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Debenhams life insurance review

“Debenhams” is a retailer, with more than 150 stores in UK and Ireland. It has annual revenues of more than £2 billion pounds and net income of almost £100 million (2010). Company‘s shares are listed on FTSE250 index.

The company offers its customers various services among which a lot of insurance products can be found. The person can choose from travel, home, pet, car, wedding and life insurance policies. Moreover, when talking about “Debenhams” life insurance services, it can be mentioned that usually this company offers below average industry rates to their customers, so it is always a good choice to get a quote from this company. There is a high possibility that the quote offered will be among the most attractive choices. “Debenhams” give their customers an opportunity to choose from life level term insurance, mortgage life insurance, critical illness cover and long-term income protection.

Life level term insurance

“Debenhams” offers its clients a possibility to choose life level term insurance. The main point of this insurance is that it provides the cover, which is the same during all the term of the policy. Before taking the policy the person must decide for how long the policy will be and what amount of cover he needs.

Moreover, it is possible to add a critical illness benefit. It must be remembered that there is no cash-in value and the policy pays out only in case of death or because of diagnosis of terminal illness (if critical life cover benefit is chosen). If the person survives the term of the policy, he is not refunded any part of the premiums he paid.

Mortgage life insurance

“Debenhams” also provides decreasing mortgage life insurance policy for its clients. The term of the policy is usually set to end at the time the mortgage is fully paid out. The main point of “Debenhams” mortgage life insurance policy is to provide protection equal to the outstanding balance of the mortgage. As the time goes by, obligations to financial institutions decreases and a result the person need smaller and smaller death benefit.

This policy is going to pay out in case of death. However, it is wise to add critical illness cover benefit as it also protects from terminal illnesses. It is obvious that in such case the dependents that need to pay out the mortgage can have even higher level of financial distress, so adding this benefit helps to ensure that maximum possible protection is chosen.

Critical illness cover

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Moreover, “Debenhams” offer critical illness cover benefit. This benefit pays out a lump sum of cash if the insured person is diagnosed with a terminal illness. The term and the amount of cover are agreed before the underwriting process of the contract and the person can choose how much protection he need and for what time period. If the terminal illness is diagnosed within specified time span, than the policy pays out.

Long term income protection benefit

One more benefit that is offered to the clients of “Debenhams” is long-term income protection. It is also known as Permanent Health Insurance. If an illness or an injury prevents an individual from working, than during that time Debenhams pays out to the person his regular income until he is able to work again. The maximum amount of time that this amount of money can be paid is until the end of the term of the policy. It also should be remembered that there is no cash-in value and that this benefit is not associated with any investment possibilities.

Other notable information

There is some additional information that can be useful when deciding whether to choose services offered by “Debenhams”. First of all, all the insurance policies can be taken out either on single or joint basis. This means, that it is possible to have one policy for two persons. It saves time and is more convenient. However, this kind of policy is more expensive.

What is more, none of the “Debenhams” insurance policies have cash-in possibilities. This means that if the claim is not made during the term of the policy, the person will get nothing.

Moreover, “Debenhams” uses the idol.com to arrange life insurance policies. The commission is paid the administrators of idols.com. However, so called commission sacrifice takes place here: idols.com takes only a part of commission and other part is usually given back to the client by deducting the premiums on annual or monthly basis by the amount of money equal to commissions.

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