More than life insurance review

Term life insurance

“More Than” offers two types of life insurance: Term Life Insurance and Mortgage Life Insurance. Term Life Insurance offers a fixed cover that is guaranteed never to change whereas Mortgage Life Insurance offers a cover that is constantly decreasing. With both of these covers a person can choose two benefits: Critical Illness Cover and Income Protection Cover.

Short term income protection

“More Than” offers two types of Income Protection benefits: Unemployment and Short Term Income Protection Cover and Long Term Income Protection Cover. The first alternative provides a cover for a maximum of 12 months if a person loses income because of accident, sickness or involuntary unemployment. The monthly benefit is fixed at 60 % of gross monthly income or  £1500 whichever is lower. The benefit offers 4 different types of deferred period. As a result, if a person has some savings, he is advised to choose the longer period and this way save some money for the premiums. What is more, a company provides back to work support for the clients. This service includes CV reviews, employment workshops and online support from professionals.  Income Protection Cover lasts until a person reaches 65 years, retires, stops paying the premiums or cancels the cover. The premiums are not guaranteed to stay the same and can be changed. However a company commits to warn the client 30 days in advance about the change in the premiums. The claim cannot be made during the first 120 days after the contract was signed and if the person lost his income due to illness that he knew about before signing a policy, the claim will be rejected.

Long term income protection

Long term Income Protection Cover provides a person with the income if he is unable to work due to illness or accident. The income is provided until the person recovers and returns back to work or reaches normal retirement age. The cover for this type of policy is 65 % of annual taxable income or £60,000 whichever is lower. The premiums are renewed yearly and can be altered when the person ages. However, a person will not have to provide medical details in order for the plan to stay in force. The ability of a person to return to work is based on the definition of own occupation. This means that the payments from the insurance company will only cease if a person is able to return to his previous occupation.

Critical illness cover

Critical illness benefit is equal to the amount of life insurance cover. This means that the cover is fixed if Critical Illness Cover is attached to Term Life Insurance and decreases over time if the cover is attached to Mortgage Life Insurance. A person can choose between guaranteed and renewable premiums. Guaranteed premiums stay the same throughout all life of the contract whereas renewable premiums are reviewed on a regular basis (usually after every 5 years). The policies have no cash in value and cease to exist once a successful claim has been made.

More4Me

More4Me is a special loyalty program designed for those people that buy life insurance or other product from “More Than”. A person simply has to login with his name and email and then can redeem the offers. More4Me website offers a variety of discounts for dining, family entertainment, holidays, motoring, moving, per care, shopping and treats.