“MORE TH>AN” is a young company that provides insurance services to the customers. The business was established in 2001 and is conducted successfully since then. “MORE TH>N” has a strong parent company “RSA”. “RSA” is a multinational company that specializes in general insurance. The company was founded in 1996 as a merger between two well-known businesses: ”Sun Alliance” and “Royal Insurance”. Being a part of “RSA Insurance Group” “MORE TH>N” can enjoy the experience and support from its parent company. “MORE TH>N” sells car, home, pet, travel, van, business and life insurance products. Life insurance division of the company offers 4 covers: term life insurance, mortgage life insurance, critical illness cover and income protection insurance.
Term Life Insurance is the cheapest and simplest product of all life insurance products suggested by “MORE TH>N”. Term life insurance provides a lump sum of money upon the death of the insured person. The company recommends the insured person with dependents to choose a cover equal ten times the annual earnings. Critical illness benefit can be attached to this life insurance type. What is more, the insured person can also buy Family Income Benefit. Family Income Benefit pays monthly income from the time the person dies up to the term of 25 years. For example, if the person purchased Term Life Insurance with Family Income Benefit and got injured 5 years after the contract was underwritten, his dependents would be able to get Family Income Benefit for 20 years.
The policy is designed to repay the outstanding balance of the mortgage or the loan. The cover of Mortgage Protection Life Insurance is always decreasing in line with the unpaid amount of the mortgage. The policy can be written on a single and joint life basis. Moreover, the premiums for this life insurance policy remain the same throughout all term of the policy.
The company recommends Mortgage Protection Life Insurance for those people that are moving to a new house or flat or are remortgaging. The person is allowed to choose the amount of cover and how long he wants the cover to last. Mortgage Protection Life Insurance has no cash in value at any time. As a result, once the person stops paying the premiums his policy simply ends. The policy stops once the payment to the dependents has been made. If the policy is written on a joint life basis, the death benefit is paid after the first death.
Critical Illness Cover offers the person protection from the critical illnesses. If the person is diagnosed with a specified illness, the dependents get a tax-free lump sum of money. The conditions covered vary but always include Heart Attack, Stroke, Cancer and Multiple Sclerosis. This cover can be added to Term Life Insurance and Mortgage Protection Life Insurance policies at an extra cost. The money received from Critical Illness Cover can be used for home alterations, medical treatment, regular bills or the repayment of the mortgage.
Almost in all cases the amount of critical illness cover is in line with death benefit of life insurance policy. This means that Critical Illness Cover added to Term Life Insurance remains the same and Critical Illness Cover added to Mortgage Protection Life Insurance is decreasing over time. However, exclusions can be made and the person is able to purchase Critical Illness Cover that is different to the death benefit chosen.
What is more, the person can choose between two types of the premiums: guaranteed and reviewable. Guaranteed premiums stay the same throughout the whole term of the policy whereas reviewable premiums can change after every year of the contract. Critical Illness Cover has no cash in value and can be written on a single or joint life basis.
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This life insurance product offers two covers: Unemployment and Short Term Income Protection Cover and Long Term Income Protection Cover. The first cover lasts up to 12 months in case the person becomes unemployed because of an accident or sickness. On the contrary, Long Term Income Protection Cover pays money if the person is unable to work until the individual returns to work or reaches the retirement age.
Short Term Income Protection Cover can be set to be 60 % of gross monthly income or £1,500 per month. The cover is provided by “Helpucover” that is underwritten by “Pinnacle Insurance”. The claim for this cover cannot be made if the person gets sick with an illness that he knew about before signing the policy. What is more, the policy has the deferred period that lasts for 120 days. This means that the person cannot make a claim if the unemployment occurred within the first 120 days of the contract. The monthly premiums for this policy can be reviewable but the company promises to warn the insured person about any changes 30 days in advance. Short Term Income Protection policy lasts until the person reaches the age of 65, retires, stops paying the premiums or the policy is canceled. Moreover, the person that has some savings can save some money by choosing one of 4 different wait periods. People that make a claim are provided with additional benefits at no extra costs: Employment Workshops, CV review and online support service.
Long Term Income Protection Cover can be set to be 65 % of annual taxable income up to £60,000 plus 40 % of any income above this threshold. The cover is provided by “Pure Protection” that is underwritten by “Pioneer”. The policy offers four different wait periods. The longer is the wait period the cheaper are the premiums. The premiums of this policy are reviewed every year and increase in line with the age of the person. However, once the policy in underwritten the person will not be asked to provide any further medical details. “MORE TH>N” uses the definition of own occupation in order to evaluate when the person is able to return to work. This means that only when the person is able to return to his previous career, the premiums will stop. Furthermore, the policy is based on a back to day one approach. This means that if the person is still unable to return to work after the wait period is over, the payments will be made from the first day the person was forced to leave his work.