Life & Serious Illness Protection

MEMBERS™ Financial Services Life & Serious Illness – Guaranteed Term Protection ensures that the people that matter most to you are financially protected if you die or contract one of a number of specified serious illnesses.

The policy provides a very affordable form of Life cover (known as term assurance) and/or Serious Illness cover, which will last for a period of time chosen by you.

How much cover do I need?

Life & Serious Illness cover pays a lump sum if you die or you are diagnosed as suffering one of a number of specified serious illnesses. The amount of cover required will depend on your own circumstances. A good basis is to use a multiple of your salary, bearing in mind how long your family will need the financial support.

Your MEMBERS Financial Services Representative can help calculate the right amount for you.

Term of Cover

You can be covered for a minimum term of five years and a maximum term of 40 years. The term is limited to reaching age 85 if you choose Life cover, or age 75 if you choose Serious Illness cover.

We realise that you and your family’s needs change during your lifetime and so MEMBERS Financial Services Life & Serious Illness – Guaranteed Term Protection offers you automatic benefits that meet your changing protection needs such as Guaranteed Insurability and Long-term Care Conversion.

Guaranteed Insurability

This is a facility to increase the Life and Serious Illness benefits on your policy for key life events; specifically, getting married; the birth of a child; or an increase in your mortgage following the purchase of a new main residence, without the need to provide medical evidence. There are limits on the increase allowed.

Long-term Care Conversion

Later in life, you may decide that the Life cover you have built up exceeds the needs of your dependants (e.g. when your children are financially independent). You then have the option of converting the Life cover to Long-term Care cover to ensure that money is there to help fund the cost of future care. This option is only available at certain times and provides a fixed payment for a fixed period of time if you meet our definition of long-term care disablement.

Why it Pays to Start Early

The cost of both Life & Serious Illness cover will increase as you get older. You will also run the risk that your good health will decline as time goes by and deteriorating health can result in a significantly higher premium. In certain cases, you may not be able to obtain Life or Serious Illness cover at all. As a result, it makes good sense to protect yourself and your family against life’s uncertainties while you are in good health.

What’s the Next Step?

If you want to find out more about MEMBERS Financial Services Life & Serious Illness – Guaranteed Term Protection, just make an appointment to see the MEMBERS Financial

Services Representative at your local credit union.