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Life insurance policies pay out if you die or have a terminal Illness within a specified period. If you have financial dependents or liabilities, for example a mortgage, then it is important that you consider taking out a life insurance policy to protect the financial security of your loved ones in the event of your death.
There are different types of Life Assurance available to you, and we can advise you on which would be the best type of cover for you and how much cover would be suitable for you and over what term.
Here is a brief description of the main types of life cover:
Level Term Assurance: The amount that you are insured for is guaranteed and remains unchanged throughout the term of the policy. It is often used to cover interest only mortgages and loans or for family protection. The payout is a tax free lump sum upon a successful claim.
Increasing Term Assurance: This is very similar to Level Term Assurance, however the sum assured increases each year with the Retail Price Index (or at a fixed percentage if required) to negate the effects of inflation. The payout is a tax free lump sum upon a successful claim.
Decreasing Term Assurance: Sometimes known as Mortgage Protection, this type of cover decreases throughout the term of the policy and is essentially only used to protect a Capital & Repayment Mortgage. The payout is a tax free lump sum upon a successful claim.