Below is a brief summary of the main Risk Insurance products currently available through Basicover:-

Term Life Cover

This type of Insurance provides a lump sum payment to a beneficiary, third-party or Estate in the event of your death. It would also be normal for all or part of the benefit to be paid should you be diagnosed as terminally ill. A comprehensive range of Term Life Cover benefits and premiums can be found elsewhere in this website.

Total & Permanent Disablement (T.P.D.)

This type of insurance provides a lump sum payment if you become totally & permanently disabled. The meaning of total & permanent disability is defined in each policy document. Some occupations have an option as to which meaning of total & permanent disability can be insured. The benefit is normally provided as an advance payment of a death benefit or on a stand-alone basis. The premiums for this class of insurance will depend on the level of cover; any options chosen; the frequency of premium payment; current age, sex, smoking status; and may also depend on health, pastimes and occupation. For these reasons, indicative premiums have not been published. However, any requests for individual quotations will be replied to expeditiously.

Trauma

This type of insurance provides a lump sum payment in the event of you being diagnosed with one of a specific range of critical illnesses or injuries. The list of conditions covered is often optional, and varies between companies, as do the definitions of those conditions. The benefit can be provided as either an advance payment of a death benefit or on a stand-alone basis.

Income Protection

This type of insurance provides you with a regular source of income should you become unable to work for a period due to sickness or injury. You can generally insure for up to 75% of your normal income and there are a number of options available relating to waiting periods and benefit periods. The premiums for this class of insurance will depend on the level of cover; any options chosen; the frequency of premium payment; current age, sex, smoking status; and may also depend on health, pastimes and occupation. For these reasons, indicative premiums have not been published. However, any requests for individual quotations will be replied to expeditiously.

Business Overheads

This is a specialised form of risk insurance designed for people who are self-employed or in a partnership. It provides for a regular payment to cover the costs of running the business should you be unable to work for a period due to sickness or injury. The premiums for this class of insurance will depend on the level of cover; any options chosen; the frequency of premium payment; current age, sex, smoking status; and may also depend on health, pastimes and occupation. For these reasons, indicative premiums have not been published. However, any requests for individual quotations will be replied to expeditiously.

Agreed Value

Agreed value is the benefit payable if you become totally or partially disabled. It relates to your income at the time a policy is entered into. When applying for such insurance it is recommended that proof of earnings be tended to an insurer at the outset to ensure prompt settlement of any claim under the policy.

Note: If you are currently insured with an agreed value policy and have not yet tended proof of earnings to your insurer, it would be wise to do so as supporting documentation for a future claim may be difficult to produce if records have become lost or destroyed.

Indemnity Value

Indemnity Value is the benefit payable if you become totally or partially disabled. It relates to your income in the previous 12 months prior to a claim.

Therefore, whilst an indemnity contract is more economical, it may come at a cost at claim time if an insured's income has reduced subsequent to purchasing the Insurance.