When it comes to life insurance, understanding the options available is crucial. Two popular choices are traditional Term Life Insurance and Assura + Protect’s innovative Dividend Life Cover. While both policies offer financial protection to your loved ones in the event of your passing, both have distinct features and benefits. In this blog, we’ll delve into the features of both types of cover, helping you to make an informed decision that aligns with your personal needs and goals.
Term Life Insurance Explained
Traditional Term Life Insurance offers a simple and cost-effective choice. You pay a fixed premium for a specific period (i.e. the term), typically 10, 20, or 30 years. If you pass away within the term your beneficiaries receive a death benefit. If you outlive the term, the policy concludes without any further benefits.
Pros of Term Life Insurance
Affordable: Term Life Insurance offers the most affordable coverage per pound spent. It’s ideal for people who need guaranteed protection for a specified period, like raising a young family or paying off a mortgage.
Simple: Term Life Insurance policies are easy to understand. You know exactly what you are paying for and what your beneficiaries will receive when the time comes.
Cons of Term Life Insurance
No Cash Value: Term Life Insurance policies do not accumulate any cash value. Once the term ends, the policy expires, and no benefits are paid out if you outlive the term.
Coverage Limits: As you age, renewing a term life policy might become more expensive or even unavailable.
Dividend Life Insurance Explained
Dividend Life from Assura + Protect is a transformational life insurance product designed to provide comprehensive coverage for major life changes. It combines Term Life Insurance with Multi-Claim Critical Illness Cover, offering robust protection and aligning with the needs of today’s modern society.
Key features of Dividend Life include:
200% Multi-Claim Critical Illness Cover
Assura + Protect’s Dividend Life insurance combines Term Life Cover with Multi-Claim Critical Illness Cover. This means that if you suffer a critical illness during the term of your Dividend Life policy, your coverage extends to twice the level of cover of traditional Term Life Insurance policies. You could be diagnosed with cancer. The emotional and financial burden can be overwhelming. But with Dividend Life Insurance, you receive a payout upon diagnosis. It’s a lifeline—a way to focus on healing without worrying about bills. With Dividend Life cover you can actually make up to 3 unrelated claims for major critical illness conditions and these major claim benefits can total up to 200% of your sum assured.
If you make a successful claim for a major condition listed in your policy, the following will apply:
- 1st Claim – Assura + Protect will pay a fixed benefit of 75% of you sum assured at the Claimable Event Date.
- 2nd Claim – Assura + Protect will pay another fixed benefit of 75% of your sum assured at the Claimable Event Date.
- 3rd Claim – Assura + Protect will pay a fixed benefit of 50% of your sum assured at the Claimable Event Date.
Assura + Protect cannot pay out twice for the same condition and you can only claim once from each of the five Major Multi-Condition categories as outlined in Appendix I – Summary of Critical Illness Covers of the Assura + Protect Dividend Life Product Guide.
200% Dual Life Cover
Dual Life cover is a modern alternative to traditional joint life cover providing double the level of protection for both you and your spouse or partner.
Unlike traditional joint life insurance, where a single benefit is paid out upon the first policyholder’s death, Dual Life Cover insures each partner separately, ensuring that both lives are protected, not just the first to pass away.
If one person dies before the other, the policy remains in force, providing continued protection for the surviving partner. In the unfortunate event of both policyholders passing away, Dual Life Cover pays out benefits for both deaths.
Dual Life Cover offers twice as much effective cover compared to traditional joint life insurance. This means you get greater value for the premiums you pay.
When placing your policy into trust, you can nominate separate beneficiaries for each benefit payment. This simplifies estate planning and ensures that the proceeds go to the intended beneficiaries.
In summary, Assura + Protect’s Dual Life Cover, part of Dividend Life, provides comprehensive protection for couples and partners, recognising the importance of individual needs within a partnership. It’s a smart choice for those seeking peace of mind and long-term security.
Watch the video to learn more about Assura + Protect’s Dividend Life with 200% Multi-Claim Cover and 200% Dual Life Cover.
Doctor-on-Demand with 24/7/365 GP Services
Gain peace of mind with enhanced healthcare support. Doctor-on-Demand provides 24/7/365 UK-based GP consultations, available from anywhere in the world. Schedule virtual face-to-face consultations at a time that suits you, regardless of your location. Prescriptions can be sent directly to your chosen pharmacy for collection or delivery. Most importantly, Doctor-on-Demand services are included on all Dividend Life policies without additional premium charges or fees.
Life Empowered Membership Benefits
A Dividend Life policy from Assura + Protect boasts a suite of life-empowering membership benefits designed to enhance your wellbeing and offer valuable resources throughout life’s journey.
Elevate your lifestyle with exclusive perks. Assura + Protect offers Annabel Rewards, granting Dividend Life policyholders access to a network of over 300 retailers across various categories. Imagine enjoying significant savings on:
- Luxury Department Stores. Update your wardrobe or find the perfect gift at high-end department stores.
- Gourmet Food and Grocery Stores. Indulge in delectable treats or stock your pantry with high-quality ingredients from premium grocery stores.
- Restaurants and Entertainment. Savour unforgettable dining experiences or explore exciting entertainment options at a discounted price.
- Home and Garden. Spruce up your living space with exclusive deals on homeware and garden accessories.
These membership benefits go beyond simple discounts. They offer an opportunity to elevate your lifestyle and experience the finer things in life without breaking the bank.
Annabel Concierge at your service
Assura + Protect recognises the importance of your wellbeing. Dividend Life policyholders can gain access to a dedicated concierge service, ready to assist with your various needs, including:
- Restaurant Reservations: Secure coveted reservations at your favourite restaurants with the help of Annabel Concierge.
