Help secure your family’s financial future
If someone depends on you financially, life insurance could be important for you, because if you were no longer there to provide, the financial implications for those you love could be considerable.
The benefit amount your family could receive, can be used to help them manage major household debts like the mortgage, car repayments or simply help with daily living expenses.
It's worth bearing in mind that inflation may reduce the value of the benefit amount you choose.
Once you are accepted, you'll be covered immediately. However, if you cancel your policy, there's no cash-in value.
Things to consider
*For a 32 year old, non-smoker on an individual age-based policy. Premiums depend on personal circumstances and increase annually based on age and benefit amount. Ts and Cs apply.
Smart Life Insurance helps to provide financial protection for you and your family by providing a benefit amount to your loved ones in the event of your death or to you, in the event of terminal illness. You can apply for Life Insurance on its own, or you can combine your Life Insurance with a range of optional covers, including Critical Illness cover, Children’s cover or additional Accidental Death cover.
With Smart Life Insurance you can choose a benefit level to fit with your needs and budget, depending on your age:
We know that everyone has different needs, so we have two policy types to choose from:
Age based policy type – How does it work?
With an age based policy, premium is recalculated each year at your policy anniversary; gradually increasing in line with your age. Your monthly premium will start lower compared to its equivalent on a level policy type, so this may appeal to those on a tight budget during the early years of holding the policy. Plus, with an age based policy, you can keep it for the rest of your life (whole of life) rather than deciding on a fixed term.
Automatic benefit amount increases: The age based policy features a 5% automatic annual increase to your chosen benefit amount for your life insurance and any optional cover you have.
For example, a benefit amount of £100,000 will increase by 5% to £105,000 after the first policy anniversary and will reach £150,000 after 10 years, as shown in the chart below.
The automatic benefit amount increase is a great way of increasing your benefit amount gradually over the years, for example as your family or mortgage grows. You will be sent a new schedule each year, which will show your new monthly premium recalculated based on age and the new benefit amount. At this point you have the flexibility of deciding to accept the increase, in which case you wouldn’t need to do anything, or you can let Smart Insurance know if you wish to opt out of it. If you change your mind, you can still opt back in to the 5% benefit amount increases within the 10 years, whatever suits your needs best.
Level policy type – How does it work?
Our Level policy is great for people who want certainty, knowing that their increasing age will not affect their monthly premium – it will stay the same each year.
It is important to note that as the value of the benefit amount you choose at the start of the policy will not increase, it may not keep up with inflation.
The 5% automatic benefit amount increase is not available on a Level policy. You can ask Smart Insurance to make changes to your policy, however these changes may be subject to payment of additional premium based on your age and further health and lifestyle questions at the time of the request.
For greater peace of mind, once you have been accepted for Smart Life Insurance, you can also add on the following range of optional covers to your policy.
Helps cover extra costs that may be incurred for items like medical expenses and school tuition if your child suffers one of the defined serious injuries or illnesses, for example Paralysis or Encephalitis while covered under the policy. The benefit amount is also paid in the event of Accidental Death.
Critical Illness cover
Pays a benefit amount to you if you suffer a defined serious illness, such as Malignant Cancer, Stroke or Heart Attack.
Accidental Death cover
Pays a benefit amount in addition to your Life Insurance benefit in the event of your accidental death.
Smart Life Insurance is a plan that helps to provide for your loved ones with a cash sum when you die. Cover is provided by one of Scotland’s longest standing Life Insurers, Scottish Friendly Assurance Society Limited. Cover can be secured over a free call to our 0800 877 8818 number without the need for filling out any forms or having a medical examination or blood test.
The Smart Life Insurance Key Facts document contains important information about Smart Life Insurance cover and its features, benefits, exclusions and limitations. You download it here. It is important that you read the Key Facts document, as it contains important information about the insurance. You should only apply for this policy if, having read the Key Facts document, you believe that you are eligible to claim the benefits.
Smart Life Insurance is subject to certain exclusions and limitations. These are also detailed in the Key Facts document. You should ensure you understand these before taking out the insurance.
This document also contains a copy of the Smart Life Insurance Terms and Conditions. You should read these carefully, so that you can be sure the insurance is suitable for you.
You can apply for this policy if:
Call FREE on 0800 877 8818 or we can call you now by completing the Call Me Now form.
Our UK based customer service specialist will give you a quick, no-obligation quote and if you are happy we will take your application further so you can be covered immediately.