What’s life insurance with increasing cover?

If you have a life insurance policy with increasing cover and your monthly payments may increase over time, to help. help protect your cover amount from the effects of inflation.

With our Life Insurance Plan with increasing cover, the level of cover increases annually in line with the Consumer Price Index (CPI), a recognised measure of inflation, and your premiums will also increase annually to reflect this. The maximum amount your cover can increase by is 10%, and your premiums could increase by a maximum of 15%. If you choose not to accept the increase, or if the CPI doesn't increase, your cover and premiums will stay the same. If premiums stop, the cover will end.

The policy pays out a lump sum if you die or are diagnosed with a terminal illness during the policy term that meets our definition. Once the payment is made, your policy will end, and no further claims will be paid. There's no cash-in value at any time and if premiums stop, your cover will end.