WHAT IS LIFE INSURANCE?
Life Insurance is one of the most straightforward types of protection insurance put simply, it pays out when you die. There are two main types of life insurance
Term assurance: covers you for a fixed period of, say, 10 years and pays out if you die during this period.
Whole-of-life policies: these policies continue indefinitely and pay when you die, regardless of when that happens.
Mortgage Protection
Life assurance: these policies can be leveled or decreased depending upon the type of mortgage (interest only or repayment), term of the mortgage, and loan amount.
WHY DO I NEED LIFE INSURANCE?
- The type of cover required – i.e lump sum or income
- The amount of cover
- The insured’s age
- Whether the insured smokes
- The length of the cover
- The number of persons covered
- The insured’s medical history and current state of health
- The insured’s occupation
TYPES OF TERM INSURANCE
Level-term
The amount you’re covered for remains level throughout the term. The monthly or annual premiums you pay usually stay the same, too. Level-term policies can be a good option for family protection, where you want to leave a lump sum that your family can invest to live on after you’ve gone.
Decreasing-term
The amount you’re covered for decreases over the term of the policy. These policies are often used to cover a debt that reduces over time, such as a repayment mortgage. Premiums are usually significantly cheaper than for level-term cover.
HOW DO I BUY LIFE INSURANCE?
We think it’s worth taking time to complete the Enquiry form on the home page and one of our experienced advisors will get in touch with you to advise you on your Insurance needs.
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GET A QUOTE
It’s easy to get a quote for our life insurance products online. Just choose the type of life insurance that suits you, decide how much coverage you need and you can get an immediate decision today.
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