What is Covered

Life Insurance

JBI only offer Term Life Insurance that will pay out a lump sum if you die within a specified term (the policy term). The Life Insurance policies we offer do not contain an investment element, and are simply protection-only insurance policies.

Term insurance (or assurance)

This is the simplest and cheapest type of life insurance, and is known as term insurance because you choose how long you’re covered for, say, 10, 15, or 20 years (the term).

It only pays out if you die within the term you’ve agreed. If you live longer than the term, you get nothing. As a couple, you can also take out term cover in both your names, with the policy paying out on the first death only during the term.

We offer the following different types of Term Life Insurance:

  • Level Term Policy (where cover and premium remain fixed)
  • Increasing policy (where cover and premium rise over the years)
  • Decreasing policy (where cover and premium fall over the years)

Decreasing term insurance is often linked to a repayment mortgage (where the amount you owe decreases over time) and may, in this instance, be called mortgage term insurance or mortgage protection life insurance.

Cost
The cost of Term Life Insurance depends mainly on the likelihood of the insurer having to pay out – so if you’re a smoker and do a dangerous job, you’ll pay more than a non-smoking office worker. Life insurance also costs more for men because, on average, they don’t live as long as women.

Always compare what’s covered by a policy, not just the price. Some might be cheaper than others, but they may not offer the same level of protection.

Non-Advised service
JBI will not give you advice about whether it is suitable for you. We will not offer advice and recommend a specific policy, but will provide you with information only. You will need to consider the information we give you and make your own decision as to whether the product is right for your needs, or seek independent financial advice from a financial adviser.

Critical Illness Insurance

JBI offer Critical Illness cover either as a stand-alone policy or as an optional addition to a Term Life Insurance policy. Critical illness insurance may be right for you if you have ongoing financial commitments, such as mortgage payments to make or where you have a family to support.

What it does
Critical illness insurance is a long-term insurance policy designed to pay a lump sum or income on the diagnosis of certain life-threatening or debilitating (but not fatal) conditions such as a heart attack, stroke, certain types/stages of cancer, multiple sclerosis and loss of limbs.

The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers. Critical illness policies usually only pay out once, so are not a replacement for income. You can use the payout to pay for medical treatment, pay off your mortgage or anything else.

Non-Advised service
JBI will not give you advice about whether it is suitable for you. We will not offer advice and recommend a specific policy, but will provide you with information only. You will need to consider the information we give you and make your own decision as to whether the product is right for your needs, or seek independent financial advice from a financial adviser.

Taking out critical illness insurance
The following points should be considered when taking out Critical Illness cover:

  • It’s essential that you give full, honest answers to questions you are asked about both your own and family medical history. Giving incomplete or wrong information could invalidate your policy and any claim you make on it.
  • If you are not sure, it is better to mention things. Otherwise you will not be aware of what the policy may or may not pay out until you make a claim.
  • Many insurers will allow you to send medical information directly to their Medical Officer, so if you do not want to discuss personal or sensitive information with the sales adviser, ask about this.
  • Bear in mind that the premium that we quote to you is only an estimate. The insurer will confirm the actual premium, and the terms, after it has considered your medical history.
  • Make sure you understand what the policy covers, when it will pay out and when it will not.
  • Read the documents you are given and ask questions if you don’t understand anything.

Cost

  • The premiums are typically cheaper the younger you are, but will also depend on your medical history and that of your close family. Some policies may offer to reduce the premium if they exclude a pre-existing condition, such as cancer, while some do not offer reduced premiums for exclusions.
  • Some policies will cover more illnesses than others or may offer different benefits, such as waiver of premiums, which may make it more expensive.
  • Some policies may be combined with life cover, which may make the critical illness element cheaper.
  • Some policies may give you the option of reviewable or guaranteed premiums. Guaranteed premiums are more expensive, but you know payments will remain level throughout the life of the policy. Reviewable premiums may be lower, but prices could rise if, for example, new screening methods result in more claims.

Changing your Critical Illness cover and increasing the cover
If you already have critical illness insurance you should think carefully before you cancel your existing policy and take out a new one. You might find that by replacing a policy you lose some of the benefits if you have developed any illnesses since you took out the first policy. This is because, pre-existing conditions may not be covered under the new policy. You may be able to get cheaper cover if you switch to another company but the cover might not meet all of your needs.

think very carefully before you replace or switch your policy.

Some policies allow you to increase your cover – particularly after lifestyle changes such as marriage, moving home or having children. Ask us for information.

If you cannot increase the cover under your existing policy you could consider taking out an additional policy just to ‘top up’ your existing cover.

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