First Direct Life Insurance

First Direct is a division of HSBC Bank Plc and provides a portfolio of financial services that include banking, financing, credit cards, investments banking and personal life and non-life insurances. Its insurance services are underwritten by the HSBC Life UK Ltd chosen by First Direct for its high level of customer service and competence so you can be confident about its excellent value as an insurance provider.

Halifax boasts an array of awards from Money Wise, MoneyFacts and YourMoney awards proving its resiliency and competence in providing excellent customer service both in traditional and online banking as well as sound financial management.

Insurance Products

First Direct is one of the most awarded online financial service providers that offer the following types of life insurance packages:

Life Cover: Your beneficiaries can receive a lump sum payment in case you as the policyholder die or get diagnosed with serious terminal illness or condition at any time during the term of the policy.

Mortgage Life Cover: Designed to cover your outstanding mortgage or loan payments at the time of death. The lump sum payouts gets progressively lower in proportion to the diminishing mortgage or loan balances that remain after each successive payments until the death or disability of the insured. The premiums are lower than in the Life Cover.

Terminal Illness cover is included in the Life Cover and Mortgage Life Cover at no added cost. All the features and finer details about each insurance option are contained in a PDF documents you can download from the net.

Competitive Features

Being fixed term covers, there are no associated cash values and the cover ends when your stop paying the premiums. You can, however, increase the amount of cover at any time during the policy term with just a phone call from and the premiums will be adjusted accordingly.

Minimum policy term is 2 years for Life Cover and 5 years for Mortgage Life Cover with a maximum of 50 years to cease before your 70th birthday. You must then be 18-67 years old when applying for Live Cover and 18 to 64 on a Mortgage Life Cover.

You can cancel your policy within 30 days after your first premium payment which will be totally refunded.

Insurance Promo

Premium for either options start as low as 5 per month for a healthy 25-year old non-smoking female on a Life Cover valued at £50,000. So, depending on your age, sex, lifestyle, financial standing and medical history, premiums can vary.

But once chosen, they are fixed for the duration of the term cover. If your are a first time First Direct 1st account customer or one who’s had a 1st account over the last 6 months, you get a £50 cashback on your approved application if applied for between the 1st and 30th of September.

Online Services Available

Its online services are quite mature with an online calculator that helps prospective clients decide on the best cover policy for their needs and financial circumstance.

Applying online is often met with immediate approval and if not, you get a short-term accidental death insurance of up to 60 days while your application gets processed.