Life Cover

Features

• Single or Joint Life Cover available
• Level Term or Decreasing Term Cover
• Lump sum payable on death or diagnosis of a terminal illness up to $2,000,000
• Accidental death benefit, free cover up to a maximum of $250,000
• Interim Life Cover. Free cover between exchange and completion when linked to a National Standard residential Mortgage
• We will also ensure the lump sum paid out will be at least equal to your outstanding National Standard residential mortgage or loan (conditions apply see policy documents for details)

What is life cover?

We're here to give your loved ones the financial support they may need if the unexpected happens. The death of a partner or parent inevitably has an emotional impact, but it can also lead to financial hardship, particularly where the main breadwinner is no longer around to support the family.

Our Life Cover can help to provide financial security. A lump sum could help to pay off your mortgage or other borrowing, pay for further education or simply provide an income for your family to help with day-to-day living. If you're not sure which products are right for you, you can use our financial planning tools to help you decide. Alternatively you can contact your local branch and a member of our team will be happy to discuss the options available with you.

The benefits of putting your life policy into trust

With a trust in place, the proceeds from your life policy will not be subject to Inheritance Tax - currently 40% of any part of your estate over an amount of $325,000. Trusts put you in control and allow for a quicker payment to those you care about. With a trust in place, the money will be passed directly to the beneficiaries by the trustees of the trust without the need to wait for probate (which can take many months).

If you are not married, or in a registered civil partnership, a trust will prevent proceeds forming part of your estate. If you have not used a trust, or drawn up a Will, money from your policy may not automatically be paid to those you want to benefit.

With a trust you can specify who you would like the proceeds of your life policy to be paid to and can provide the comfort that your beneficiaries will receive the proceeds much more quickly and have important financial support at a time when they need it.

We have information you can download that will explain more about the benefits of writing the policy in trust. If you are in any doubt about if a trust is suitable for you, you should seek your own financial advice. If you are in any doubt on this point you should seek your own independent financial advice.