Life Insurance Guide
Endowment life insurance
These are the equivalent of saving schemes with life insurance attached. They are often carried with mortgages and will pay out any returns at the end of the policy term or a lump sum when the policyholder dies.
Family income benefit
This means that the payment on your death will be given to your family in regular payments rather than as a lump sum. The term is chosen at the outset of the policy.Additional benefits
When searching for life insurance cover you can also find additional benefits at an extra cost, including critical illness cover (this is a common additional benefit) and waiver of premiums.Critical illness cover is payable on the conclusive diagnosis of a critical illness. Some of the conditions covered in most benefits include (use these as a guide only):
| Alzheimer`s Disease | Angioplasty |
| Aorta Graft surgery | Benign Brain Tumour |
| Blindness | Cancer |
| Coma | Coronary Artery By-Pass |
| Deafness | Heart Attack |
| Heart Valve Replacement | HIV/AIDS (under certain circumstances) |
| Kidney Failure | Loss Of Limbs |
| Loss of Speech | Major Organ Transplant |
| Motor Neurone Disease | Multiple Sclerosis |
| Paralysis/Paraplegia | Parkinson`s Disease |
| Stroke | Third Degree Burns |
| Permanent Total Disability | <!---spacer----> |
Waiver of premium is often available at an extra cost - it will pay your premiums if you are unable to work for health reasons. Details on life insurance premiums are provided in part five