Life Insurance

Affordable Life is a term life insurance policy, which means it runs for a specific period that you choose when you take out the policy. If you're still alive when the policy term ends, no money is paid out and your cover simply comes to an end.

For questions about your application (signing up, technical issues, feedback, or general inquiries about our service), you can contact us at Ocean.
For questions about an existing policy (claims, coverage details, or billing), you can contact URIS Group Limited, who will be managing your life insurance plan. You can find their contact details in the policy documents linked above, or in your welcome email.

Premiums are generally lower the younger you are, and if you're in good health. Major life events like buying a home, getting married, or having children are ideal times to take out a policy. But even if none of these apply to you, having cover in place gives you peace of mind that your loved ones won't face financial struggles if something happens to you.

Yes, you can have multiple life insurance policies at the same time. Just make sure you can comfortably afford all your monthly premiums.

Absolutely! You can cancel your Affordable Life policy whenever you want. If you cancel within the first 30 days, we'll refund the premium you've paid in full. After this 30-day cooling-off period, you won't get a refund for payments you've already made. 

This depends on your personal circumstances. Think about: 

• How long your dependants will rely on your financial support 
• The length of your mortgage or other large debts 
• With Affordable Life, you can choose cover for a maximum of 20 years or until your 60th birthday, whichever is sooner.

It's important to understand what Affordable Life doesn't include: 

• Death after your policy ends - if you live longer than your policy term, no money is paid out
• Death from suicide in the first 12 months of your policy 
• Death related to alcohol or drug abuse where not disclosed in your application 
• Pre-existing conditions that weren't honestly disclosed when you applied 

We believe in being transparent about our cover. When you apply, we'll ask you some health and lifestyle questions – it's important to answer these truthfully to ensure your cover is valid. 

Yes! Your Affordable Life policy remains in force for the full term you selected, regardless of whether you've paid off your mortgage. The money can still provide valuable financial support to your loved ones for other expenses or needs after you're gone. 

If you were a smoker when you took out your policy but have quit since then, you may be able to reduce your premiums. You need to be considered a non-smoker for at least 12 months before we can review your rates. Just contact the customer service team and they'll explain what information is needed.

Yes, Affordable Life Insurance will pay out if you pass away due to cancer during your policy term (provided it is not a pre-existing condition). Additionally, if you're diagnosed with terminal cancer with a life expectancy of less than 12 months, our Terminal Illness Benefit would allow you to receive the full sum assured early. This can provide financial support when you need it most, helping to cover medical expenses or allowing you to focus on spending quality time with loved ones. 

In most cases, the payout from a life insurance policy is free from income tax and capital gains tax, meaning your beneficiaries should receive the full amount. However, the payout might be subject to inheritance tax if it's part of your estate. To help avoid this, you could consider writing your policy into a trust. We recommend speaking to a financial adviser about your specific situation.

If you're finding it difficult to pay your premiums, please contact URIS Group Limited (our policy administrator) as soon as possible. They'll be able to discuss your options and help you find a solution.
URIS handles all policy servicing and can guide you through any changes you might need to make to maintain your protection. We'd much rather you explore your options than lose your protection completely.

We understand that this is a difficult time for your loved ones, so we aim to process all valid claims as quickly as possible. The claim will be paid as promptly as possible once all relevant checks have been concluded. Uris Group Limited’s claims team will guide your beneficiaries through the whole process and let them know exactly what information they need.