- Travel Arrangements: Planning a dream vacation? Annabel Concierge can assist with booking flights, hotels, and creating personalised itineraries.
- Gift-Finding Assistance: Need help finding the perfect gift for someone special. Annabel Concierge can offer thoughtful suggestions and recommendations.
This personalised support allows you to save time and focus on the things that truly matter.
Staying informed with Newsstand
An Assura + Protect Dividend Life policy goes beyond traditional features and membership perks. It also boasts a unique benefit known as Newsstand. This innovative feature provides policyholders with direct access to a curated selection of leading globally recognised journals and periodicals, such as The Economist, Financial Times, Forbes, Wall Street Journal, Bloomberg, and many more.
Newsstand empowers you to stay informed and engaged.
- Newsstand offers a variety of publications covering various topics, including business, finance, news, health, lifestyle, and more. This ensures you have access to a wealth of information that aligns with your interests.
- Convenience is at your fingertips: Gone are the days of searching for newspapers or subscribing to multiple magazines. Newsstand allows you to access your favourite publications digitally, directly through a user-friendly platform. This eliminates the clutter of physical copies and provides instant access to the latest news and insights.
- Stay ahead of the curve in today’s fast-paced world. Newsstand helps you to stay informed and ensures you have access to credible and up-to-date information on current events., industry trends, and global issues. This empowers you to make informed decisions in various aspects of your life.
Newsstand is more than just a collection of magazines and newspapers. It’s a valuable tool for staying informed, expanding your knowledge base, and making informed decisions about your finances and overall wellbeing. By providing convenient access to a diverse selection of globally recognised journals and periodicals, Assura + Protect empowers you to become a more engaged and informed individual.
Watch the video to learn more about Annabel Rewards and Dividend Life Membership Benefits.
Choosing between Term Life and Dividend Life Insurance
There is no one-size-fits-all when it comes to life insurance. The best choice for you depends on your individual circumstances and long-term objectives. By carefully weighing the pros and cons of both Term Life Insurance and Assura + Protect’s Dividend Life insurance, you can choose the policy that provides the most comprehensive protection and financial security for your loved ones. While both term life and Assura Protect’s Dividend Life Insurance offer valuable protection, navigating which option best suits your personal needs requires careful consideration. Here are some key factors to consider during the decision-making process:
Budget
Term Life: Traditional Term Life Insurance can be affordable. Assura Protect’s Dividend Life with Multi-Claim Critical Illness Cover premiums are similar to traditional single term life and critical illness policies.
Assura Protect’s Dividend Life: This option comes with the potential for cash value growth, leading to higher initial premiums. However, dividends (if any) can potentially offset some of the cost over time.
Long-term Financial Goals
Term Life: If your primary goal is securing financial protection for your loved ones for a specific period, such as raising young children, Term Life Insurance effectively fulfills that need.
Assura Protect’s Dividend Life: This option caters to those who desire greater financial protection for their loved ones for a specific period and would also like life empowering benefits and rewards.
Policy Details
Understanding policy details is crucial. Whilst this blog post provides a general comparison, it’s vital to understand the specific details of Assura + Protect’s Dividend Life insurance policy, in addition to ensuring that you understand any other term life policy that you are comparing it with.
Ultimately, choosing the right life insurance is a crucial step in securing your loved ones’ financial future. By understanding the core differences between a traditional Term Life Insurance policy and Assura + Protect’s innovative Dividend Life insurance, you can make an informed decision that aligns with your specific needs and goals. Term Life Insurance is a good option if you need affordable coverage for a specific period of time. Dividend Life insurance may be a better choice if you want life cover with enhanced coverage including host of membership benefits.
Getting a quote is key
Obtaining a quote from Assura + Protect for Dividend Life, and from other life insurance providers for term life, is essential. This allows you to compare costs and benefits side-by-side to determine the policy that best aligns with your budget and financial goals.
Get the best deal for your Life Insurance. Use our Dividend Term Life & Critical Illness Multi-Claim Benefit Calculator to review the potential benefits and total cover available to you. Additionally, see how Dividend Life Cover, Benefits & Premiums compare to national U.K. life insurers.
Next, get a quick quote. You’ll find a link to Assura + Protect’s Quick Quote form on the right-hand side of the top navigation menu on the Assura + Protect website. This form allows you to get an initial estimate for Dividend Life Cover. Once completed, click the Submit button to submit the form. In just 2 minutes or less, you will receive a quote for Dividend Life Cover based upon the information that you provided.
Once calculated, your quote will be displayed on-screen. Review your quote which will display your monthly premium for Dividend Life Cover. You’ll see that premiums start at just £10 a month and that there are no additional costs or fees for Dividend Life’s life empowering Membership Benefits.
If you are satisfied with the quote and would like to proceed with purchasing Dividend Life Cover, you can buy your policy online. Alternatively, call Assura + Protect on 0330 010 0210. One of the Assura + Protect team will guide you through the next steps, including formalising your Dividend Life cover.
This quote is an estimate and the final premium may vary based on underwriting and individual factors. Assura + Protect aims to provide peace of mind through comprehensive coverage, so take your time to make an informed decision.
Dividend Life is well-suited for modern times. With its innovative features of 200% Multi-Claim Critical Illness Cover; 200% Dual Life Cover; Doctor-on-Demand with 24/7/365 GP Services; and Life Empowered Membership Benefits with Annabel Rewards, you could benefit from its superiority to traditional term life cover with critical illness cover.
