified period. The policy expires at the end date without a cash lump sum for your family or other dependants.  

Critical Illness and Income Protection Insurance can be added to a Term Assurance policy. See 'Critical Illness Insurance' and 'Income Protection Insurance' for more information. 

Different types of Term Assurance are available, for example:

Decreasing Term Assurance

This offers a basic level of life cover. The amount of life cover decreases each year at an agreed amount until the policy reaches its end date or in the event of death.  This decrease would also apply to any Critical Illness Insurance added to this type of policy.

Level Term Assurance

The amount paid at death stays the same for the length of the policy.   

Details of your Term Assurance are shown in your policy's terms and conditions. Or you can find out more by calling us and quoting your policy number.

What is a Whole of Life Policy?

This type of insurance is designed to provide protection against a particular event(s) throughout life. It can be used as a way to provide insurance cover.

What is Income Protection Insurance?

Sometimes referred to as 'Permanent Health Insurance', it provides an income should illness or injury prevent a person from being able to work. The cover can replace income in a number of ways depending on the premium and the policy terms and conditions. For example, it can provide an income until a return to work.

Details of your income protection insurance are shown in your policy's terms and conditions. Or you can find out more by calling us and quoting your policy number.

What is Critical Illness Cover?

Also known as critical illness insurance, this pays a tax-free one-off payment in the event of a critical illness, such as cancer, heart attack, kidney failure and paralysis. Not all conditions are covered and the level of seriousness will form the terms and conditions of the policy from the outset. 

This type of cover usually forms part of a life assurance policy and features as a 'policy benefit'.

Details of the critical illness benefits covered by your policy are shown in your policy's terms and conditions. Or you can find out more by calling us and quoting your policy number.

What is Total Permanent Disability Cover?

This cover typically provides a cash lump sum in the event of being permanently disabled and unable to continue working in a current occupation, profession or own-business. In this context, a total permanent disability is one that will be permanent throughout a person's life.

This type of cover can be included as part of a life assurance policy and feature as a 'policy benefit'.

Details of your Total Permanent Disability benefit are shown in your policy's terms and conditions. Or you can find out more by calling us and quoting your policy number.

What is Waiver of Premium?

This provides a way of paying ongoing policy premiums if an illness or injury prevents a person from working. It's an 'added' benefit to another policy.  

There is usually a period between the date of the injury or illness and when this benefit starts taking over the premium payments. This is usually 13 or 26 weeks, depending on the terms agreed at the start of the policy.  

Details of your Waiver of Premium benefit are shown in your policy's terms and conditions. Or you can find out more by calling us and quoting your policy number.

Protection Policies

The most recognised protection policies are featured here. If your policy type isn't listed and you want more information, please contact us.