Direct Line Life Insurance

Direct Line Life Insurance

As an insurance provider, Direct Line was a pioneer in its own regard when it was established in 1985. Back then it was the first insurance company to offer its services over the telephone line which coined the title of telephone insurer. Over the years, Direct Line has expanded its customer base by also offering their services online on their website (http://www.directline.com). Direct Line’s main office is situated in Croydon in Greater London and is a subsidiary of RBS or the Royal Bank of Scotland.

The Two Types

Although the company is considered to be the largest motor vehicle insurance provider in the UK, Direct Line is also renowned for its excellent life insurance policies. Direct Line Life Insurance generally offers two types of life cover policies: fixed term life cover and mortgage life cover.

As the name implies, fixed term life cover has a fixed amount of life coverage throughout the term of the policy. This means that in the event of the policy holder’s death, a cash lump sum is paid out to his beneficiaries should the death fall within the policy term. On the other hand, mortgage life cover’s protection policy is not fixed. Instead, it continually decreases on a yearly basis.

The protection policy’s annual decrease is closely associated with the policy holder’s current outstanding balance on his repayment mortgage. This is why this policy is also known as ‘mortgage protection.’ Aside from a specific set of requirements that must be met by potential policy holders, Direct line Life Insurance also provides some guidelines that are applicable for both policies mentioned earlier:

• They must be at least 18 years of age on their next birthday

• They must not be older than 65 years of age on their next birthday

• Policy holders can only be covered until they are 75 years of age

• All policy terms cannot be less than 5 years

• The minimum insurance sum for those under 40 is £30,000

• The minimum insurance sum for those over 40 is £20,000

• The maximum insurance sum for any age is £2 million

• The policy’s premium is established on the onset and remains fixed throughout the term’s policy

• Death of and a terminal illness diagnosis on the policy holder is covered by both policies

Aside from the regular type of life insurance, Direct Line Life Insurance also offers Over 50s Life Cover. Even better, the company provides guaranteed acceptance policies which mean that there is no need for medical examinations. This becomes especially advantageous for folks who are on their later years and those who may have some sort of medical condition.

For the Later Years

For as low as £10 a month, UK residents who are between fifty and seventy-five years of age can easily be approved for life cover with minimal questions asked. This means that provided that they are able to maintain their monthly payments, policy holders will be covered for the rest of their lives. That is unless they live to be over ninety years of age. GP