Rental life insurance solutions
We broker a rental life insurance plan for renters which also includes critical illness coverage provides a regular monthly benefit in the event you are diagnosed with a specified critical illness or in the event of your death, during the length of the plan.
Why would I need rental life insurance?
This insurance product could be used by your surviving family members to help cover rent payments in the event of your death, protecting your family’s lifestyle and everyday living expenses. The rental-based option allows you to increase the benefit amount if their rent increases. It is worth noting eligibility criteria are applicable, which you can discuss with us.
What options are available?
You can choose the type of cover for your policy based on your needs. There are three options to choose from.
- Increasing Income Protection Benefit
This helps protect the monthly benefit against changes in inflation.
- Low Cost option
This helps to reduce the cost of the plan, and includes the option that the benefit can be paid out for one or two years for each individual claim .
- Stepped Benefit
This provides two deferred periods, and two different monthly benefits, all within one plan.
What are the details?
- Minimum cover: No minimum sum assured. Driven by minimum premium.
- Maximum cover: £10,000 a month.
- Type of cover: Level and increasing cover is available.
- Minimum term: 5 years.
- Maximum term: 40 years
- Minimum age: 18. It is possible for a life of another policy to be taken on a 17 year old by an adult with insurable interest. This policy can then be placed in an Absolute Trust with the 17 year old as the beneficiary. Minimum age at the end of the policy is 29.
- Maximum age: 64. Policy must end by 70th birthday.
- Premiums: Guaranteed
- Joint life policies: The cover is paid when the first life insured dies or is diagnosed with a terminal illness (and our Medical Officer has confirmed the illness is expected to lead to death within 12 months) or is diagnosed with a specified critical illness (if that option is chosen) – whichever occurs first.
- Trusts: Policies can be placed in Trust.
- Death in the first year: If the life insured dies within the first year of holding the policy, as a result of suicide or intentional and serious self-injury or an event where, in our reasonable opinion, the life insured took their own life, the policy will be cancelled.
What are the benefits and options
- Accidental Death Benefit: Automatically included.
- Changing Your Policy (also known as Guaranteed Insurability Option): Can increase cover on certain specified events, without need for further medical evidence. Includes a rental-based option which allows your client to increase the benefit amount if their rent increases. Eligibility criteria and restrictions apply.
- Other changes: Your client can request to make other changes to their policy: Additional underwriting may be required.
- Increasing cover: Increasing cover available.
- Joint life policy separation on divorce or dissolution of a registered civil partnership: Can be requested unless a claim has been accepted.
- Wellbeing Support: Provided by RedArc Assured Limited: Automatically included.
- Fracture Cover: Optional benefit
- Private Diagnostics: Optional benefit
- Terminal Illness Cover: Automatically included if life expectancy is less than 12 months unless term is less than 2 years.
- Waiver of Premium: Can be included for an additional cost.
Rental life insurance solutions with critical illness cover
We broker a rental life insurance plan which also includes critical illness cover providing a regular monthly benefit in the event you are diagnosed with a specified critical illness or in the event of your death, during the length of the plan.
Why would I need rental life insurance?
This insurance product could be used by your surviving family members to help cover rent payments in the event of your death, protecting your family’s lifestyle and everyday living expenses. The rental-based option allows you to increase the benefit amount if their rent increases. It is worth noting eligibility criteria is applicable, which you can discuss with us.
What is critical illness cover?
The critical illness cover we broker provides quality protection for you and your family if you become seriously ill. We know everyones illness is different so we can tailor plans and make adjustments to suit you and your situation.
What is included in the cover?
Critical illness cover includes 31 full payment conditions that pay 100% of the amount of cover, and 2 additional payments that pay 25% of cover up to £25,000. Children’s Critical Illness Cover is included as standard and Children’s Critical Illness Extra can be added for an extra cost.
What are the details?
- Minimum cover: No minimum sum assured. Driven by minimum premium.
- Maximum cover: £10,000 a month.
- Type of cover: Level and increasing cover is available.
- Minimum term: 5 years.
- Maximum term: 40 years
- Minimum age: 18. It is possible for a life of another policy to be taken on a 17 year old by an adult with insurable interest. This policy can then be placed in an Absolute Trust with the 17 year old as the beneficiary. Minimum age at the end of the policy is 29.
- Maximum age: 64. Policy must end by 70th birthday.
- Premiums: Guaranteed
- Joint life policies: The cover is paid when the first life insured dies or is diagnosed with a terminal illness (and our Medical Officer has confirmed the illness is expected to lead to death within 12 months) or is diagnosed with a specified critical illness (if that option is chosen) – whichever occurs first.
- Trusts: Policies can be placed in Trust.
- Death in the first year: If the life insured dies within the first year of holding the policy, as a result of suicide or intentional and serious self-injury or an event where, in our reasonable opinion, the life insured took their own life, the policy will be cancelled.
What are the benefits and options
- Accident Hospitalisation Benefit: Automatically included
- Accidental Death Benefit: Automatically included
- Changing Your Policy (also known as Guaranteed Insurability Option): Can increase cover on certain specified events, without need for further medical evidence. Eligibility criteria and restrictions apply.
- Other Changes: Your client can request to make other changes to their policy: Additional underwriting may be required
- Joint life policy separation on divorce or dissolution of a registered civil partnership: Can be done unless a claim has been accepted
- Children’s Critical Illness Cover: Automatically included.
- Wellbeing Support – Provided by RedArc Assured Limited: Automatically included
- Fracture Cover: Optional benefit
- Private Diagnostics: Optional benefit
- Total and Permanent Disability: Can be included for an additional cost
- Immediate Cover: On request
- Increasing Cover: Increasing cover is available.
- Terminal Illness Cover: Automatically included if life expectancy is less than 12 months unless term is less than 2 years
- Waiver of Premium: Can be included for an additional cost