Whole of Life
A Whole of Life Assurance Policy is designed to provide protection throughout your life. The options are:
- Standard Cover- This provides a sum assured from a premium that remains the same throughout life
- Maximum Cover - This provides the highest initial sum assured. The sum assured is guaranteed until the first plan review (usually in ten years). At that point, either the sum assured will reduce significantly or, if you wish to maintain the same level of cover, the premium will increase significantly to take into account your current age. No further medical evidence will be required unless you increase the level of cover
- Intermediate Cover - This allows you to structure your policy so that the contribution level lies between the lifetime and maximum cover. Once again, the sum assured will be reviewed at the first plan review. No further medical evidence will be required unless you increase the cover. Indexing your contributions will reduce or eliminate the fall in sum assured or subsequent increase in premium proportion of each contribution you pay, less any service fee, is invested in a fund, or funds, of your choice. Each month a deduction is made from the units to pay for life cover and, if selected, critical illness cover. The insurer to suppress future increases in premium then uses this fund. The higher the level of cover selected, the less will be invested in your fund
Last updated: 22/04/2010 14:28:34
