Updated: Periodically. Details correct at the time of publication – October, 2007.
The Automobile Association (AA) is naturally recognised for its breakdown service. However, it now offers a range of AA life insurance (also known as 'AA life assurance' and 'AA term assurance') policies.
The AA is an insurance broker that offers level term life insurance and mortgage protection life insurance. It has a panel of leading insurers and its website claims it can help you secure life insurance from as little as £5/month.
The company's level term life insurance allows you to choose the amount of cover you want, the duration of the policy and if you die during the policy term the insurer will pay out the amount you are covered for. With a joint policy the amount is paid out if either person dies. AA mortgage protection life insurance sees the insurer pay out a cash sum calculated on the amount of cover remaining at that time as it reduces each month during the policy term – this is equal to the capital outstanding under a normal repayment mortgage.
In addition, AA offers life insurance with a waiver of premium and critical illness cover. With critical illness cover if you die or are diagnosed with an earlier critical illness during the policy term, the insurer will pay the amount you are covered for. This is available with both level term life insurance and mortgage life insurance. The waiver of premium means the insurer will take over the premium payments six months after you become unable to work due to accident or illness.
Moneysupermarket.com Limited is an appointed representative of Moneysupermarket.com Financial Group Limited, which is authorised and regulated by the Financial Services Authority (FSA FRN 303190). Moneysupermarket.com Financial Group Limited, registered in England No. 3157344. Registered Office: moneysupermarket House, St. David’s Park, Ewloe, CH5 3UZ. Telephone 01244 665700.
