Life Assurance Explained - Cummins Insurances Cahir
A life assurance policy pays out the amount of life cover as a tax free sum on the event of the death of the life assured . It ensures that your loved ones are financially provided for in the event of your passing.Types Of Cover:Single Life Policy - Covers one person only.Joint Life Policy - Covers two people with the benefit being paid on the first to die only.Dual Life Policy - Covers two persons independently. A claim will not affect cover on the other person. You can cover each person for different amounts.Optional ExtrasLevel Term - Cover ends after term chosen and premiums are finished.Convertible - Gives you the option to continue your cover when term chosen ends and you will not have to provide medical evidence.Indexation - Option to increase your benefits yearly. It will also increase your premiums.Serious Illness - This option pays a lump sum benefit on the diagnosis of specified serious illnesses.Personal Accident Benefit - This option provides you with an income if you are unable to carry out your own occupation due to an accident.Whole of LifeYou choose the level of cover but the policy can last until the day you die, without undergoing any further medical evidence. Whole of life cover is more expensive than Term Assurance, as a cash value accumulates to offset the increase in the cost of the life cover in later years.