“Debenhams” is a wide network of retailer stores that operates in United Kingdom, Ireland and Denmark. The company was founded in 1778 in London and grew rapidly. As a result, “Debenhams” now has over 160 stores in different locations throughout Europe. Recently “Debenhams” opened personal finance department that offers various types of insurance: travel insurance, home insurance, wedding insurance, pet insurance, car insurance and life insurance. The company does not provide life insurance services directly. Instead “Debenhams” collaborates with theidol.com, purchases services from them and then sell them to the clients. As a result, every client that decides to join “Debenhams” life insurance program has to be aware of the fact that he will have to pay the commission sacrifice fee. The commission sacrifice is a commission fee that “Debenhams” has to pay theidol.com for the services they provide. Theidol.com takes only a part of the commission and the remaining part is retained by the insurance company.
“Debenhams” life insurance plan can be used for a number of reasons: pay off the mortgage, cover funeral costs, help finance the future needs of the dependents, pay off credit card or other personal loans or provide the finance to help the family to maintain the lifestyle. The company offers five different life insurance products: life level term insurance, life level term insurance with critical illness cover, mortgage life insurance, mortgage life insurance with critical illness cover, critical illness cover.
Level term life insurance is provided for a fixed number of years. The duration of the contract is stipulated in the contract. Before signing the contract the person has to decide about the amount of cover and how many years the contract has to continue. The plan can be written on a single or joint life basis. The critical illness benefit can be attached to level term life insurance according to the needs of the person.
This life insurance product is designed for those people that are seeking for life cover in order to cover their outstanding mortgage. Mortgage life insurance provides the insured person with a cover that is constantly decreasing in line with the outstanding balance of the mortgage. The person is free to choose the length of the policy but it is advisable to choose the duration equal to the years remaining until the final repayment of the mortgage. Critical illness cover can be attached to mortgage life insurance. In this case, the policy will make a pay out if the individual gets seriously ill or dies because of natural or accidental causes.
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Critical illness cover can be purchased separately or as an addition to term life insurance or mortgage life insurance. Critical illness policy makes a pay out upon the diagnosis of a serious illness that is specified in the contract. The person has to decide about the sum of the cover and the term of contract. If critical illness cover is chosen as an addition to mortgage life insurance or term life insurance, once the payment upon the diagnosis of critical illness is made, the policy ceases to exist.
Long Term Income Protection Insurance is also known as Permanent Health Insurance. This type of insurance is designed to make a pay out when the serious injury or an illness prevent the person from working and earning money for living. Permanent Health Insurance is designed to pay regular income until the person get better or until the end of the policy. Long Term Income Protection Insurance has no investment component and also no cash in value. This life insurance product can be purchased and used together with any of the above mentioned insurance policies.
“Debenhams” allows the clients to purchase any of the above mentioned policies on a single or joint life basis. If the payment is not made during the term of the policy than the policy simply ceases and no premiums are refunded.