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Real Life Cover

How Real Life Cover works

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Real Life Cover is made up of two "pots" of money, a life insurance pot and a living fund pot.

  1. The Life Insurance pot will pay out the sum assured if death occurs during the term of the plan.
  2. The Living Fund pot will pay for all Income Protection, Critical Illness, or Child and Partner Carer's Cover claims during the term of the plan up to the overall amount of the sum assured.

So this is how it works:

How much cover?

You decide how much life insurance you want and how long you want the cover for. This is called the sum assured. This is the amount Real Life Cover would pay to your family if you died or were diagnosed with a terminal illness. We then set up a fund of the same value. This is called your Living Fund.

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Flat or incremental

You decide whether you want your sum assured to stay the same for the term of your cover or to increase by 5% each year. Increasing it would help to protect your cover against the effect of inflation. If you choose to increase it, your Living Fund will go up by the same amount. Your premiums will also go up to pay for the extra cover.

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Living Fund Payments

If you make a claim for Income Protection, Critical Illness Cover, Child and Partner Carer's Cover or Recuperation Cover the money is paid from your Living Fund.

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Multiple claims don't affect your life cover

As long as there is money left in the Living Fund you can make as many Income Protection claims as you need to. You can make one claim for each of the three critical illnesses covered (heart attack, stroke and cancer) - and one claim for Child and Partner Carer's Cover.

Your Life Cover isn't affected by any of these claims. Real Life Cover still pays the full sum assured if you die or are diagnosed with a terminal illness during the term of the plan.

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Help Required?

If you require help, have questions or queries or if you would prefer to speak with an adviser call:

0800 316 3166

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