Real Life Cover combines five insurances in one policy: life insurance; income protection; carers cover; recuperation cover and critical illness. Critical illness covers three different illnesses which account for eighty percent of all critical illness claims -heart attack, cancer and stroke. An additional option is unemployment cover.

Paying once a month, Real Life Cover financially covers you for almost anything preventing you from working. Fortis Life believes the policy offers a 'balanced and realistic' amount of protection.

This policy has two funds. The first is known as the ‘life fund': a lump sum is paid out on diagnosis of a terminal illness or upon death. The ‘living fund' covers all other areas. Regardless of the amount of claims from the living fund the life fund remains the same.

With the living fund as long as you have money remaining in it, you can make (up to a maximum of eight years) as many income protection claims as you need. With each of the three critical illnesses covered (heart attack, stroke and cancer) you can make one claim for each. If you need to stop work and become a carer for a partner or child you can make one claim.

For income protection the policy pays out one percent of the sum assured per month. Recuperation cover pays out a lump sum of three percent with a lump sum of twelve percent for a critical illness claim or if you become a registered carer.

A person with a 100,000 pound policy who develops cancer would receive through their critical illness cover 12,000 pounds, leaving 88,000 pounds in their fund. If they then developed a serious long term illness they could claim income protection and receive 1,000 pounds per month for seven years and four months. The life fund (100,000 pounds) would remain the same.

A 40- year-old male non-smoker, in good health, would pay a monthly premium of 37 pounds and 19 pence for 100,000 pounds Real Life Cover. This premium been guaranteed for the duration of the policy. A 100, 00 pound critical illness and death policy would cost 56 pounds and 75 pence a month, in comparison, with Axa.

However, in the event of a critical illness claim, Axa will pay out the full sum assured, 100,000 pounds. Real Life Cover will pay out only 12 percent.

Jason Evans, partner at independent financial advisers Kohn Cougar, states: 'This is an innovative product but it is a bit of a scattergun approach. Not everyone needs all this different cover, and income protection should cover you up until retirement, not just for an overall eight-year period. This is why the Real Life Cover premiums are so low.'

'There's no point paying a little bit for different areas of cover, if you don't need all of them. It might be better to stick to life insurance and income protection with full cover instead. I would strongly suggest someone seek advice to see whether this product really is suitable for their needs.'