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You asked: What is life insurance with increasing cover?
Some life insurance policies can be set up with increasing cover, this means the level of cover may increase over time.
Our Life Insurance Plan with increasing cover provides a level of cover which will increase annually in line with the Consumer Prices Index (CPI), a recognised measure of inflation. Premiums will also increase annually to reflect this. Because the level of cover can increase over time, it helps to protect your loved ones against the rising cost of living. (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 at all, your cover and premiums will stay the same.
The policy will pay out if you die during the policy term or are diagnosed with a terminal illness and are not expected to live longer than 12 months. The plan will only pay out once, so if you make a successful terminal illness claim, a second claim cannot be made on death. There is no cash in value at any time.
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