More Than Life Insurance Review 2025
“MORE TH>N” is a young company that provides insurance services to customers.
The policy is designed to repay the outstanding balance of the mortgage or the loan.
“MORE TH>N” is a young company that provides insurance services to customers.
The policy is designed to repay the outstanding balance of the mortgage or the loan.
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“MORE TH>N” is a young company that provides insurance services to customers. The business was established in 2001 and has been operating successfully since then.
“MORE TH>N” has a strong parent company “RSA”. “RSA” is a multinational company that specializes in general insurance. The company was founded in 1996 as a merger between two well-known businesses: ”Sun Alliance” and “Royal Insurance”. As part of the RSA Insurance Group, “MORE TH>N” benefits from the experience and support of its parent company. “MORE TH>N” sells car, home, pet, travel, van, business and life insurance products. The life insurance division offers four types of cover: term life insurance, mortgage life insurance, critical illness cover and income protection insurance.
Contents
Term Life Insurance is the simplest and most affordable life insurance product offered by “MORE TH>N”. Term life insurance provides a lump sum of money upon the death of the insured person. The company recommends that insured individuals with dependents choose a cover amount equal to ten times their annual earnings. Critical illness cover can be added to this type of life insurance. Furthermore, individuals can also purchase Family Income Benefit. Family Income Benefit pays monthly income from the time the person dies up to the term of 25 years. For example, if an individual purchased Term Life Insurance with Family Income Benefit and became injured 5 years after the policy started, their dependents would receive Family Income Benefit for the remaining 20 years of the term (assuming a 25-year term).
The policy is designed to repay the outstanding balance of the mortgage or the loan. The cover of Mortgage Protection Life Insurance is always decreasing in line with the unpaid amount of the mortgage. The policy can be written on a single and joint life basis. Moreover, the premiums for this life insurance policy remain constant throughout the policy term.
Mortgage Protection Life Insurance is recommended for individuals who are moving to a new home or remortgaging. Individuals can choose the amount of cover and the policy term. Mortgage Protection Life Insurance has no cash in value at any time. Consequently, if premiums are stopped, the policy will terminate. The policy stops once the payment to the dependents has been made. For joint life policies, the death benefit is paid upon the first death.
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Critical Illness Cover provides protection against specified critical illnesses. Upon diagnosis of a specified critical illness, dependents receive a tax-free lump sum payment. The illnesses covered vary but typically include Heart Attack, Stroke, Cancer, and Multiple Sclerosis. This cover can be added to Term Life Insurance and Mortgage Protection Life Insurance policies for an additional premium. The money received from Critical Illness Cover can be used for home alterations, medical treatment, regular bills or the repayment of the mortgage.
In most cases, the amount of critical illness cover is aligned with the death benefit of the life insurance policy. This means that Critical Illness Cover added to Term Life Insurance maintains a constant sum assured, while Critical Illness Cover added to Mortgage Protection Life Insurance decreases in line with the mortgage balance. However, it is possible to purchase Critical Illness Cover with a different sum assured than the death benefit.
Furthermore, individuals can choose between two premium types: guaranteed and reviewable. Guaranteed premiums remain fixed for the entire policy term, whereas reviewable premiums may change annually. Critical Illness Cover has no cash in value and can be written on a single or joint life basis.
This life insurance product offers two types of cover: Short Term Income Protection Cover (including Unemployment) and Long Term Income Protection Cover. Short Term Income Protection Cover provides benefits for up to 12 months if an individual becomes unemployed due to accident or sickness. Long Term Income Protection Cover provides payments if an individual is unable to work, continuing until they return to work or reach retirement age.
Short Term Income Protection Cover can provide benefits of up to 60% of gross monthly income or a maximum of £1,500 per month. This cover is provided by Helpucover and underwritten by Pinnacle Insurance. Claims are not payable for pre-existing medical conditions known to the individual before policy inception. Furthermore, the policy has a deferred period of 120 days. This means that claims cannot be made for unemployment occurring within the first 120 days of the policy. Monthly premiums for this policy may be reviewable, and the company commits to providing 30 days’ notice of any changes. Short Term Income Protection policies terminate when the individual reaches age 65, retires, stops paying premiums, or the policy is cancelled. Individuals with savings can potentially reduce premiums by choosing one of four different waiting periods. Claimants receive additional benefits at no extra cost, including Employment Workshops, CV reviews, and online support services.
Long Term Income Protection Cover can provide benefits of up to 65% of annual taxable income up to £60,000, plus 40% of any income exceeding this threshold. This cover is provided by Pure Protection and underwritten by Pioneer. The policy offers four different waiting periods. The longer the waiting period, the cheaper the premiums. Premiums for this policy are reviewed annually and may increase with age. However, once the policy is underwritten, no further medical information will be required. MORE TH>N uses an ‘own occupation’ definition to assess an individual’s ability to return to work. This means that premiums will only cease when the individual is capable of returning to their previous occupation. Furthermore, the policy operates on a ‘back to day one’ basis. This means that if an individual remains unable to work after the waiting period, payments will be backdated to the first day they were unable to work.
