What is life cover?
Life cover pays out a lump sum in the event of death within the policy term. The policy is designed to protect those you leave behind after your death as the funds can be used to clear a mortgage or provide financial security for your family and loved ones.
What is Terminal Illness cover?
A terminal illness is an illness or condition that cannot be cured and usually leads to death within a period of time stipulated by the medical professionals who have made the diagnosis. In normal circumstances, providers will pay out a policy on life cover in the event of you being given 12-18 months to live. Terminal illness is often covered under life cover policies but always check the small print of your policy or ask your provider if you are still unsure.
How do I calculate how much cover I need?
Speak to a Home Group Adviser and we will be able to recommend a suitable amount of cover. Generally, life cover is assessed on how much money you would want to be left behind to ensure our family or loved ones feel financially stable in the event of your death. You may, for example, want the funds to cover the amount of money left on your mortgage so that the inheritors of your estate do not have the stress of meeting monthly mortgage payments and have an asset they own outright.
Learn More
