Type of insurance

What's it for

What do you need to know?

Critical illness (CI)

Pays out a lump sum if you're diagnosed with a critical illness, .

You need to read your insurer's terms carefully, not just for the range of illnesses they cover but also their type. For example, while a heart attack may be covered, a cardiac condition such as angina may not, also not all types and stages of cancer are covered.

For a claim to be successful, you normally have to survive a month following the diagnosis.

More information can be found at Critical illness cover in Product news.

Mortgage payment protection (MPPI)

Pays your mortgage for up to 12 months.

Check if any medical problems you may have had in the past would be excluded if they cropped up again.

More information can be found at .redundancy_protection. in Product news.

Life insurance

Pays out a lump sum if you die.

For more information seeinsurance_

Mortgage protection life cover (term insurance)

Pays off the mortgage loan if you die.

.If you have a repayment mortgage (so the amount you owe gets smaller over the years), you can buy cover that reduces as the debt reduces.

For more information see _mortgage_protection_

Income protection (or Permanent Health Insurance – PHI)

Replaces up to 75%of your income if you are unable to work for a long period of time because of illness or disability.

It continues to pay out until you can return to your existing job or its equivalent paid work or reach retirement, whichever is sooner.

PHI products have a waiting period before they will start to pay out. The longer you agree you'll wait, the lower your premiums so it is important you find out what income you can get from your employer, and other insurance (such as mortgage payment protection) you can get in the event of illness or disability.

This cover might not be available to you if you have existing health problems or a dangerous job.

For more information see Income protection/