Insurance Products
Life Insurance and Mortgage Life Cover
Life insurance pays a lump sum to your beneficiaries in the event of death or disability. It is also required by banks when taking out a loan.
At a glance
- Status
- Optional
- Core cover
- 5 sections
- Quote turnaround
- Same business day
The loss of a household's main earner is a financial rupture as much as an emotional one. Life insurance is the most direct instrument for clearing outstanding debt, keeping children's education on track and protecting household income for a period. Cover is typically planned at five to ten times annual income.
Term life insurance is pure protection: the premium is low and nothing is returned at maturity. Savings-linked life insurance combines protection with accumulation. If your need is protection alone, term life is the efficient choice; savings products make sense only where long-term accumulation is also a goal.
Credit life insurance is a specific form taken out alongside a mortgage or consumer loan, where the sum insured decreases in line with the outstanding balance. You are not obliged to accept the policy offered by your bank; equivalent cover elsewhere is usually available at a lower premium.
What Is Covered
- Death benefit
- Pays the agreed sum insured to beneficiaries as a lump sum on the insured's death.
- Accidental death (extension)
- Provides an additional benefit where death results from an accident.
- Total and permanent disability
- Pays compensation to the insured on total loss of working capacity.
- Critical illness
- Pays a lump sum on diagnosis of defined conditions such as cancer, heart attack or stroke.
- Outstanding loan protection
- In credit life products the sum insured decreases alongside the loan balance.
Who Is It For?
- Individuals who are the sole or main earner for their family
- Borrowers taking mortgages, car loans or consumer loans
- Parents securing their children's education
- Company shareholders and businesses insuring key personnel
What Is Not Covered
- Suicide within a defined period from inception
- Pre-existing conditions not disclosed on the application
- War, civil unrest and nuclear events
- Hazardous sports and aviation activities unless covered by extension
What Affects the Price
Premiums vary between insurers according to the factors below. We compare 27 partner insurers to find the best fit for your profile.
- Age, gender and smoking status
- Chosen sum insured and policy term
- Health declaration and any required medical tests
- Occupational risk class and hobbies
Frequently Asked Questions
Must I buy credit life insurance from my bank?
No. You can buy equivalent cover from any agency and present it to the bank, usually at a lower premium.
How much cover should I take?
A common approach is five to ten times annual income plus outstanding debt, adjusted for the number of dependants.
Is a medical examination required?
For lower sums insured a declaration is usually enough. Higher sums may require medical tests.
Are savings-linked policies worthwhile?
If you only need protection, term life is more efficient. Savings products suit disciplined long-term accumulation goals.