lifeprotect is designed to help protect your loved ones financially if you die. If there are people who depend on you financially, you'll probably need to consider life cover. Whether you're the sole financial provider or your income is needed when it comes to paying the mortgage and your monthly bills, it makes sense for your family to be protected. We've teamed up with Friends Provident to bring you life insurance cover to protect your family's future and suit your particular circumstances.

lifeprotect Life Cover is brought to you by webmoney, and the cover is provided by Friends Provident, who are responsible for assessing your application, and administering your plan once it is set up.

The plan will pay a cash sum on death during the cover term or on diagnosis of a terminal illness at least 18 months before the end of the cover term. If the cash sum is paid, the plan will end. A terminal illness is an advanced or rapidly progressing incurable illness where an attending consultant and Friends Provident's Chief Medical Officer believe life expectancy to be no greater than 12 months. You can choose level cover or decreasing cover. You may be able to include waiver benefit.

With level cover, the amount of money that will be paid out stays the same throughout the cover term (which can be from 5 to 40 years). With decreasing cover, the amount of money that will be paid out decreases over the cover term (which can be from 10 to 40 years) normally in line with the outstanding amount of your mortgage.

You must be aged 18 or over when you start the plan and your cover must end before you reach the age of 85. You must be under 55 to include waiver benefit.

This is an optional benefit available at extra cost. You can include it from the start if you're aged under 55, in good health and not in a higher-risk occupation. It keeps your payments going for you if illness or accidental injury stops you from working for more than six months. If you're not in full-time employment, it depends on your ability to do certain basic tasks instead.

You can apply to set up your plan jointly with your partner so the cash sum is payable on the first death or the first diagnosis of a terminal illness during the cover term. If the cash sum is paid, the plan will end. You can include waiver benefit on one or both lives.

This will depend on:
• the cover amount you need
• how long you need it for
• whether you include waiver benefit or not
• whether you smoke or not
• your age and sex
• your medical history, occupation and pastimes.

During the application process, you will be asked about your personal and family medical history, your occupation and your pastimes. Your answers will be used in assessing your application, and you will need to disclose any information that may affect the decision to insure you. If you're uncertain about whether any particular information would influence that decision, you should include it. If you don't, Friends Provident will be legally entitled to refuse to pay a claim and to cancel your policy.

It depends on how much information is needed. Normally cover can be offered within 15-20 minutes provided no further information, such as a doctor's report or a medical examination, is needed.

If you start your cover, you will receive a confirmation schedule in the post. For your cover to continue, you must check the information in the schedule is accurate and complete.

You will have 30 days from the time the plan is set up to change your mind. If you decide to cancel, you must return the 'cancellation form' you receive within the 30 days

Yes. The plan allows you to increase or reduce the cover level and the cover term. Increases may be subject to your age, health, occupation and pastimes at the time. Changes are also subject to the plan terms and conditions at the time. If you're under the age of 50 and in good health at the start, your plan may include options to increase your cover or extend the cover term without further evidence of health, occupation or pastimes. For more details, please see the key facts or policy conditions.

Friends Provident won't pay a claim unless you tell them about it within one month of disablement for a waiver claim and within three months of disablement for a terminal illness claim. They won't pay a waiver claim if it is due in any way to HIV/AIDS or war. Friends Provident will not pay a claim if they specifically exclude it by applying special terms to your plan or if you fail to disclose any information on application that may affect their decision to insure you.

Under current tax rules, you're not liable for income tax or capital gains tax on your plan unless you sell it to another person.

If you die during the cover term, the money paid out on your plan will form part of your estate for inheritance tax purposes. Once you've started your plan, you may therefore want to get professional advice about placing it in trust to help with inheritance tax planning.

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