Important Information

 

Annually renewable vs Level term life insurance

The advantage of level term life insurance is that the premiums remain the same over a specified period of time. Annually renewable term life insurance has a lower initial premium, however the premium rises each year that you renew the policy as you get older.

Annually renewable term life insurance is only cost effective for a few years because of the annually rising premiums. If you need term life insurance protection for more than a few years, then a level term life insurance policy normally costs less.

Please carefully consider the length of the level term period that will suit your needs. For example, if the primary purpose of the death benefit is to provide income to support very young children and/or to fund college education expenses, a 20-year level term period might be appropriate. If these children are already in their young teens, you may only need a 10-year level term period (longer duration level term policies are more expensive)

General life policy terms & exclusions

Occupations

For both the term life plan and the annually renewable plan there are occupations for which underwriters may either apply terms or decline to offer cover. In general, these are occupations where you are at a greater risk of a fatal injury or attack and include oil workers and contractors working in areas of high risk such as Afghanistan or Somalia.

As the occupational terms can vary, it is best to contact us so that we can confirm the terms that will be offered for a life insurance quote.

Pre-existing medical conditions

For both the term life plan and the annually renewable plan there are certain medical conditions that you may have or that have been diagnosed in immediate family members that will affect the terms that Insurers offer. For example,  if you or a close family member have suffered with a certain type of cancer the Insurer may increase the price they quote for cover or exclude any claim for that particular condition.

It is extremely important that you disclose any pre-existing medical conditions to us when you ask for a quote. If you are not sure, please disclose it to us anyway as it should always be notified to Insurers who will advise whether or not it will affect the terms they offer.

Excluded countries

There will always be certain countries within which the underwriters will not offer cover. There is no definitive list and it is always worth checking with us as we may be able to place business with an alternative underwriter. The current list of excluded countries includes;

Afghanistan

Angola

Burundi

Chechnya

Congo

Ghana

Indian States- Jammu and Kashmir

Iraq

Ivory Coast

Liberia

North Korea

Palestinian Territories

Somalia

Sudan

Yemen